Vietnamese billionaire Pham Nhat Vuong has announced plans to inject an additional $1 billion from his personal wealth into the Nasdaq-listed electric vehicle (EV) manufacturer VinFast Auto Ltd (NASDAQ: VFS). Vuong, who directly owns 18% of Vingroup’s shares, expressed his intention to further bolster the investments in VinFast, which has been running at a loss. Despite the company’s stock price plummeting from $10 to $2.5 since its initial listing in August, Vuong remains optimistic about the EV market’s future. Despite these challenges, Vuong remains committed to VinFast, with over 70% of the 35,000 cars sold last year going to an electric taxi company, GSM, which he owns.