Meet the man who got richer by Rs 3 lakh crore in one day, not from China, not Mukesh Ambani, Adani, Ratan Tata, Musk

Billionaire Pham Nhat Vuong, who is Vietnam’s richest man, added USD 39 billion (Rs 3 lakh crore) in one day after his company Electric automaker VinFast Auto made its public debut on Tuesday (August 15). The market capitalization of VinFast Auto surpassed the industry giants General Motors Co. and Mercedes-Benz Group AG. The company’s shares jumped 255 percent Tuesday, taking Pham Nhat Vuong’s fortune to USD 44.3 billion, according to the Bloomberg Billionaires Index.

It is to be noted that Pham Nhat Vuong controls 99 percent of the company’s outstanding shares and most of his stake in the company comes through his conglomerate, Vingroup JSC. VinFast Auto was established in 2017 and it is expected that the company’s sales will reach 45,000 to 50,000 this year. Vuong has started building a factory for the company in North Carolina in July 2023. According to reports, Vuong and his relatives have invested around USD 300 million into the company.

Born on 5 August 1968, Vuong is Vietnam’s first billionaire. His father served in the Vietnamese Army's air defence division, while his mother had a tea shop. Vuong was born in Hanoi and he graduated from Kim Lien High School in 1985.

In 1987, he went to Russia to study in the Moscow Geological Prospecting Institute on a scholarship and he completed his graduation from the institute in 1992. Vuong got married to Phạm Thu Hương after graduation and moved to Kharkiv, Ukraine. The couple has 3 children: Phạm Nhat Quan Anh - current Deputy General Director of Vinpearl Company Limited, Phạm Nhật Minh Hoàng and Phạm Nhật Minh Anh. Vuong started his business career by setting up a restaurant where he personally served customers.