The Vietnamese stock market in 2024 has witnessed significant shifts, with younger generations making their mark among the wealthiest individuals. Among them is a 23-year-old Gen Z heiress, Ho Thuy Anh, the daughter of Techcombank Chairman Ho Hung Anh, who now ranks among the top 12 richest individuals in the country.

Changing dynamics in Vietnam’s billionaire rankings

The top positions in Vietnam's stock market wealth rankings remain steady in 2024, with Vingroup Chairman Pham Nhat Vuong leading the list at approximately $3.3 billion. He is followed by Hoa Phat Chairman Tran Dinh Long with $1.7 billion and Vietjet Air Chairwoman Nguyen Thi Phuong Thao at $948 million.

However, significant changes have occurred in the lower ranks. Notable real estate magnates, such as Novaland's Bui Thanh Nhon and Phat Dat's Nguyen Van Dat, have fallen out of the top 10. Replacing them are prominent figures like FPT Chairman Truong Gia Binh and members of Ho Hung Anh’s family.

Gen Z wealth emerges

Ho Thuy Anh, born in 2001, and her older brother Ho Anh Minh, born in 1995, have both secured spots in the top 20 richest individuals on Vietnam's stock exchange. Thuy Anh ranks 11th, while Anh Minh takes 12th place, with assets valued at approximately $344 million each, driven primarily by their holdings in Techcombank shares.

Thuy Anh’s ascent has been meteoric. In late 2023, she acquired additional Techcombank shares worth $86 million, increasing her ownership to nearly 4.9%. At just 23 years old, her wealth surpasses several seasoned business figures, including Duc Giang Chemicals Chairman Dao Huu Huyen and Vicostone Chairman Ho Xuan Nang.

Her brother, Anh Minh, possesses a similar stake in Techcombank, reflecting the family's strategic distribution of wealth, which includes significant shares transferred from their grandmother, Nguyen Thi Thanh Tam, in 2023.

Techcombank's pivotal role

The rising fortunes of Thuy Anh and Anh Minh have been bolstered by the exceptional performance of Techcombank shares in 2024, which surged by 54% to $1.03 per share by year-end. This growth contrasts sharply with declining stock prices in the real estate sector.

Techcombank has consistently ranked among Vietnam’s top five most profitable banks, alongside giants such as Vietcombank and BIDV. Under Ho Hung Anh's leadership, the bank has achieved remarkable milestones, including becoming the first private bank in Vietnam to exceed $1 billion in pre-tax profit in 2018.

In the first nine months of 2024 alone, Techcombank reported pre-tax profits of $928 million, achieving 84% of its annual target. Its success stems from strategic diversification, cost optimization, and a strong focus on innovative financial services.

At Techcombank's 2023 annual shareholder meeting, Chairman Ho Hung Anh expressed optimism about the bank's long-term growth potential, predicting a 5-10x increase in its value in the coming years.

The rapid rise of Gen Z figures like Ho Thuy Anh and Ho Anh Minh underscores the shifting dynamics in Vietnam's financial landscape, with younger generations poised to take the reins of wealth and influence.

Manh Ha