return icon Vietnamnet.vn

Two Vietnamese billionaires lose out on first day of 2020

Two of the five richest people in Vietnam had a poor start to the new year as they saw their net asset worth decrease.

 

Two local billionaires lose out on first day of 2020 hinh anh 1

Chairman of Masan Group Nguyen Dang Quang loses 4 million USD in his assets since March 2019. (Screenshot from Forbes)

 

 


On March, 2019, Forbes2020 World Billionaires list included five billionaires from Vietnam with totalassets of 13.6 billion USD.

They included returnees Pham NhatVuong, Nguyen Thi Phuong Thao and Tran Ba Duong and newcomers Ho Hung Anh andNguyen Dang Quang. The list, led by Jeff Bezos, founder and CEO of onlineretail site Amazon, includes 2,153 billionaires with total assets of 8.7trillion USD.

On the first day of 2020, whilethe total assets of the five Vietnamese billionaires increased by 8 million USDto hit 14.4 billion USD, the two newcomers saw their personal wealth decrease.

As of January 1, in theupdate of Forbes list of billionaires, chairman of consumer goods and naturalresources firm Masan Group Nguyen Dang Quang lost 4 million USD inhis assets. Now at 1 billion USD, he sits at 2,167th, 450 places lower than hisranking last year.

Data from the local stockmarket shows continuous declining sessions pulled Masan's shares (MSN)down from a peak of 91,000 VND (3.9 USD) in May to 56,500 VND on the lastworking day of December.

Also a newcomer to the list, HoHung Anh, Chairman of Vietnam Technological and Commercial Joint Stock Bank(Techcombank), lost 3 million USD and 421 places in the ranking. He nowranks 1,770th in the list with assets of 1.4 billion USD.

Last year, Techcombank recorded pre-taxprofit of nearly 10.7 trillion VND, an year-on-year increase of 31 percent. Thebank is the second largest bank in Vietnam after State-owned bank Vietcombank.

Two local billionaires lose out on first day of 2020 hinh anh 2

Billionaire Ho Hung Anh — Screenshot from Forbes

 

 



However, its shares declinedbadly in the market in June and August, making firm lose about 12 percent inthe market value.

According to Forbes, both Masanand Techcombank are major institutions in Vietnam, ranked in the top 10 largestenterprises on the HCM Stock Exchange. Techcombank Chairman Ho Hung Anh andMasan Chairman Nguyen Dang Quang used to manage both Techcombank andMasan. Last year, Anh withdrew from Masan's vice chairman position to focus onTechcombank under the local banking industry’s regulations. Quang, on the otherhand, is still vice chairman of Techcombank.

Not losing a penny from theassets last year, chairman of Thaco – the biggest car company in Vietnam – TranBa Duong and his family still have 1.7 billion USD. But they lost 128places in list to rank 1,477th.

Vingroup Chairman Pham Nhat Vuong,who is still the richest man in Vietnam with 7.6 billion USD in assets,added another 1 billion USD to his assets but fell 13 places and now ranks242nd in the list. At certain points last year, Vuong was among the 200richest people on the planet.

Two local billionaires lose out on first day of 2020 hinh anh 3

Vingroup Chairman Pham Nhat Vuong. — Screenshot from Forbes website

 

 


Earlier, Vuong shared withBloomberg that he would spend 2 billion USD of his personal assets by selling a10 percent stake in Vingroup to bring the group’s car of VinFast to the USmarket. 

Vietnam's first femalebillionaire Nguyen Thi Phuong Thao became richer and has a higher rank. Thao’sassets increased by 4 million USD to reach 2.7 billion USD and she is up 73 places from last year to rank 935th.

Two local billionaires lose out on first day of 2020 hinh anh 4

Vietjet Air CEO and President Nguyen Thi Phuong Thao (Photo: cafef.vn)

 

 

 
Thao’s budget airline, VietJetAir, which offers more than 300 flights a day, operates some 40 percent ofthe nation's flights and became public in February 2017. She also hasinvestments in HDBank and real estate.

At the end of last year,shares of VietJet Air added 1.2 percent to reach 146,200 VND each whileVingroup’s shares stayed unchanged at 115,000 VND./.VNA

Forbes announces 100 largest firms in Vietnam for first time

Forbes announces 100 largest firms in Vietnam for first time

Forbes Vietnam has announced a list of the 100 largest public firms in the country for the first time.

Vietnam – first choice of many industrial sectors: Forbes

Vietnam – first choice of many industrial sectors: Forbes

For many industries, Vietnam has become their first choice in this manufacturing diaspora, said an article on Forbes recently.

MORE NEWS

Vietnamese films earn big profits during Tet

Nha Ba Nu (The House of No Man) has been the highest-grossing Vietnamese film during the Tet (Lunar New Year) holiday.

PM to hold dialogue with young people in March

Prime Minister Pham Minh Chinh will hold a dialogue with young people in Hanoi on March 26, the Government Office has announced.

Internet slows as four out of five submarine cables suffer disruptions

Vietnamese internet service providers have confirmed that four out of five submarine internet cables that connect the country to the world are experiencing issues, seriously affecting performance and reliability.

Politburo Resolution 31 gives momentum to HCM City to 'take off'

Experts say that policies from the Politburo’s Resolution 31 will give momentum to HCM City to grow strongly, but also pose big challenges for the city.

Billionaire's companies make big profits during difficult period

The businesses owned by the dollar billionaire Pham Nhat Vuong have all reported record-high revenue at a time when the real estate market has been bogged down in difficulty.

Outstanding policies take effect in Vietnam from February 2023

A string of policies on transferring money from Viet Nam to other countries, a 50-percent fee reduction when registering for permanent residence

Spiritual milestones affirm Vietnam’s sovereignty in the sea

Nine pagodas formed from shrines or small Buddha statues erected a long time ago in the Truong Sa archipelago by Vietnamese fishermen are not only places of religious and belief activities but also the country’s sovereignty milestones on the sea.

Vietnam to attend ASEAN Tourism Forum 2023 in Indonesia

Vietnam will participate in ASEAN Tourism Forum (ATF) 2023 themed “ASEAN: A Journey to Wonderful Destinations”, and the Travel Exchange (TRAVEX) trade fair in Yogyakarta, Indonesia from February 2 – 5.

Hanoi and Ho Chi Minh City among safest cities in Southeast Asia

Hanoi and Ho Chi Minh City have both been included in a list of the safest cities in Southeast Asia, as compiled by statistics site Numbeo.

Action plan issued to accelerate national anti-corruption strategy building

Deputy Prime Minister Le Minh Khai, head of the steering committee on building the national anti-corruption strategy by 2030, has signed a decision on the issuance of the committee’s action plan.

VIETNAM BUSINESS NEWS JANUARY 31/2023

Latest guidance on one-way money transfers from Viet Nam

HCM City proposes removing hindrances to develop real estate market

Ho Chi Minh City authorities made a proposal to clear bottlenecks for healthy and sustainable development of the real estate market.

More high-value foreign investment projects needed as tax policies change

Vietnam needs to improve FDI quality, attracting high-tech projects that promise to bring higher added value.

Khmer's ginger cake of love and faithfulness

The ginger cake of the Khmer ethnic group in Soc Trang Province is a beloved traditional treat that is often offered to ancestors on important anniversaries such as the Tet (Lunar New Year) festival.

HCM City promotes digital transformation in education

Digital transformation is considered key to improving education and training quality, as proven by the effect of HCM City actively applying digital transformation over the past five years.
back_to_top