Phạm Nhật Vượng, chairman of Vingroup, has injected $1 billion of his personal wealth into VinFast, his struggling electric car subsidiary. This investment, previously announced in April, is part of Vượng’s plan to establish VinFast as a top global automotive brand. While acknowledging the challenges of the electric car market, Vượng insists that VinFast’s financial situation is sound, stating that the company has not missed any loan payments. This comes after some investors expressed concern about Vingroup’s ability to support VinFast’s ongoing losses. In addition to the financial contribution, Vượng has also transferred shares in his subsidiary companies worth over $200 million and has continued to forgo his own salary at Vingroup. Despite VinFast’s losses, Vingroup has posted a profit of $200 million in the first half of 2024, with its largest revenue source coming from property sales.