<aside> 💡

Bài dịch tiếng Việt ở bên dưới

Nguồn Reddit

</aside>

In the series:

How Vuong Pham used a shell company to pump money into Vinfast : VinFastCommunity (reddit.com)

Part 1: How Vuong Pham move companies ownership around like wood blocks : VinFastCommunity (reddit.com)

Here in Part 2, I present you a complete visualization of the entangled web of Vingroup as of 5/31/2023, where companies are owning each other in a complicated way. Cross owning happens in many other Vietnamese conglomerates (say, FLC, Van Thinh Phat, etc…), and even around the world, but there are more on the Vingroup ecosystem, at a different level, read on.

The entangled web of Vingroup

It is a huge picture, zoom in for details (click on the image to open the image in a separate tab to view in full size).

Isn’t the picture "beautiful"?

Vuong Pham is a “great artist”, isn’t he?

Legends:

• Green border: company child level 1 with respecting to Vingroup, where Vingroup directly owns a portion of it
• Red border: company child level 2, reaching Vingroup through 1 company up.
• Blue border: company child level 3, reaching Vingroup through 2 company up.
• Yellow border: company child level 4, reaching Vingroup through 3 company up.
• Boxes with color-filled background (the color is the same as the border but lighter for visualization): those with 3 or more children. These are hub companies, important companies in the network.
• The percentage inside the box is the % owned (controlled) by Vingroup, directly owned plus sum of all indirectly owned through other companies in the network.
• The gray arrows indicate the relationship from the parent to the child.

Note that the company child level 1 to 4 is to help you visualize the network and the relationship among the companies (nodes in the network), but since Vingroup controls more than 50% in each of the node, Vingroup is in full control of the entire network: it can directly influence any of these node as it wants. And since Vingroup is controlled by Vuong Pham, Vuong Pham is in control of every node and the entire network.

These are those VIC owns more than 50%, there might be some companies VIC owned less than 50%, but still owned and controlled by Vuong Pham, not showing up in the network (such as Asian Star, VIG, etc...)