Vietnam’s Richest Man Poised to Briefly Triple Fortune on EV Bet

Pham Nhat Vuong plans to take electric-vehicle maker public
Deal would give VinFast an equity value of about $23 billion

Vingroup Chairman Pham Nhat Vuong in November. — Vingroup Chairman Pham Nhat Vuong in November.
Photographer: Linh Pham/Bloomberg

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By Venus Feng, Anders Melin, Manuel Baigorri, and Nguyen Kieu Giang

August 7, 2023 at 4:15 PM UTC

This article is for subscribers only.

The fortune of Vietnam’s wealthiest man is poised to soar by as much as $11 billion, vaulting him to the upper ranks of the world’s richest people — for a while, at least.

Pham Nhat Vuong has the paperwork in place to take his electric-vehicle maker VinFast public through a SPAC listing with a blank-check firm founded by casino mogul Lawrence Ho. The deal would give VinFast, a company little known outside Vietnam, an equity value of $23 billion.