Vietnamese billionaire Pham Nhat Vuong has made a significant financial move by investing VND213 billion (US$8.1 million) to establish a new aerospace company named VinSpace. This initiative marks a bold step into the high-tech industry, as the firm is set to operate across six key sectors, including aircraft, spacecraft, and telecommunications satellite manufacturing, along with air transport. These details were outlined in the company’s registration documents.
The company has a charter capital of VND300 billion (US$11.4 million), with Pham Nhat Vuong holding 71% of the shares. His conglomerate, VinGroup, owns an additional 19%, while the remaining 10% is held by his sons, Pham Nhat Quan Anh and Pham Nhat Minh Hoang.
Anh and Hoang also have substantial stakes in several subsidiaries of VinGroup, such as the energy company VinEnergo, the transportation infrastructure developer VinSpeed, and the technology firm VinRobotics. Their ownership in these companies is valued in the trillions of dong, highlighting their deep involvement in the group’s broader business interests.
Vingroup chairman Pham Nhat Vuong seen at the company’s general meeting in April 2025. Photo courtesy of the company
In 2019, Vingroup had initially planned to enter the aviation sector by launching a carrier called VinPearl Air. However, this project was abandoned in 2020 as the company redirected its focus towards the tech industry. Despite this setback, Vuong and his family continued to expand their business portfolio by entering the steel and entertainment industries for the first time in October. They launched VinMetal and V-Film during this period. Additionally, they initiated a new venture called Vin New Horizon, which focuses on elderly care services.
At VinGroup’s annual general meeting in April, when shareholders inquired about the company’s future expansion plans, Vuong responded by stating that the group would explore promising fields. He added that he personally intends to invest in any sector that appears risky, reflecting his willingness to take calculated risks in pursuit of growth.
Pham Nhat Vuong is currently recognized as the richest individual in Vietnam, according to Forbes. The publication estimates his net worth at $19 billion, underscoring his influence and success in the business world. His ventures into diverse sectors, including aerospace, reflect a strategic approach to diversification and long-term growth. With VinSpace, Vuong continues to build on his legacy of innovation and enterprise, positioning himself as a key player in Vietnam’s evolving economic landscape.