Billionaire Pham Nhat Vuong contributes more than 8,000 billion to VinSpeed

Billionaire Pham Nhat Vuong contributed more than 78.5 million Vingroup shares, equivalent to nearly VND8,400 billion, to VinSpeed - a company established to register to invest in the North-South high-speed railway project.

According to the Ho Chi Minh City Stock Exchange, billionaire Pham Nhat Vuong - Chairman of Vingroup Corporation (VIC), on June 27 completed the transfer of 87.56 million Vingroup (VIC) shares to VinSpeed High-Speed Railway Investment and Development JSC to contribute capital to this enterprise with shares.

These shares account for 2.26% of Vingroup's charter capital and are worth about VND8,360 billion on the transfer date.

After the transaction, Mr. Pham Nhat Vuong still holds more than 449.9 million VIC shares, accounting for 11.6% of Vingroup's charter capital.

Previously, Mr. Pham Nhat Vuong transferred more than 48 million VIC shares to VinSpeed.

Thus, VinSpeed currently holds more than 135.6 million Vingroup shares, equivalent to 3.5% of charter capital.

Recently, Vingroup's VIC stock has increased sharply, from VND58,000/share to over VND90,000/share as at present, equivalent to an increase of more than 55%. Vingroup currently has a capitalization of nearly VND351 trillion (about more than USD13 billion).

According to Forbes, as of July 4, Mr. Pham Nhat Vuong had assets worth 10.1 billion USD, ranked 290th in the world .

Mr. Vuong is Chairman of the Board of Directors and General Director of VinSpeed.

VinSpeed High-Speed Railway Investment and Development JSC was established in May to register to invest in the North-South high-speed railway project. The project has a total investment of about 61 billion USD, excluding compensation, relocation and resettlement costs for site clearance.

VinSpeed said it will be responsible for arranging 20% of the project's total investment capital, equivalent to about 12 billion USD.

Source: https://vietnamnet.vn/ty-phu-pham-nhat-vuong-gop-hon-8-000-ty-vao-vinspeed-2418421.html