From left: Tran Ba Duong, Nguyen Thi Phuong Thao, Pham Nhat Vuong, Tran Dinh Long

In October, the Vietnamese-born US billionaire Hoang Kieu was excluded from the list of the 400 wealthiest persons in the US. In addition, Tran Dinh Long, chair of Hoa Phat Group, is no longer found on the list of the world’s billionaires.

The decrease in Long’s asset value is attributed to US President Donald Trump’s decision to tax steel imports to protect domestic manufacturers. The higher tariffs have become a barrier to steel imports, including products from Vietnam and Hoa Phat Group.

Hoa Phat shares (HPG) have dropped sharply to VND33,200 per share on November 30. The price level was even lower than July’s low at VND33,750 per share. 

The share price drop led to the ‘evaporation’ of VND6 trillion worth of stock assets, or $257 million, compared with Forbes’ latest update on Long’s private assets.

Meanwhile, Tran Ba Duong, chair Truong Hai Automobile, remains on the list of the planet’s richest billionaires with stock assets worth $1.7 billion. He is now in the 1.334th position.

Pham Nhat Vuong has jumped by 22 positions, up to 221. This was due to the impressive launching of VinFast cars. VinFast is an automobile manufacturer, a subsidiary of Vingroup, where Vuong is president.

Vingroup was lowered in credit rating firms’ rankings because the group poured money into the automobile manufacturing sector with big loans. 

However, VinFast still has Vuong’s assets worth $6.7 billion, which allows him to stand above the other ‘big guys’ in the world’s automobile manufacturing industry, including the owner of Hyundai, Chung Mong Koo, who is now 534th and Pierro Ferrari at 931st.

Vingroup has reached into many business fields and its brand is now everywhere, from apartments to education, from technology products to retail shops.

In November, Vingroup kicked off VinCity urban area, covering an area of hundreds of hectares in Hanoi. It is projected to become a ‘university city’.

Nguyen Thi Phuong Thao, CEO of Vietjet Air, chair of HD Bank, is now the second richest person in Vietnam on Forbes’ list. She is the only Vietnamese female billionaire on Forbes’ list and the first self-made female billionaire in Southeast Asia.

In November, with the decrease in the VN Index, Vietjet and HD Bank’s shares saw sharp price decreases, which caused Thao’s assets to fall by $600 million within one month. She now has $2.6 billion and ranks 820th on Forbes’ list.

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M. Ha