The number of ultra-wealthy in Vietnam in 2023 increased by 2.4 percent over the year before.

The ultra-wealthy have assets worth $30 million or more (VND740 billion, Vietcombank’s exchange rate VND24,820 per dollar quoted March 13).

In Southeast Asia, the growth rate of Vietnam’s ultra-wealthy is much higher than Thailand’s 0.8 percent, but lower than Malaysia’s 4.3 percent, Indonesia’s 4.2 percent, and Singapore’s 4 percent.

However, according to Knight Frank, in 2023-2028, the increase in number of ultra-wealthy in Vietnam will be among the highest in the world, to fifth in Asia Pacific (30 percent). With the increase, Vietnam ranks fifth after India (+ 50.1 percent), China (+ 47 percent), Turkey (+ 42.9 percent) and Malaysia (+ 34.6 percent). 

The increase in number of ultra-wealthy in Vietnam is predicted to be higher than South Korea, Hong Kong (China) and Singapore in the 2023-2028 period.

It is expected that Vietnam will have 978 ultra-wealthy by 2028, according to Knight Frank.

In general, Asian wealthy and ultra-wealthy tend to pour money into luxury items. Luxory imports to Vietnam have increased rapidly, especially luxury cars and jewelry.

Knight Frank did not release a list of Vietnamese ultra-wealthy. However, local newspapers have found about 180 businesspeople and related individuals have stock assets worth more than $30 million, and six are dollar billionaires.

Dollar billionaires

According to Forbes, there are six Vietnamese names on the list of the world’s dollar billionaires as of March 13, with total assets of $14 billion. Vingroup President Pham Nhat Vuong, with assets of $4.4 billion, tops the list.

The second position belongs to Vietjet Air (VJC) president Nguyen Thi Phuong Thao with $2.8 billion. HoaPhat Group (HPG) president Tran Dinh Long is in the third position with $2.6 billion. Techcombank (TCB) president Ho Hung Anh, Thaco president Tran Ba Duong, Masan (MSN) president Nguyen Dang Quang are on the next positions with the assets of $1.8 billion, $1.2 billion and $1.2 billion, respectively.

As such, one individual has been excluded from the list of Vietnamese dollar billionaires. Novaland president Bui Thanh Nhon saw his assets decrease sharply in 2022 and 2023 because of NVL share price falls. In early 2022, Nhon was reported as having $2.9 billion. 

180 ultra-wealthy in stock market

Local newspapers have found 180 businessmen and related individuals had stock asset value of over $30 million.

In addition to the dollar billionaires, there are many other individuals with huge assets, including Pham Thu Huong, the wife of Pham Nhat Vuong, with VND7.7 trillion of stocks as of March 13; Vu Thi Hien, the wife of Tran Dinh Long (VND12.3 trillion); Nguyen Thi Thanh Thuy, the wife of Ho Hung Anh (VND7.86 trillion); and Nguyen Hoang Yen, the wife of Nguyen Dang Quang (VND3.54 trillion).

The other individuals who have huge assets as shareholders of large corporations include Do Anh Tuan of Sunshine (VND23.6 trillion); Ho Xuan Nang of Vicostone (VND8.7 trillion); Truong Gia Binh of FPT (VND9.09 trillion); Ngo Chi Dung of VPBank (VND6.2 trillion); Truong Thi Le Khanh of VinhHoan Seafood (VND7.4 trillion); Dang Thanh Tam of KBC (VND5.15 trillion); Nguyen Van Dat of PhatDat Real Estate (VND8.26 trillion); Dao Huu Huyen of DucGiang Chemicals (VND9.07 trillion); Nguyen Duc Tai of Mobile World (VND4.2 trillion).

Hidden ultra-wealthy

Analysts believe the real number of ultra-wealthy is much higher than reported. Though they have huge assets, their names are not found in any rankings. 

The billionaires who don’t show their faces include Nguyen Thi Nga of BRG Group, Vu Van Tien of Geleximco, ‘Island King’ Dao Hong Tuyen and ‘the King of branded goods’ Johnathan Hanh Nguyen.

Many Vietnamese economic groups have become empires in their business fields. An Phuoc Garment Embroidery Shoes Co Ltd is one. This is a huge textile and garment company in Vietnam with 7,000 workers, 11 factories throughout the country, a network of 165 An Phuoc-Pierre Cardin shops and over 60 shops with the Bonjour-Anamai brand (underwear, sportswear and women’s fashion accessories), owned by Nguyen Thi Dien and her family.

Manh Ha