Vietnamese Automaker Now Asia's 5th Richest

Billionaire Pham Nhat Vuong, Vietnam’s wealthiest man, joined the top ranks of Asia’s richest after shares of his electric vehicle maker VinFast Auto surged 255% on the company's Nasdaq debut, adding a whopping $39 billion to his net worth, Jonathan Burgos reported for Forbes.

Photo Insert: Vuong, who is also chairman of parent Vingroup, is now Asia's fifth richest person, according to Forbes’ data.

The stock jumped more than threefold to close at $37.06 on its first trading day, off an intraday high of $38.77. The strong market debut boosted the net worth of Vuong, VinFast's controlling shareholder, to $44.5 billion.

Vuong, who is also chairman of parent Vingroup, is now Asia's fifth richest person, according to Forbes’ data.

Vuong other interests include real estate, retail, consumer electronics, and healthcare through Vingroup, Vietnam’s largest conglomerate by market value.

VinFast started trading in New York on Tuesday through a backdoor listing by merging with Black Spade Acquisition Co., a special purpose acquisition company (SPAC) founded by casino tycoon Lawrence Ho.

The deal initially valued VinFast at $23 billion, Anders Melin also reported for Bloomberg News.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic