Billion-dollar fortunes and ambitions to build global businesses

Behind Vietnam's economic transformation over the past decade are entrepreneurs willing to pursue ambitions far beyond the limits of the domestic market. Many of their early declarations were met with skepticism, but over time, those ambitions have helped guide the development of some of the country's largest private conglomerates.

In 2014, billionaire Pham Nhat Vuong spoke of his desire to see the streets of Hanoi and Ho Chi Minh City become as vibrant and prosperous as those of Hong Kong, China, or Singapore. He also emphasized the importance of creating lasting value for future generations.

Over the past decade, Vingroup and its property arm Vinhomes have developed major urban communities, including Vinhomes Riverside, Ocean Park, Smart City and Grand Park, integrating residential housing with commercial facilities, amenities and services.

Beyond real estate, Vuong expanded into automobile manufacturing. At the groundbreaking ceremony for VinFast's manufacturing complex in Hai Phong in 2017, he outlined his ambition to bring a Vietnamese automotive brand to international markets.

VinFast subsequently shifted to electric vehicle production, expanded overseas and invested in manufacturing facilities in India and Indonesia. Its international expansion, however, continues to face significant challenges involving competition and business efficiency.

For billionaire Nguyen Thi Phuong Thao, the philosophy behind building Vietjet began with an ambition that extended beyond selling airline tickets: giving millions of people who had never flown before the opportunity to travel by air.

Vietjet began commercial operations in 2011, helping popularize low-cost air travel in Vietnam. The airline has since expanded its domestic and international route networks, developed its aircraft fleet and established a brand presence beyond the Vietnamese market.

What began as an idea that initially faced considerable skepticism has become an important part of Vietnam's aviation industry.

In heavy industry, Hoa Phat Chairman Tran Dinh Long once declared that his group would accomplish things others could not.

Hoa Phat has consistently invested in steelmaking, developing large-scale integrated production complexes in Dung Quat and rising to become the leading player in Vietnam's construction steel market.

Its preparations to manufacture railway steel for major rail infrastructure projects demonstrate an effort to move into technically demanding, higher-value segments rather than remain focused solely on conventional steel products.

In the consumer sector, billionaire Nguyen Dang Quang once expressed his ambition for every Vietnamese household to have at least one Masan product in its kitchen.

Through food and seasoning brands and an extensive retail network, Masan has established a broad presence in Vietnamese consumer life. Its development illustrates how a private company can grow from supplying everyday essentials into a large-scale consumer ecosystem.

Meanwhile, billionaires Ho Hung Anh and Ngo Chi Dung have helped build Techcombank and VPBank, respectively, into major private banks. Both institutions play important roles in providing capital, delivering financial services and advancing digital transformation in Vietnam's banking sector.

Vietnam's eight US-dollar billionaires are Pham Nhat Vuong; Nguyen Thi Phuong Thao; Pham Thu Huong, Vuong's wife; Pham Thuy Hang, his sister-in-law; Tran Dinh Long; Ho Hung Anh; Ngo Chi Dung; and Nguyen Dang Quang.

Their businesses span real estate, manufacturing, aviation, banking, consumer goods and technology.

As of October 11, 2026, Pham Nhat Vuong's fortune was estimated at $35.2 billion, placing him 66th globally and making him Vietnam's richest individual.

Pham Thu Huong had an estimated net worth of $4 billion, ranking 1,067th worldwide, while Pham Thuy Hang's fortune stood at $2.8 billion.

Alongside their growing personal wealth, the companies associated with these entrepreneurs have expanded substantially.

By the end of June 2026, Vingroup's total assets exceeded $50.2 billion, while Hoa Phat's approached $10.8 billion and Techcombank's stood at nearly $50.2 billion.

The financial resources accumulated by these businesses provide a foundation for pursuing even greater ambitions.

Against this backdrop, declarations that once sparked debate can also be seen as reflections of their leaders' strategic visions and willingness to accept risk.

The next challenge: Competing on the global stage

Success in Vietnam's domestic market, however, does not automatically translate into international competitiveness.

Measured by revenue, technological capabilities, productivity, global brand recognition and positions within international value chains, most Vietnamese private conglomerates still lag considerably behind leading corporations in Asia and the wider world.

VinFast is competing in the fiercely contested electric vehicle industry, where Chinese, American, South Korean and European manufacturers enjoy advantages in scale, technology, supply chains and manufacturing experience.

Hoa Phat has established a strong domestic position and expanded its exports. Yet becoming a globally influential steel producer will require further advances in technology, product quality and participation in higher-value supply chains.

In technology, FPT has progressed from software outsourcing into technology services, digital transformation, artificial intelligence (AI) and early-stage semiconductor activities.

Nevertheless, Vietnamese companies have yet to establish a comparable global position in core technology segments such as advanced chip design, large-scale semiconductor manufacturing or the development of leading AI platforms.

This represents both the central challenge and a major opportunity for the coming decade.

AI, cloud computing, semiconductors, advanced materials, green energy and robotics are reshaping the global economy.

These industries demand substantial capital investment, highly skilled workers, long-term research capabilities and well-developed industrial ecosystems.

Not every business has the resources to participate, but conglomerates that have accumulated significant capital and expertise have certain advantages when expanding into emerging sectors.

Vingroup is broadening its interests and investments in manufacturing, energy, batteries and robotics.

FPT is pursuing opportunities in AI, semiconductors and digital infrastructure, while Hoa Phat is seeking to upgrade its steelmaking capabilities.

Private banks are accelerating digitalization and developing data-driven financial services, while Masan has opportunities to apply technology to optimize its supply chains and retail operations.

Yet financial strength and ambitious goals alone cannot guarantee success.

Competing in technology-intensive industries requires companies to identify sectors where they have genuine competitive advantages, maintain disciplined investment strategies, build research teams, protect cash flow and remain committed to long-term efficiency.

Expansion into new industries must be supported by real capabilities rather than simply following trends that attract attention.

The government's role is equally important.

Policies supporting science and technology, workforce development, intellectual property protection, infrastructure investment and a level competitive playing field can help businesses reduce costs and strengthen innovation.

The interaction between private-sector resources and effective public policy will be crucial to developing Vietnamese corporations capable of competing internationally.

South Korea's experience demonstrates how large conglomerates can become engines of industrialization. However, their long-term contribution depends on improvements in productivity, exports, technological innovation and the development of domestic supplier networks.

For Vietnam, the ultimate aspiration should not simply be to produce more US-dollar billionaires or corporations with enormous market capitalizations.

More important is whether these companies can develop technologies and products controlled by Vietnamese businesses, increase domestic value added, create high-quality jobs and help other Vietnamese enterprises participate more deeply in global supply chains.

The bold declarations made by entrepreneurs, some of which were initially greeted with doubt, may mark the beginning of remarkable journeys.

But the ultimate measure of success is not the size of a founder's personal fortune. It is the international competitiveness of the business and the sustainable value it generates for society.

Vietnam now has private enterprises large enough to pursue global ambitions.

The challenge ahead is to transform accumulated financial resources into technological capabilities, turn ambition into products that can compete internationally and ensure that the success of a handful of major corporations becomes a broader force for prosperity across Vietnamese society.

Manh Ha