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VinFast Founder Has No Plans as Yet to Inject More Money Into EV Maker

Pham Nhat Vuong 
Pham Nhat Vuong Photographer: Linh Pham/Bloomberg
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Billionaire Pham Nhat Vuong has no plans as yet to personally invest any more money in VinFast, the carmaker’s chief executive officer said, even as the Vietnamese electric vehicle firm falls behind on factory construction plans in the US and cuts staff.

Vuong, whose net worth is around $4.1 billion, is the chairman of Vingroup, a conglomerate whose operations include real estate, leisure parks and a university. VinFast was founded by Vuong in 2017, and as of September, the EV maker’s owners and lenders had invested about $7.5 billion to fund operating expenses and capital expenditures.