Five Vietnamese Billionaires Among the Wealthiest People on Earth

The latest rankings by Forbes have revealed that Vietnam now has five billionaires on its list. However, due to the volatile stock market, the assets of some Vietnamese billionaires have plummeted, resulting in the removal of Nguyen Dang Quang, Chairman of Masan Group, from the prestigious list.

Five Vietnamese Billionaires Among World’s Richest
Five Vietnamese among world’s richest: Forbes rankings

Based on the Forbes World’s Billionaires list for 2023, Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Dinh Long, Ho Hung Anh, and Tran Ba Duong are the five Vietnamese individuals who rank among the richest people in the world.

During this period, stock investors had to endure a series of steep declines. Selling pressure, especially in real estate and retail equities, is intense.

The net worths of Pham Nhat Vuong and Tran Dinh Long have been fluctuating.

These trends have significant effects on the assets of Vietnamese billionaires. Pham Nhat Vuong, the Chairman of Vingroup, has a net worth of USD$4.4 billion, an increase of US$100 million since the start of the year, but this value has plummeted dramatically in the past two months, according to Forbes magazine rankings.

According to investors, when VinFast, the electric car business, was listed on the US stock exchange, the Vietnamese stock market experienced a surge in the equities of “Vin” brands such as VIC (Vingroup), VHM (Vinhomes), and VRE (Vincom Retail).

However, in line with the challenging shifts in the overall market, these three stock codes have seen a sharp decline and are currently trading at VND41,500, VND39,200, and VND23,100, representing a decrease of more than 19%, 33%, and 20% in one quarter, respectively.

Tran Dinh Long, the Chairman of Hoa Phat Group, is an exceptional case. With a net worth of US$1.3 billion, the “Vietnamese king of steel” first entered the list of dollar billionaires five years ago. However, the stock prices of steel industry companies have fluctuated since then, resulting in his removal from the list in 2022.

Forbes estimates Tran Dinh Long’s net worth at US$1.9 billion, an increase of US$100 million since the beginning of the year. Hoa Phat’s stock codes are currently priced at VND23,000, a decrease of 19% from the previous quarter.

With the government’s push for public investment and several significant projects underway, many experts believe that the steel industry will be able to recover by the end of this year or early next year.

Assets of Vietjet Airline and Techcombank billionaires have dropped

Nguyen Thi Phuong Thao, the Chairwoman of Vietjet Air, is the only Vietnamese female billionaire on the list of the world’s richest people, with a net worth of US$2.1 billion, a decrease of US$100 million since the beginning of the year.

In addition to the airline, Thao also holds important positions at HDBank and Sovico Holdings.

Techcombank Chairman Ho Hung Anh is also a familiar face among the world’s richest Vietnamese. He currently has a total asset value of US$1.2 billion, a decrease of US$300 million since the beginning of the year.

Techcombank’s TCB stock has faced numerous challenges, with a decrease of more than 16% in the last quarter and is currently trading at VND28,100.

Nguyen Dang Quang has fallen off the list

According to the earlier Forbes list this year, there were six USD billionaires in Vietnam. While the five aforementioned billionaires continue to hold their positions, Nguyen Dang Quang, the Chairman of Masan Group, has fallen off the global billionaire list.

At the beginning of the year, Quang had a net worth of US$1.3 billion and was ranked among the world’s richest people for three consecutive years. However, Masan shares have dropped 38% this year and are currently at their lowest levels since early October 2020.

Phuong Nguyen