Hyperdrive

Vietnam’s Richest Man Ready to Bet All His Money on EV Dream

VinFast faces headwinds as it strives to be profitable brand
EV maker is building plants in US, India and Indonesia

Pham Nhat Vuong, whose wealth is valued at $5.3 billion, is confident he can steer the company to success even after stumbles and despite the fact global giants like Toyota Motor Corp. and Volkswagen AG are struggling. — Pham Nhat Vuong, whose wealth is valued at $5.3 billion, is confident he can steer the company to success even after stumbles and despite the fact global giants like Toyota Motor Corp. and Volkswagen AG are struggling.
Photographer: Linh Pham/Bloomberg

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By Nguyen Kieu Giang and Haslinda Amin

June 13, 2024 at 11:00 PM UTC

Updated on

June 14, 2024 at 2:10 AM UTC

This article is for subscribers only.

For someone who has committed $2 billion to a high-risk Vietnamese electric-vehicle startup, Pham Nhat Vuong appears unexpectedly serene.

His company VinFast Auto Ltd. produced its first automobile just five years ago. Now it’s pitting itself against the likes of Tesla Inc. and Hyundai Motor Co. in a bid to crack the US electric vehicle market, as well as enter countries from India to Indonesia.