{"id":4371,"date":"2023-04-16T20:31:49","date_gmt":"2023-04-16T20:31:49","guid":{"rendered":"https:\/\/www.riskinasia.com\/?p=4371"},"modified":"2023-05-24T02:16:27","modified_gmt":"2023-05-24T02:16:27","slug":"what-is-the-secret-to-success-for-vinfasts-ceo-pham-nhat-vuong","status":"publish","type":"post","link":"https:\/\/www.riskinasia.com\/what-is-the-secret-to-success-for-vinfasts-ceo-pham-nhat-vuong\/","title":{"rendered":"What is the secret to success for Vinfast\u2019s CEO, Pham Nhat Vuong?"},"content":{"rendered":"\n

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Part 1 of our two-part review of Vingroup. Read Part 2:\u00a0Who is Pham Nhat Vuong, Chairman of Vingroup \u2013 Vinfast EV, richest man in Vietnam by Forbes fortune ranking?<\/a><\/p>\n\n\n\n

Pham Nhat Vuong, the Chairman of Vingroup<\/a> – Vinfast EV<\/a>, holds the title of the richest man in Vietnam according to Forbes fortune ranking. Vuong’s success stems from his practical business approach, influence in the Vietnamese bureaucracy, and reputation. He founded an instant noodle company in Ukraine in 1993<\/a>. In 1998 he returned to Vietnam where he made it to the Forbes billionaire list in 2012<\/a>. Now he is coined as the ‘Elon Musk of Vietnam’. His connection to power allows him to navigate the bureaucracy of the country effortlessly. Most investors face delays in obtaining a work permit, getting land use rights, construction licenses, and dealing with evictions. These issues are not a problem for him. It is no wonder that out of the hundred thousands of homeowners no complaint has been made on social media. This truly demonstrates his influence and power. It’s also one way to successfully do business in Vietnam<\/a>.\u00a0<\/p>\n<\/div>\n\n\n\n

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Can Vinfast CEO, the \u2018Vietnamese Elon Musk\u2019 beat Tesla?<\/strong>

Vinfast CEO, nicknamed the \u2018Vietnamese Elon Musk\u2019 wants to compete with Tesla worldwide. They are completely different: Mr Pham Nhat Vuong is a conglomerate oligarch managing his political connections, while Elon Musk is an serial entrepreneurial Engineer sorting out new tech challenges.<\/p> <\/div> <\/div>\n\n\n\n

A discreet individual with a big vision for finance and investment funds<\/h2>\n\n\n\n
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Vuong is a discreet individual, and the latest interview with him dates back to April 2019. However, his representative CEO has been doing the job in Vietnam and abroad. He is about to invest in three continents and in the USA, signing for a stock market listing for Vinfast’s US$4Bn factory. The reason and rates of this investment are yet to be disclosed.<\/p>\n\n\n\n

Vuong’s flagship Vinhomes real estate business model fuels all his other ventures. Vinhomes central park was built in just five years<\/a>, while the underground system of Ho Chi Minh City was started in 2008 and is still incomplete. His reputation in the finance and fund managers community is immense, and he is respected for his cash generation sales and practical business approach.<\/p>\n<\/div>\n<\/div>\n\n\n\n

Vinhomes<\/a> and Vinpearl<\/a> are two of Vingroup’s most significant ventures, with prime locations in all the main cities and beautiful islands of Vietnam. The company has less income tax, which allows them to invest in other areas of the economy. Vingroup is a monopolistic conglomerate that creates employment opportunities for thousands of Vietnamese.<\/p>\n\n\n\n

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Who is Pham Nhat Vuong, Chairman of Vingroup – Vinfast EV, richest man in Vietnam by Forbes fortune ranking?<\/a><\/blockquote>