Billionaire Pham Nhat Vuong's son takes helm at VinMetal as Vingroup pledges support for loss-making steel producer Pomina
Vingroup, Vietnam's biggest listed company by market cap, said its steel subsidiary VinMetal will provide Pomina Steel with a zero-interest working capital loan for up to two years, helping the troubled steelmaker stabilize operations and restore cash flow.
Pham Nhat Quan Anh, son of Vingroup chairman Pham Nhat Vuong, is newly-appointed CEO of VinMetal. Photo courtesy of Vingroup.
The preferential funding is expected to support Pomina in improving its cash flow and rebuilding its supply chain, ensuring manufacturing continuity and gradually improving its financial indicators.
Alongside financial support, Vingroup will also prioritize sourcing steel from Pomina for its ecosystem companies such as electric vehicle manufacturer VinFast, property developer Vinhomes, and high-speed rail company VinSpeed, helping increase the localization rate of materials in Vingroup’s key domestic projects.
“With Vingroup’s financial and consumption support, coupled with Pomina’s steel production capabilities, we believe the company has an opportunity to regain growth momentum and strengthen its position in the domestic market,” said Nguyen Viet Quang, Vingroup vice chairman and CEO.
As part of the restructuring assistance, Vingroup will support Pomina in accelerating its turnaround and strengthening its management team. Do Tien Si, a metallurgical expert familiar with Pomina’s operations, will return to lead the company and oversee its recovery strategy.
At VinMetal, the CEO position has been handed to Pham Nhat Quan Anh, son of Vingroup chairman Pham Nhat Vuong, to ensure continuity in the group’s metallurgical field strategy.
A steel-making plant of Pomina. Photo courtesy of the company.
Anh is currently a VinFast board member and previously held key management roles at the automaker, including vice chairman; permanent deputy CEO for global aftersales; and head of planning, coordination and quality control. He is credited with contributing significantly to VinFast’s development from early localization to global expansion.
Vingroup said its partnership with Pomina underscores its commitment to collaborating with domestic enterprises to support mutual development and strengthen the competitiveness of Vietnamese businesses, contributing to the country’s sustainable growth.
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