The way of Xu Jiayin, the richest man in Vietnam has gone through

Since its establishment in 2019, Evergrande’s road to car manufacturing has been like a “domestic TV series”-sometimes suspend work, then resume production, sometimes say postponement, and then announce mass production. Recently, it was reported by the media that Evergrande Automobile’s Tianjin factory is laying off employees. It is said that it plans to lay off 60% of its employees. In addition, some employees are on vacation. In contrast, Pan Riwang, the “richest man in Vietnam” who also crossed the border from the real estate industry to the automobile industry, now has a smooth sailing – not only aggressively expanding globally, but also preparing for an IPO in the United States. On December 6 local time, VinFast, the car manufacturing company of “Vietnam’s richest man” Pan Riwang, started the process of listing on the NASDAQ exchange. | Related reading (Tiger Sniff)

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From being the richest man in the real estate industry to now fully “guaranteeing the delivery of the building” Xu Jiayin is very difficult. As for his diversified high-profile car manufacturing, Hengchi 5 did not take the lead as he wished, and its future is uncertain. In contrast, “Vietnamese Xu Jiayin” Pan Riwang has done a great job from real estate boss to car manufacturer, but Xu Jiayin is hard to come by.

Now it seems that Xu Jiayin’s real estate failure began with the pursuit of scale expansion, continuous increase of leverage, various moves to catch up, and unrestrained diversification of money. Although he became the richest man, the crisis has already been planted. As for his car manufacturing, the glory of the original real estate industry is no longer there. Salary arrears, production suspension, layoffs, etc. have repeatedly appeared in hot searches. It is extremely difficult to build cars, and Hengchi 5 has not yet succeeded.

Pan Riwang started his business with real estate and became the richest man in Vietnam. Based on the success of the real estate industry, he founded VinFast in 2017 and started producing fuel vehicles in 2019. He became the first domestic car manufacturer in Vietnam and has now completely shifted to the field of electric vehicle manufacturing. In 2021, the total assets of Vingroup, the parent company of VinFast, will reach US$18.5 billion, and its revenue will account for about 1.5% of Vietnam’s GDP. The abundant capital of the parent company makes VinFast “proud” enough to make cars.

VinFast was established five years ago with a valuation of 380 billion RMB. Known as the “Asian Tesla”, it has exported to the United States and Europe. Now that VinFast is going to be listed on NASDAQ, there are many top capitals and stars holding the moon, which can be described as beautiful. Pan Riwang’s car-making strategy, annual output and layout, has followed the trend since its listing, and the prospect is promising.

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