According to Forbes, as of November 5, Vietnam had seven billionaires, with total assets of $12.9 billion, compared to $21.2 billion in March.

They are Vingroup Chairman Pham Nhat Vuong, Vietjet CEO Nguyen Thi Phuong Thao, Novaland former chair Bui Thanh Nhon, Techcombank Chairman Ho Hung Anh, Thaco Group’s Tran Ba Duong and his family members, Masan Chairman Nguyen Dang Quang, and Hoa Phat Group Chairman Tran Dinh Long.

Vuong lost $2.3 billion while Thao and Nhon lost $1.1 billion. Long has fallen from the second to the last position.

Duong and his family members lost the least money, $200 million, as Thaco has not listed shares on the bourse.

The loss was due to a drop in share prices since April. The VN-Index fell from 1,520 points to 997 points as of November 5.

Vingroup, Vinhomes and Vincom Retail shares of billionaire Vuong have seen prices drop sharply, with 50 percent for Vingroup shares. Novaland share prices have been decreasing to floor levels over recent trading sessions.

Long’s HPG share price dropped by 67 percent from the peak of VND44,000 per share to VND14,650. Steel manufacturers are in a difficult period and many of them reported losses in Q3. HPG took a loss of VND1.8 trillion.

Analysts do not see positive prospects for real estate and bank shares as the State has tightened monetary policy to prevent inflation and ensure banking system safety.

As of November 5, Vuong ranked 691st in Forbes’ world list of wealthiest billionaires, while Long was at 2,240th.

Duy Anh