return icon

Share prices fall, billionaires lose big

Billionaire Tran Dinh Long’s assets have fallen by $1.6 billion this year, while billionaire Pham Nhat Vuong has lost $2 billion.
Billionaire Tran Dinh Long

As the steel industry has become stagnant after bright days in 2021, prices for steel shares have dropped. 

Hoa Phat (HPG) fell to the floor price in the first trading session of October. However, demand for bottom fishing was relatively high as capitalization value lost $8 billion. The VN Index decreased by 46 points.

Closing the October 3 trading session, HPG price decreased by 6.84 percent to VND19,750 per share. This was the first time since December 2020 that the HPG price fell to below VND20,000 per share. This caused Long’s stock asset to fall by $110 million (VND2.6 trillion).

So far this year, HPG price has dropped by 54 percent, taking $1.6 billion in Long’s stock assets, according to Forbes, from $3.2 billion.

The stock market has seen price decreases of most stocks amid a slide around the world, a 40-year high inflation rate in the US, and a sharp increase of inflation rates in Europe to 10 percent in September.

After the Bank of England (BoE), the European Central Bank (ECB) and the Central Bank of China (PBOC) sent tough signals to suppress the market, the world received bad news. Credit Suisse announced possible bankruptcy and that the number of credit default swaps (CDS) had skyrocketed.

For HPG, the situation has been worse for several months. Steel manufacturers have also reported poor business performance. TDS reported a loss for Q2, while Hoa Phat reported post-tax profit down by 50 percent compared with Q1.

However, some securities companies said the government’s plan to promote public investment to support economic growth, plus the central bank’s policy on curbing inflation and stabilizing the exchange rate, could be good news for the steel industry.

Other Vietnamese billionaires have also lost money since early April. According to Forbes, Vingroup chair Pham Nhat Vuong has seen assets fall from $6 billion to $4.2 billion. Nguyen Thi Phuong Thao, Ho Hung Anh, Nguyen Dang Quang and Tran Ba Duong also saw their assets fall by $200 million to $500 million.

Duy Anh



Vietnamese innovative startups should strive to become regional, international “unicorns”: PM

Seven more prosecuted in bribery case at foreign ministry

The investigation agency under the Ministry of Public Security has issued decisions to prosecute, arrest and search the residences and workplaces of seven more individuals for their involvement in a bribery case at the Ministry of Foreign Affairs.


President arrives in Seoul, beginning state visit to RoK

IFC plans to pour 320 million USD into three Vietnamese banks

The International Finance Corporation (IFC), a member of the World Bank Group, has proposed a total investment of 320 million USD in three Vietnamese banks, reported the Nikkei Asia.

Girl with brittle bone disease opens class for poor students

As she wasn't able to fulfil her dream of becoming a teacher due to congenital vitreous disease, Nguyen Thi Ngoc Tam opened a free class for poor students.

Miniature-human sculptures popular with customers

The price of a sculpture ranges from one to five million VND, depending on the difficulty of the model. Eight to 19 ordered products are made per day to guarantee progress as well as the quality of the sculpture for the customer.

Lacquer village outlasts centuries-old craft

Alongside a wide range of products made from natural materials such as wood, bamboo and rattan, the village also has created new gold- and silver-inlaid products made from ceramic, pottery, and composite.

Local firms do business in P2P lending market

P2P Lending has become a hot issue in Vietnam, especially with the participation of Chinese businesses.

Vietnam to hold first cat fish festival soon

Vietnam’s first cat fish festival is scheduled to take place in the southern province of Dong Thap on December 16-17.

Control of bad content on social networks should be tightened

Tik Toker No O No, who criticized the poor, was boycotted by the community and forced to shut down by the authorities. He is not the first Tik Toker that has posted bad content on social networks.

Businesses struggle to keep workers as exports slow

Businesses have been struggling to maintain and support their workers as the Lunar New Year approaches.

Only in Vietnam: Shrimp-chip straws, dragon-fruit noodles

VietNamNet sums up the “odd news” in Vietnam last week.

Vietnam in need of more village-based midwives

Vietnam is in need of village-based midwives as the country has more than 7,000 remote and disadvantaged villages where women do not regularly get antenatal care at medical facilities.

Fuel supply estimated to surge 10-15% in 2023

The Ministry of Industry and Trade has drawn up two scenarios for the minimum fuel supply in 2023, requiring key fuel enterprises to increase the overall figure by 10-15% in 2023, according to the local media.

Da Nang to hire more IT staff to meet digital transformation goals

In the 2022-2025 period, Da Nang needs at least 7,500 more information technology (IT) workers a year and in the 2026-2030 period, the figure is 8,000.