At the annual general meeting of shareholders (AGM) of Vingroup Corporation – Joint Stock Company (stock code: VIC) taking place this morning (April 25), the question and answer session between shareholders was the Chairman of the Board of Directors. Pham Nhat Vuong is the part that is always most anticipated.
According to the expected schedule, this content had a duration of 30 minutes but was extended to more than 34 minutes, mostly revolving around the story of Vingroup’s investment in VinFast.
Who said doing big things is easy?
A shareholder questioned the market’s doubts about the transparency and stability of Vingroup’s cash flow in the context of VinFast’s development, building 3 large factories in the US, India, and Indonesia.
On April 24, this person also asked the same question at the general meeting of shareholders of Vinhomes Joint Stock Company (stock code: VHM). Shareholders are concerned that putting effort into VinFast will affect Vingroup’s future.
Responding to shareholders’ questions, Mr. Pham Nhat Vuong affirmed that these doubts are unfounded. He said rumors of this type are spread with different intentions.
Mr. Vuong cited evidence that the group has never missed a penny of profit. Vingroup always carefully outlines and balances loan repayments. Of course, the past two years have been very difficult, but Mr. Vuong believes that the difficulties are over. For example, Vinhomes sold a huge amount of goods in March and April compared to the same period in 2023.
“VinFast for the first time became the enterprise with the largest sales in Vietnam compared to other brands. The doubts they raised were unfounded. Of course there will be difficulties. Who said doing big things is easy If it were easy, we wouldn’t have to do it.
I have long said that VinFast is not only a business project but also a social responsibility project. VinFast not only wants to produce cars but also wants to be among the top in the world,” the billionaire replied.
Another shareholder expressed concern about the future of electric vehicles in the context that this market in the world is showing signs of decline. Mr. Vuong confidently affirmed that electric vehicles will be the future of the world in the context of negative impacts of environmental pollution.
In addition, he said electric cars will be cheaper than gasoline cars in the near future. This type of car will compete directly with gasoline cars. The cost of electric cars will be 40-50% cheaper than gasoline cars. For example, an electric car with a battery rental will have a better price than a gasoline car of the same type. Warranty and repair costs are also much better, not to mention the environment.
Vingroup Chairman also mentioned environmental issues from the story of air pollution in Beijing (China) decades ago. Accordingly, electric vehicles have contributed to making Beijing cleaner.
Vingroup’s General Meeting of Shareholders took place this morning (Photo: VIC).
Will spend at least 1 billion USD in additional assets for VinFast
Talking about resources for VinFast, Mr. Pham Nhat Vuong affirmed that all resources must be devoted to this project.
“All for VinFast, all for victory. That is the story of our class and responsibility. Recently I committed to spend 1 billion USD for VinFast. I will continue to arrange my assets for VinFast. VinFast, at least another 1 billion USD,” Mr. Vuong replied fiercely.
Vingroup Chairman also said that this is a great determination and called on everyone to join in making Vietnam’s electric car dream come true.
“I confirm once again that the story of doubt and concern is not true. We join hands and promote a Vietnamese brand that is not only classy but top-notch. This is not only national pride but It is also the foundation for the development of other industries in Vietnam such as supporting industries,” Mr. Vuong emphasized.
Besides, Mr. Vuong explained that building 3 factories in other countries will help VinFast enjoy huge incentives. These factories are leverage for VinFast to capture the US market.
During the meeting, Mr. Vuong also revealed information that Vingroup is trying to complete procedures to list Vinpearl this year. In addition, this billionaire said that his own company, GSM, will develop globally and try to IPO in foreign markets.
