The surge in wealth among Vietnam’s business elite signals an increasingly optimistic economic outlook. Several major corporations are preparing to go public, while others are transferring leadership to second-generation heirs. These developments may soon bring more Vietnamese names into the global billionaire club.

On September 25, the stock market saw an impressive rally, with strong cash flow pouring into property, construction, and public investment stocks - especially Vingroup (VIC), chaired by Pham Nhat Vuong.

VIC shares surged by VND 9,000 (up 6%) to a record high of VND 158,000 per share, pushing Vingroup’s market capitalization to over VND 608 trillion (approximately USD 24.8 billion) - nearly quadrupling its value from earlier this year. Vingroup’s capitalization now far surpasses major banks such as Vietcombank, BIDV, and VietinBank, securing the top spot on the Vietnamese stock market.

Vinhomes (VHM) shares rose by VND 1,500 to VND 99,500, while Vincom Retail (VRE) climbed VND 400 to VND 29,400.

Thanks to VIC’s stock surge, billionaire Pham Nhat Vuong’s net worth from listed equities on the Vietnamese stock exchange has soared to over VND 290 trillion (approximately USD 11 billion).

According to Forbes, Vuong’s net worth has increased by 4.8% (about USD 703 million) to USD 15.4 billion, placing him 168th in the world. This figure includes his holdings in electric vehicle company VinFast (VFS), which is listed on the Nasdaq and has a market capitalization of over USD 7 billion.

Following VIC’s near fourfold rise since the beginning of the year, Vuong’s wife - Pham Thu Huong - now holds nearly VND 27 trillion worth of VIC shares, equivalent to around USD 1.02 billion.

With this, Pham Thu Huong becomes the seventh dollar billionaire in Vietnam and the second female billionaire in the country, joining a select group that includes:

Pham Nhat Vuong (Vingroup)
Tran Dinh Long (Hoa Phat Group)
Do Anh Tuan (Sunshine Group)
Nguyen Thi Phuong Thao (VietJet Chairwoman and HDBank Vice Chair)
Ho Hung Anh (Techcombank Chairman)
Nguyen Dang Quang (Masan Chairman)
Forbes has yet to list Pham Thu Huong among the world’s billionaires, but with her rapid asset growth and the fact that Vuong has already disclosed their holdings, it’s likely she will soon be included in the global billionaire rankings.

Do Anh Tuan is also not yet recognized by Forbes.

As of September 25, Forbes ranks Nguyen Thi Phuong Thao as Vietnam’s second-richest person, with a net worth of USD 3.5 billion. Tran Dinh Long ranks third with USD 2.9 billion, followed by Ho Hung Anh at USD 2.6 billion, and Nguyen Dang Quang at USD 1.2 billion.

However, when considering only the value of publicly listed shares in Vietnam, Pham Thu Huong ranks fifth, behind Pham Nhat Vuong, Tran Dinh Long, Do Anh Tuan, and Nguyen Thi Phuong Thao. Her assets exceed those of Ho Hung Anh (VND 24.8 trillion / ~USD 1 billion) and Nguyen Dang Quang (VND 23 trillion / ~USD 950 million).

Forbes includes other asset classes when evaluating the net worth of Ho Hung Anh and Nguyen Dang Quang.

In Vietnam’s stock market rich list, aside from Thao and Huong, three other women appear in the top 10:

Pham Thuy Hang (Huong’s younger sister), with more than VND 18 trillion
Vu Thi Hien, wife of Tran Dinh Long
Nguyen Thi Thanh Thuy, wife of Ho Hung Anh

This brings the gender ratio among Vietnam’s top 10 wealthiest stock market individuals to a balanced 5 men and 5 women.

The soaring wealth of the Vuong family coincides with a wave of positive developments for Vingroup, including the completion, groundbreaking, or approval of major projects across its ecosystem.

Manh Ha