The year 2025 marks an explosive period for Vietnamese billionaires, especially Pham Nhat Vuong, Chairman of Vingroup (VIC). According to Forbes’ real-time data as of October 13, Vuong's wealth has soared to a record $18.8 billion, ranking him 126th globally.

This figure has surged from around $4 billion earlier this year, driven largely by the skyrocketing performance of “Vin group” stocks following Vietnam’s stock market being upgraded to secondary emerging market status by FTSE Russell.

Notably, VIC shares surpassed 200,000 VND per share ($8.15) for the first time on October 13, raising Vingroup’s market cap to over 770 trillion VND (approximately $29 billion). The group’s expansion into new sectors - such as metallurgy with VinMetal, energy with VinEnergo, and high-speed rail with VinSpeed - along with the international growth of VinFast in markets like India and the Philippines, has significantly contributed to this breakthrough.

Beyond Vuong, other Vietnamese billionaires have also posted remarkable growth.

Nguyen Thi Phuong Thao, Chairwoman of Vietjet Air and Vice Chair of HDBank, has a net worth of $3.6 billion as of October 13, ranking 1,127th globally. The recovery of the aviation industry post-pandemic, coupled with strong credit growth in banking, has boosted her wealth from $3.5 billion in September.

Tran Dinh Long, Chairman of Hoa Phat Group (HPG), holds $2.9 billion thanks to rebounding steel prices and the upcoming launch of the massive Dung Quat 2 project, which has pushed HPG shares to 29,000-30,000 VND per share ($1.18-$1.22).

Techcombank (TCB) Chairman Ho Hung Anh’s net worth has grown to $2.7 billion, driven by solid business performance and an anticipated IPO of Techcom Securities.

Nguyen Dang Quang, Chairman of Masan Group (MSN), maintains a steady $1.2 billion, supported by increased profits in Masan’s retail and consumer goods segments.

Beyond the official Forbes rankings, many other Vietnamese entrepreneurs have crossed the $1 billion threshold based on their publicly listed assets.

Do Anh Tuan, Chairman of Sunshine Group, has a net worth of over 49 trillion VND ($1.9 billion) as of October 13, primarily driven by major real estate projects.

Pham Thu Huong, Vuong’s wife and Vice Chairwoman of Vingroup, holds nearly 33 trillion VND in VIC shares (around $1.3 billion), becoming Vietnam’s second female billionaire after Thao.

Several other prominent figures could soon appear on the Forbes list. These include Vu Van Tien of Geleximco, whose empire spans real estate and finance; Nguyen Thi Nga of BRG, with an expansive portfolio of golf courses, hotels, and a $4 billion smart city project; and Johnathan Hanh Nguyen, dubbed “Vietnam’s luxury king,” whose IPPG controls 70% of the luxury distribution market, along with retail chains like Long Chau and aviation services through Sasco.

Though they remain low-profile, these figures are believed to have billion-dollar fortunes, contributing to Vietnam’s goal of having 10 billionaires by 2030 under Resolution No. 41-NQ/TW.

Getting on the gold list is hard - staying there is harder

Making the Forbes or Bloomberg billionaire list is a remarkable feat that requires not only business acumen but also transparency and sustainable growth. Vietnam’s first billionaire, Pham Nhat Vuong, made the list in 2013 with a net worth of $1.5 billion. However, staying on the list is even more demanding, as Vuong once said: “Business is an endless battle.”

Several Vietnamese billionaires have moved in and out of the rankings due to market volatility. Nguyen Dang Quang, for instance, dropped off the Forbes list earlier in 2025 when his net worth dipped below $1 billion but quickly returned as Masan’s retail arm, WinCommerce, saw a surge in profits.

Nguyen Thi Phuong Thao also slipped in the rankings during the 2020-2021 pandemic when the aviation sector suffered heavily but rebounded strongly thanks to a tourism boom.

Such fluctuations underscore the harsh realities of wealth. Tran Ba Duong of Thaco once had $1.5 billion in 2023 but dropped from the list by March 2025 as Thaco's multi-sector investments - from automobiles to agriculture - faced headwinds.

Bui Thanh Nhon of Novaland entered the list in 2022 with $2.9 billion, only to exit after NVL shares plummeted 90% due to a property crisis and mounting debt.

These cases highlight the tough business environment in Vietnam, where most billionaires have emerged from real estate (like Vuong and Tuan) and finance (like Thao and Hung Anh) - sectors that are particularly vulnerable to policy shifts, interest rate changes, and economic cycles.

Few entrepreneurs have accumulated massive wealth from tech innovation - a sector known for exponential breakthroughs, as seen with Elon Musk (Tesla, $500 billion) or Jensen Huang (Nvidia, up 6,000x since its IPO).

Compared to global peers, Vietnam has fewer tech billionaires than countries like Thailand or Singapore, each with dozens. However, the outlook remains bright, with Vietnam’s economy projected to grow 6-7% annually and a flood of foreign investment targeting technology and semiconductors.

Tech entrepreneurs like Truong Gia Binh (FPT), with the AI Factory partnership with Nvidia, and Dao Huu Huyen (Duc Giang Chemicals), could join the list if current momentum continues.

With a national strategy to support private enterprises and tech development, Vietnam is poised to see more billionaires emerge in the coming decade. But history has shown that wealth is not a destination - it is a journey of resilience and determination.

Manh Ha