The once-750-million-USD tycoon, Ho Xuan Nang, who ranked among the top 5 richest individuals on the Vietnamese stock market, has new ventures in education, autonomous vehicles, and his core quartz stone production business. Could these help the Nam Dinh-born businessman reach USD billionaire status?

Ho Xuan Nang, known for his strict stance of “doing things well, talking less,” has long been a media enigma, often referred to as the "hidden billionaire" on the stock market. 

Expanding beyond artificial stone into technology and education

Last week, Ho Xuan Nang’s Phenikaa Group successfully issued VND 320 billion worth of bonds with a 7-year term and a fixed interest rate of 8.2% per year. In late 2023, Phenikaa also raised VND 900 billion in bonds at around 6% interest.

This rate is quite low compared to the 12-15% offered by many other major corporations, especially amid the volatile bond market following the scandals of Van Thinh Phat, Tan Hoang Minh, and FLC.

Phenikaa, a multi-industry conglomerate with dozens of subsidiaries, is chaired by Ho Xuan Nang, with equity exceeding VND 9,000 billion. In the first half of 2024, the group posted an after-tax profit of VND 514 billion, a 31% year-over-year increase. In 2022 and 2023, after-tax profits were VND 1,000 billion and VND 611 billion, respectively.

The core business is quartz stone production through Vicostone, which generates annual revenues of VND 4,400-7,100 billion. Phenikaa holds over 84% of Vicostone’s shares. Vicostone is a well-known international player, with its high-end products mainly sold in the U.S. and Canada, and it holds the top market share in Vietnam.

Phenikaa is also focusing on education and technology, particularly with its autonomous vehicle projects.

Investors are eagerly awaiting the IPO of Phenikaa X, Phenikaa’s autonomous vehicle startup, which Ho Xuan Nang teased at Vicostone’s 2024 Annual General Meeting.

The businessman stated that the autonomous vehicle venture, developed entirely by Phenikaa’s own ecosystem of universities, research institutes, and production facilities, would be valued at a high rate upon its public offering. This would be the first "Made in Vietnam" self-driving car, first introduced in 2021.

In March 2021, Phenikaa X was officially launched, debuting Vietnam’s first level-4 autonomous vehicle at the International Conference on Autonomous Technology and Smart Transport. 

Phenikaa’s level-4 electric vehicle, using cutting-edge technologies like AI, 2D/3D mapping, Lidar sensors, SLAM, machine learning, and deep learning, is at the forefront of innovation in Vietnam.

How wealthy is the Nam Dinh native?

On the stock market, Ho Xuan Nang is famously nicknamed "Nang Do Thai" after his reverse acquisition in 2014, when, as Vice Chairman and CEO of Vicostone (a subsidiary), he acquired 90% of the parent company Phenikaa, cementing his control over both firms.

Since then, Vicostone has transformed significantly. By 2017, its annual profits exceeded VND 1,000 billion, peaking at VND 1,770 billion in 2021. Thanks to Vicostone’s immense profitability, Phenikaa has expanded into various sectors, including real estate.

Vicostone shares peaked at nearly VND 140,000 per share in April 2018, valuing the company at over VND 22,000 billion (~USD 1 billion). At his peak, Ho Xuan Nang owned approximately 120 million Vicostone shares, worth around VND 17,000 billion (USD 750 million).

However, with Vicostone’s stock now lower, Nang’s fortune is estimated at VND 8,000 billion, placing him 14th among Vietnam’s wealthiest stockholders.

Nonetheless, this valuation only considers his holdings in Vicostone, while the entire Phenikaa ecosystem is significantly larger, encompassing education and startups like Phenikaa X.

In the decade since Ho Xuan Nang’s acquisition, Phenikaa’s ecosystem has grown to include Phenikaa University, Phenikaa Educational Investment, Phenikaa Certification and Inspection, Phenikaa Electronics, Phenikaa Research & Technology Institute, and Phenikaa X, among others.

Beyond introducing Vietnam's first level-4 autonomous vehicle, Phenikaa X has expanded into other fields, including drones and smart city solutions. It developed Vietnam’s first 100% domestically produced autonomous robot, AMR Pallet Mover, for Samsung Electronics. The robot can carry up to 1,000 kg, autonomously navigating, picking, and transporting goods without human control. More recently, Phenikaa X has introduced autonomous robots in the healthcare sector for hospitals.

Nang’s ambitions in higher education are immense, with Phenikaa University now offering 55 programs and admitting over 10,000 students annually across three research institutes.

Phenikaa is also venturing into real estate, with its Endless Skyline West Lake complex in Hanoi’s Tay Ho District. Developed by Nam Hung Corporation, a Phenikaa subsidiary, the project covers 3,626.8 square meters and comprises 150 luxury apartments, 56 rental units, and 150 hotel rooms.

The project’s foundation was completed in late 2023, with sales beginning in early 2024. With prices reaching hundreds of millions of dong per square meter, this could significantly boost Phenikaa’s profits.

Manh Ha