Mobile World Investment Corporation general director, Nguyen Duc Tai, skyrocketed onto the list of the top 10 richest people on Viet Nam's stockmarket after the company's market capitalisation rose to almost VND11 trillion (US$521.3 million) and its shares hit VND175,000 ($8.30) a share.

Mobile World Investment Corporation general director, Nguyen Duc Tai.

Tai currently holds more than 10.4 million MWG shares, or 16.4 per cent of the company's total capital, worth VND1.8 trillion ($85.3 million). With this asset, Tai ranks eighth on the list of the top 10 richest people on the stockmarket.

Apart from Tai, MGW's impressive growth made four other executives – Tran Le Quan, Dinh Anh Huan, Tran Huy Thanh Tung and Dieu Chinh Hai Trieu – advance among the top 50 wealthiest people on the Vietnamese stockmarket.

Quan, a member of the management board, has VND1.3 trillion ($61.6 million), sitting on number 12 on the list.

Trieu and Huan own assets worth more than VND400 billion ($19 million).

Currently, MWG's internal shareholders and related people are holding nearly half of MWG's capital. Other major shareholders are CDH Electric Bee (15.8 per cent) and Mekong Capital (14.3 per cent).

Price of MWG has more than doubled since it first debuted July 14, shooting up from VND81,500 ($3.86) a share to VND175,000 ($8.30) a share on Monday. It continued to VND178,000 ($8.44) yesterday morning before falling to VND173,000 ($8.20) a share by the end of the session.

By the end of last week, the company reported a total revenue of VND9.57 trillion ($453.6 million) and a net profit of VND423 billion ($20 million) in the first eight months of this year, equivalent to 73 per cent and 97 per cent of its yearly targets, respectively.

The Gioi Di Dong (Mobile World), a chain of mobile phone stores, is expanding rapidly, opening a store every two days. It now has 260 stores nationwide.

VNS/VNN