The Vietnamese stock market last week witnessed a strong inflow of money and rocketing prices of many shares. New billionaires have also appeared, including Mr. Dat and Mr. Nhon.

Phat Dat’s stock is among the real estate shares with the highest growth rates since mid-2020, as its price increased by nearly 5 times to reach VND87,400 per share on June 11.

In 2020, Phat Dat earned revenue of VND3,911 billion, and net profit of VND1,220 billion. The company aims to earn VND4,700 billion of revenue and VND 1,868 billion net profit this year.

Based on the value of shares, Dat is currently the 6th richest person in Vietnam, behind Mr. Pham Nhat Vuong - Chairman of Vingroup, Mr. Tran Dinh Long - Chairman of Hoa Phat Group, Mr. Bui Thanh Nhon - Chairman of Novaland, Mr. Ho Hung Anh - Chairman of Techcombank, Mr. Nguyen Dang Quang - Chairman of Masan. He ranks above Mrs. Nguyen Thi Phuong Thao, CEO of Vietjet Air.

Another new US dollar billionaire on the stock market is the boss of Novaland Group, Bui Thanh Nhon. With the recent increase of Novaland stock price, Nhon also has assets exceeding $1 billion. This is the second time Nhon has achieved this milestone in recent years.

Novaland (NVL) share price has increased rapidly and reached a historic peak of over VND140,000 per share. This share is expected to reach VND150,000-160,000.

Billionaire Nguyen Van Dat.

Another name that has emerged recently is Mr. Nguyen Duc Thuy, Chairman of Thaiholdings. Thaiholdings (THD) is one of the stocks with the highest market value. After its price increased in 13 consecutive sessions, on June 7 it declined. On June 10 it was transferred at the price of VND193,000 per share. At this market price, the company capitalization reached approximately VND67,550 billion. This helped Thuy move quickly to the milestone of $1 billion USD in assets.

Mr. Thuy is also involved in the banking sector. He is now Vice Chairman of Lien Viet Post Bank (LPB). According to Lien Viet Post Bank, Thuy registered to buy 32.54 million LPB shares to increase his ownership rate in the bank to 4.92% from June 8 to July 8.

Thuy's younger brother, Nguyen Xuan Thuy, also registered to buy 1 million LPB shares at the same time. Thus, in total, Thuy and his brother will buy more than 33.5 million LPB shares.

The assets of billionaire Tran Dinh Long, Chairman of Hoa Phat Group (HPG), also increased thanks to the rise of stock prices. Long is the largest shareholder of Hoa Phat Group, with 864 million shares, equivalent to 26.08% of HPG's charter capital.

Long's wife, Vu Thi Hien, is holding 243.06 million shares, equivalent to 7.34% of the capital and is the second largest shareholder in the group. His son, Tran Vu Minh, holds 48 million shares. Minh's company (Dai Phong Investment and Trading Company Limited) has 1.56 million HPG shares.

Tran Vu Minh has registered to buy 5 million shares of HPG to bring the total ownership rate of the whole family to over 35%. The transaction is expected to take place from May 21 to June 18 by order matching or agreement.

Tough week for investors

Since the beginning of June, investors not only witnessed the volatility of the stock market but also recorded trading incidents on the Ho Chi Minh City Stock Exchange (HoSE) when the system was overloaded frequently.

The Ministry of Finance’s Chief Inspector signed a decision to inspect the Ho Chi Minh Stock Exchange (HoSE) after its failure to resolve the chronic overload of its trading system.

The decision follows an order from Minister of Finance Ho Duc Phoc for an immediate inspection. The inspection delegation will work out a work plan depending on the COVID-19 situation in the city.

The problem began last year and has steadily worsened. The worst happened on June 1, when there were excessive volume and trading value topped VND21.7 trillion ($935.3 million) in just the morning session. The system sounded a warning, and HoSE was forced to suspend trading in the afternoon to prevent possible problems.

From June 2, it refused to allow traders to cancel or modify orders to prevent the system from overloading. Leading brokerages have to date reallowed the use of the features though some are still enforcing limits during peak trading hours.

Bao Anh

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