With $44.5 billion Vietnamese billionaire Pham Nhat Vuong is now the fourth richest person in Asia

The wealthiest man in Vietnam, billionaire Pham Nhat Vuong, has become one of the richest people in Asia thanks to his electric vehicle company VinFast Auto’s successful Nasdaq debut. Pham Nhat Vuong (net worth: $44.5 billion) is now the fourth richest person in Asia after Mukesh Ambani (net worth: $97.3 billion), Zhong Shanshan (net worth: $62.4 billion), and Gautam Adani (net worth: $62.3 billion), according to the CEOWORLd magazine.

Following a surge of 255%, the company’s shares added an impressive $39 billion to his net worth. On its first day of trading, the stock closed at $37.06 after reaching a high of $38.77 earlier in the day. This achievement boosted Pham Nhat Vuong’s net worth to $44.5 billion, making him a prominent figure in the region’s wealthiest list.

“With this listing, we now have more access to capital to accelerate our mission as we undertake an international expansion and continue to introduce new products to make EVs more accessible to everyone,” Le Thi Thu Thuy, global CEO of VinFast said after ringing the opening bell on Nasdaq.

The value of the company’s market has increased fourfold to $85 billion, surpassing that of General Motors ($46 billion) and Ford ($48 billion), but still falling short of Tesla’s market cap of $739 billion and Chinese competitor BYD’s $93 billion. Pham Nhat Vuong controls 99% of the company through direct and indirect shareholdings.