Vietnamese stocks soar on partnerships with billionaire Pham Nhat Vuong
The price of many stocks in Vietnam have surged following news of strategic partnerships with electric vehicle maker VinFast, Green and Smart Mobility JSC (GSM), and other companies owned by billionaire Pham Nhat Vuong.

The VinFast factory in Dinh Vu Industrial Park, Hai Phong city, northern Vietnam. Photo courtesy of VinFast.
Among them is Dry Cell and Storage Battery JSC, or Pinaco (HoSE: PAC). Established in 1976 and privatized in 2004, PAC is a leading company in Vietnam in production of batteries and accumulators.
On October 31, 2024, PAC announced a strategic partnership with VinFast. "Pinaco supplies high-quality batteries that meet the strict standards of the EV industry, optimizing the performance and extending the lifespan of VinFast vehicles," reads a statement on its website.
At its 2024 AGM held last April, PAC’s board of directors confirmed that it had successfully produced lead-acid batteries for electric bicycles and motorcycles, and already launched them onto the market. The company also supplies 100% of the lead-acid batteries for VinFast’s EVs.
PAC is eyeing a lithium battery project, including assembly of electric bicycles, electric motorcycles, forklifts, and golf carts.
PAC’s ticker closed last Friday at VND42,750 ($1.68) per share, a 18.42% increase over the past month, and a 72.38% rise in one year.
In the first nine months of 2024, PAC’s net revenue reached VND2.92 trillion ($114.85 million) and pre-tax profit hit VND123 billion ($4.84 million), up 12% and 18.7% year-on-year, respectively. The figures represented 77% of the year's revenue and profit targets.
Meanwhile, the stock of 911 Group JSC, listed on the HoSE as NO1, gained from a partnership inked with Green and Smart Mobility JSC (GSM) on October 26, 2024 to lease or purchase 2,200 VinFast EVs. Of these, 200 EVs were handed over to 911 Group in Q4/2024, with the remaining to be delivered by the end of 2025.
In November 2024, the group finalized a VND500 billion ($19.67 million) contract to purchase EVs and battery leasing services from VinFast in Q2/2025.
Following the announcement, NO1 rose by 8.36% from October 25, 2024 to VND10,500 ($0.41) per share last Friday, up 53.51% over the past six months.
Originally founded as 911 Foundation Equipment JSC in 2011, 911 Group primarily sold machinery, equipment, and machine parts. Now, the group is expanding into electric taxi services to meet market demand.
In the first nine months of 2024, 911 Group recorded a post-tax profit of VND19.42 billion ($763,816), up 211.2% year-on-year, on a revenue of VND672.2 billion ($26.44 million), up 62.9%. These results exceeded the year's respective targets of VND600 billion and VND18 billion.
On November 23, 2024, PV Power (HoSE: POW) signed a cooperation agreement with Vuong’s conglomerate Vingroup to develop a nationwide network of EV charging stations and promote the use of renewable energy through rooftop solar systems.
POW, a subsidiary of state-owned Petrovietnam, will explore green electricity and energy-saving solutions for Vingroup. The company will also develop plans to provide electricity to Vingroup and its subsidiaries at competitive prices.
Vingroup will assist POW in research and installation of rooftop solar systems at factories, offices, and infrastructure managed by Vingroup and its member companis, and in its urban areas nationwide.
Several fuel distributors including Petrolimex (PLX) and PV OIL (OIL) have partnered with VinFast to set up EV charging stations at their retail gasoline stations. Most recently, Saigon Fuel JSC (SFC) has collaborated with VinFast to survey gasoline stations for installations of EV charging stations.
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