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5 Vietnamese business tycoons remain on Forbes’ billionaire list

5 Vietnamese business tycoons remain on Forbes’ billionaire list

Wednesday, November 01, 2023, 10:10 GMT+7
5 Vietnamese business tycoons remain on Forbes’ billionaire list
Vietnam has five billionaires on Forbes’ list. Photo: Bong Mai / Tuoi Tre

Stock market volatility caused the net worth of multiple Vietnamese billionaires to plunge, with only five listed among the world’s top wealthiest people in Forbes’ yearly list.

Investors have recently witnessed a losing streak in the local stock market, with pressure to sell particularly hitting real estate and retailing stocks hard.

According to Forbes, the net worth of Pham Nhat Vuong, chairman of leading Vietnamese conglomerate Vingroup, reached US$4.4 billion, up $100 million against earlier this year but dropping sharply compared to two months ago.

When Vietnamese automaker VinFast, a subsidiary of Vingroup, made its debut on the Nasdaq Global Select Market in August, three stocks in the Vingroup family, including realty firm VIC, housing developer VHM, and retailer VRE soared significantly and became money magnets.

However, amid the recent bear market, these three stocks gradually lost steam and stayed at VND41,500 ($1.69), VND39,200 ($1.59), and VND23,100 ($0.94) per share, down over 19 percent, 33 percent, and 20 percent over the past quarter, respectively.

Regarding Tran Dinh Long, board chairman of leading Vietnamese steelmaker Hoa Phat Group (HPG), he first made his presence on Forbes’ billionaire list five years ago, with his net worth estimated at $1.3 billion.

Then, he dropped off the list several times as stocks in the steel industry experienced corrections.

Currently, the real-time net worth of the Hoa Phat chairman was $1.9 billion on Tuesday, improving $100 million versus earlier this year.

HPG remained at VND23,000 ($0.93), dipping 19 percent over the past three months.

Experts in the field forecast that the steel industry could bounce back by the end of the year or early next year, as the Vietnamese government is facilitating a host of major projects with public investment.

Aside from Vuong and Long, the net worth of billionaire Tran Ba Duong and his family was $1.4 billion, inching down $100 million compared to early this year.

Duong is founder and board chairman at Truong Hai Group Corporation (THACO), which specializes in automobiles.

The THACO chairman also took over as chairman of agriculture firm HAGL Agrico (HNG).

In the local stock market, HNG was listed at VND3,530 ($0.14), dropping 15 percent over the past quarter.

As for Nguyen Thi Phuong Thao, chairwoman of Vietnamese budget carrier Vietjet Air, she is the only female Vietnamese billionaire on the list, with a net worth of $2.1 billion, also down $100 million versus earlier this year.

The carrier’s stock VJC was worth VND98,000 ($3.99), up 0.2 percent over the past quarter.

Apart from Vietjet, Thao holds key positions at HDBank and Sovico Holdings.

In addition, Techcombank board chairman Ho Hung Anh is one of the richest Vietnamese on the list, with his fortune reaching $1.2 billion, falling $300 million against earlier this year.

The bank’s shares were being traded at VND28,100 ($1.14) each, down over 16 percent over the past quarter.

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Hong Ngan - Bong Mai / Tuoi Tre News

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