Pham Nhat Vuong, chairman of Vietnam's leading private conglomerate Vingroup, revealed at an annual shareholder meeting of the group on Thursday morning that he would inject an additional US$1 billion from his fortune into EV maker VinFast.

Addressing inquiries regarding how parent company Vingroup could shoulder the loss-making automaker, Vuong dismissed any unfounded concerns over VinFast's capability and financial resources.

While acknowledging the challenges of producing electric vehicles, the billionaire remained hopeful, noting that the most arduous phase had passed, with the electric vehicle market showing signs of gradual recovery.

VinFast’s sales have improved as it was named the best-selling brand in Vietnam in the first quarter of this year. 

Vuong underlined that he expected VinFast to be listed as one of the world’s leading brands in the future.

He will arrange his own asset to pour another $1 billion into the EV maker, he stressed.

“VinFast is Vingroup’s mission, honor, and future, so we will never give up the firm,” Vuong said.

He believed that VinFast could rival petrol-powered vehicles in Vietnam as EVs are ‘eco-friendlier and smarter.’

He will spend VND10 trillion ($394 million) from his pocket building charging stations in the next three years.

In April last year, Vuong signed a deal to give $1 billion from his own asset to VinFast, while Vingroup pledged to provide the EV maker with a non-refundable aid worth $500 million and a loan of $1 billion for a maximum of five years, reported Lao Dong ( Labor) newspaper.

In addition, Vuong announced in October last year that he would offer his 99.8-percent stake in battery maker VinES to VinFast to facilitate the research and development of batteries for VinFast-branded EVs.

At Thursday's shareholder meeting, Vuong unveiled a plan to list his hospitality company Vinpearl in late 2024.

Besides, he said that Vingroup's Green and Smart Mobility Joint Stock Company, which supplies electric taxi services, will be listed on international markets.

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