Billionaire Pham Nhat Vuong may become the richest man in Southeast Asia

Bloomberg has just reported that Vingroup Corporation (VIC) is considering an initial public offering in the US for car manufacturer VinFast, which is expected to raise about $2 billion. VinFast expects a valuation of at least $50 billion after listing.
If successful, the automaker will become the first Vietnamese company listed in the US. Currently, billionaire Pham Nhat Vuong directly and indirectly owns more than 40% of VinFast. With the current ownership structure, once VinFast's IPO is successfully conducted and reaches the target capitalization of at least 50 billion USD as expected, the personal wealth (directly and indirectly) of Mr. Vuong can raise at least 20 billion USD. Forbes updated on April 16 that billionaire Pham Nhat Vuong's fortune was $9.8 billion, ranking 234 of the richest people on the planet.

Thus, if VinFast implements an IPO as expected, the richest person in Vietnam can own assets of up to 30 billion USD, becoming the richest person in Southeast Asia as well as being in the Top 50 richest people in the world. Vingroup's VIC stock started to increase strongly from mid-March amid rumors of VinFast IPO in the US. Closing yesterday's trading session on April 16, VIC reached 143,000 dong/share despite the market being in the red, bringing the market capitalization of Vingroup to more than 483,687 billion dong, equivalent to about 20.7 billion dollars. The price of VIC has increased by more than 32% compared to the beginning of this year. Not to mention, stocks related to Vingroup such as VHM, VRE also increased. That makes billionaire Pham Nhat Vuong's fortune (excluding VinFast's IPO) estimated by Forbes now at $2.8 billion higher than at the beginning of the year.