Vietnamese billionaires’ net worth increases after battling headwinds of 2020

2020 was a difficult year for the global economy including Viet Nam, but some Vietnamese billionaires still saw their net asset value increase.

Six richest people in Viet Nam as of January 6.

According to Forbes, besides five familiar faces which were included on its World Billionaires list in 2019, there is the return of one businessman – Tran Dinh Long. The recovery of Viet Nam’s stock market at the end of 2020 after tumbling in March contributed to the positive result.

The VN-Index ended the last trading day of 2020 at 1,103.87 points, rising nearly 15 per cent compared to the beginning of the year.

As of January 6, Pham Nhat Vuong, chairman of Vingroup (VIC), is still the richest man in Viet Nam, with a net worth of US$7 billion, an increase of US$139 million compared to the day before. VIC shares traded at VND110,000, up 0.27 per cent in the morning trading session.

The CEO of budget carrier Vietjet Air (VJC), Nguyen Thi Phuong Thao, remains the second richest person in Viet Nam with total assets of US$2.5 billion, down US$33 million from the day before. The airline industry has been hit hard due to COVID-19 with all commercial international flights halted. The price of VJC shares was at VND123,900 in the morning session on Wednesday, down 0.72 per cent.

List of richest people in Viet Nam as of January 6 by Forbes.

Tran Dinh Long, chairman of the board of Hoa Phat Group, has returned to the race, ranking 1,455th in the magazine’s list and becoming the third richest man in Viet Nam. As of January 6, his assets value increased US$17 million to US$2.1 billion.

Hoa Phat produced near 5.2 million tonnes of steel in the first eleven months of 2020 and sold more than 3 million tonnes of construction steel to the market, up 23.7 percent year-on-year, according to Hoa Phat’s website.

Ho Hung Anh, chairman of Techcombank, is 1,628th in the current ranking with total assets of US$1.8 billion, increasing US$18 million.

 

Thanks to the recovery of the stock market, Masan’s share prices increased sharply in the last months of 2020 which helped founder Nguyen Dang Quang’s net worth rise US$33 million to US$1.5 billion.

After a deal to acquire retail system VinCommerce at the end of 2019, the price of Masan shares fell dramatically and hit a bottom last April. But it recovered and in the last trading day of 2020, the company’s shares price was up more than 50 per cent compared to the beginning of the year to VND85,500.

In the morning trading session, the shares traded at VND89,500, up 0.22 per cent.

Meanwhile, Tran Ba Duong, chairman of the Truong Hai Auto Corporation (THACO), and his family saw the value of his assets unchanged at US$1.5 billion as of January 5. He and his family rank at 1,905th in the world’s richest person list.

However, not all business people could weather the chaotic year.

Trinh Van Quyet, president of FLC Group (FLC) and Bamboo Airways, saw his assets drop under US$1 billion at the end of 2020. He was the richest person in Viet Nam in 2017 and has been listed in the top three richest people in Viet Nam a number of times.

He withdrew as board chairman of FLC Faros Construction in April, when the market was hit hard by COVID-19. FLC shares traded at VND4,470 on Wednesday morning, down 0.45 per cent. — VNS

Billionaire businesspeople donate millions of dollars to local charities during COVID-19

Billionaire businesspeople donate millions of dollars to local charities during COVID-19

Vietnamese businesspeople have donated billions of dong to charitable activities during the COVID-19 crisis.

The turning points in the lives of Vietnamese billionaires

The turning points in the lives of Vietnamese billionaires

Once dreaming of becoming a university lecturer, Nguyen Thi Phuong Thao finally became a businesswoman and billionaire. Others became billionaires though they did not complete or even attend university.

 
 

Other News

.
Bad debts of 20 banks up 4.5% in 2020
Bad debts of 20 banks up 4.5% in 2020
BUSINESSicon  11/02/2021 

The non-performing loans (NPLs) of 20 local banks at the end of 2020 rose by 4.5 per cent year-on-year to VND83.4 trillion (US$3.58 billion), according to the banks’ latest financial statements.

Stocks to ride on Vietnam economic recovery in 2021
Stocks to ride on Vietnam economic recovery in 2021
BUSINESSicon  10/02/2021 

Cement, petroleum and retail stocks are those that could see strong rises in 2021.

Organic Tet cakes become a hit
Organic Tet cakes become a hit
BUSINESSicon  09/02/2021 

Organic banh chung (square glutinous rice cake) sold in Ho Chi Minh City for the first time for Tet (Lunar New Year) has become very popular.

Vietnam rises two places in Bloomberg innovative economy index
Vietnam rises two places in Bloomberg innovative economy index
BUSINESSicon  10/02/2021 

Vietnam has moved up two places to 55th in the list of the world's 60 most innovative economies compiled by Bloomberg, but lags far behind Asian peers.

Novartis honored as pioneer in digital transformation in healthcare
Novartis honored as pioneer in digital transformation in healthcare
BUSINESSicon  09/02/2021 

Novartis is the sole pharmaceutical firm among a total of 34 units that were honored for their efforts and outstanding contributions to the Digital Transformation of the Healthcare Sector in 2020, at the National Digital Transformation Congress.

The poor, as well as businesses, fall into 'black credit' trap
The poor, as well as businesses, fall into 'black credit' trap
FEATUREicon  09/02/2021 

The poor, who lack financial information and knowledge, are often hurt by black credit. But many businesspeople have also become victims.

E-commerce sites launch Tet online sale campaigns
E-commerce sites launch Tet online sale campaigns
BUSINESSicon  09/02/2021 

While general stores and supermarkets are about to close for Tet holiday, e-commerce websites have stated they are ready to take orders even on Tet days.

VIETNAM BUSINESS NEWS FEBRUARY 10
VIETNAM BUSINESS NEWS FEBRUARY 10
BUSINESSicon  10/02/2021 

HCM City targets domestic market for tourism recovery

Leading exports take advantage of new generation FTAs
Leading exports take advantage of new generation FTAs
BUSINESSicon  09/02/2021 

Truong Dinh Hoe, secretary general of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the EVFTA, which took effect last August, has opened up opportunities for shrimp exporters.

Enacting long-term reforms for strong economic recovery
Enacting long-term reforms for strong economic recovery
BUSINESSicon  09/02/2021 

As the global economy is still mostly struggling with the health crisis, the start in 2021 is overshadowed by the hurdles of the previous year. Nevertheless, Vietnam may regain traction in economic growth.

Keeping opportunities fresh in fruit and vegetable exports
Keeping opportunities fresh in fruit and vegetable exports
BUSINESSicon  08/02/2021 

The export of Vietnamese fruit and vegetables is worth hundreds of millions of US dollars each year but is so far impeded by the lack of appropriate preservation technology.

VIETNAM BUSINESS NEWS FEBRUARY 9
VIETNAM BUSINESS NEWS FEBRUARY 9
BUSINESSicon  09/02/2021 

Demand for top meat drives funding

VIETNAM BUSINESS NEWS FEBRUARY 8
VIETNAM BUSINESS NEWS FEBRUARY 8
BUSINESSicon  08/02/2021 

Flower growers look to online sales amid COVID-19 resurgence

Industrial park developers promote sustainability to attract “eagles”
Industrial park developers promote sustainability to attract “eagles”
BUSINESSicon  07/02/2021 

Vietnam has witnessed a growth in the arrival of global high-tech brands like Pegatron, Universal Scientific Industrial, Foxconn.

COVID-19 outbreak takes a toll on peach blossom sales
COVID-19 outbreak takes a toll on peach blossom sales
BUSINESSicon  08/02/2021 

As the Tet (Lunar New Year) holiday approaches people in Ha Noi flock to Quang An market in Tay Ho District to buy peach blossom trees.

Tax revenue from Google, Youtube, Facebook reaches $49.5 million in 2020
Tax revenue from Google, Youtube, Facebook reaches $49.5 million in 2020
BUSINESSicon  07/02/2021 

Tax revenues from online advertising business models of foreign organisations that do not have legal entities in Vietnam like Google, YouTube or Facebook hit VND1.14 trillion ($49.5 million) last year.

E-wallets offer online lucky money services amid virus outbreak
E-wallets offer online lucky money services amid virus outbreak
BUSINESSicon  06/02/2021 

E-wallets are gearing up to offer online lucky money services as the Tet (Lunar New Year) holiday approaches amid the third coronavirus outbreak in Vietnam.

VIETNAM BUSINESS NEWS FEBRUARY 7
VIETNAM BUSINESS NEWS FEBRUARY 7
BUSINESSicon  07/02/2021 

Vietnam rice prices hit 10-year high

Information security risks for SMEs in 2021
Information security risks for SMEs in 2021
BUSINESSicon  06/02/2021 

Not only facing difficulties caused by the Covid-19 pandemic, small and medium enterprises (SMEs) in Vietnam will also face many information safety and data security risks this year.

Desire for long-term tactics in solar power
Desire for long-term tactics in solar power
BUSINESSicon  06/02/2021 

Although Vietnam began to develop solar power plants just about three years ago, the initially achieved capacities have been outstanding. 

 
 
 
Leave your comment on an article

OR QUICK LOGIN