Techcombank's President Ho Hung Anh

At the October 10 trading session, Techcombank share price fell by another 5.3 percent to a new low since 2020 to VND25,800 per share. This was a 50 percent reduction compared with the peak of VND56,000 per share in late November 2021.

After standing firmly when the stock market fell significantly from early April to the end of August, Techcombank shares of billionaire Ho Hung Anh have now begun to decline.

Ho Hung Anh’s assets by April 18 had dropped to $2.4 billion, according to Forbes, after the Techcombank share price fell by 20 percent from the peak in February. By October 10, Anh’s assets had dropped to $1.4 billion.

Within half a year, the stock assets of the No1 billionaire in the banking sector in Vietnam fell by $1 billion. Anh’s position on the list of the world’s richest billionaires dropped to 1,884th.

In Vietnam, if calculating the value of shares that businesspeople hold, Ho Hung Anh is in the third position, after billionaire Pham Nhat Vuong who has $4.5 billion, and Do Tuan Anh, a new face, president of Sunshine Homes and deputy CEO of Kien Long Bank. 

Anh holds shares of many businesses, including KLB, KSF, SCG and SSH, worth VND30 trillion.

In general, billionaires are seeing their assets drop. Pham Nhat Vuong, for example, has lost $2 billion, and Tran Dinh Long, president of Hoa Phat Group, has lost $1.6 billion compared with the beginning of the year, as the real estate and steel manufacturing sectors are facing difficulties after the peak of prosperity in 2021. 

Vietjet CEO Nguyen Thi Phuong Thao and Masan President Nguyen Dang Quang are in the same situation.

As of the end of 2021, the total accumulated distributable profits of Techcombank had reached VND40.1 trillion as the bank did not pay dividends for the past 11 years. 

The shares of SHB owned by Do Quang Hien are also bearing pressure, though the bank reported a sharp rise in post-tax profit in H1 2022 to VND4.7 trillion (the figure was VND3.2 trillion in H1 2021).

SHB share prices have decreased by 50 percent, from VND20,000 six months ago to VND10,100 per share on October 10. The SHB price decrease caused Hien to fall to the 128th position on the list of Vietnamese billionaires with total assets valued at VND1 trillion. 

There are still many bankers in the top 20, including Do Anh Tuan (KLB) and Ho Hung Anh (TCB), Nguyen Dang Quang (TCB), Nguyen Thi Phuong Thao (HDB) and Ngo Chi Dung (VPB).

Duy Anh