return icon

Vietnamese billionaires’ assets far exceed Forbes-reported levels

VietNamNet Bridge - Vietnamese businesspeople are getting rich quickly and have jumped into higher positions on the lists of the wealthiest people in the world. 
VietNamNet Bridge - Vietnamese businesspeople are getting rich quickly and have jumped into higher positions on the lists of the wealthiest people in the world.


Pham Nhat Vuong has received in-grade promotion in Forbes' ranking

Forbes has been updating information about the total assets of the Vietnamese rich and their positions on the lists of the richest in the world in the last few weeks.

Pham Nhat Vuong from Vingroup and Nguyen Thi Phuong Thao from Vietjet Air, who earns hundreds of millions of dollars a day thanks to sharp stock price increases, have received big in-grade promotions in Forbes’ ranking with total assets of $7 billion. 

According to Forbes, Vuong has $100 million more and his total assets increased to $3.9 billion by November 18. 

According to Forbes, Vuong has $100 million more and his total assets increased to $3.9 billion by November 18. As such, within two weeks in November, Vuong added $100 million every two days to his assets. This is when Vuong saw his assets increasing more rapidly than ever. His asset value rose by $1.5 billion compared with March.

Meanwhile, the updates about the stock market in Vietnam show that Vuong is holding shares worth $5 billion, directly and indirectly.

The H1 report showed that Vuong holds 724 million Vingroup shares (VIC), or 27.5 percent of capital of the conglomerate. The Vietnam Investment Grouping has 880 million VIC, or 33.4 percent.

Meanwhile, Vuong holds 92.88 percent of stake in the Vietnam Investment Group. As such, Vuong, directly and indirectly, holds more than a 60 percent stake in Vingroup, or 1.54 billion VIC.

VIC has seen the price soar by 50 percent in the last six months to a record high of VND70,000 per share. With such a price level, the amount of VIC held by Vuong is worth VND108 trillion, or $4.73 billion. 

If counting shares being held by Vuong’s wife, the total stock assets of Vuong and his wife would be $5.1 billion.

Vuong has outstripped Hoang Kieu who has $2.8 billion to become the richest person in the world.

Also according to Forbes, by November 18, Nguyen Thi Phuong Thao had stock assets of $2 billion, an increase of $200 million after several days.

Trinh Van Quyet, president of FLC and Faros, is not listed in Forbes’ ranking. However, he is a dollar billionaire with assets of VND59 trillion, or $2.6 billion.

Vietnamese billionaires are getting richer thanks to good business performance and the bounce-back of the stock market, with the VN Index reaching a 10-year high.

The VIC price has increased by 80 percent in the last six months from VND40,000 to VND71,400 per share.

Vietjet share price has also climbed to the highest-ever peak of VND120,500 per share, or 40 percent within three months.


SEA Games torch carried through streets of Hanoi

Brimming with symbolism, the torch was ceremoniously lit from a small lamp that had landed on Vietnam’s soil two days prior, and had been carefully guarded at the Cambodian Embassy.

British experts discover new untouched caves in Quang Binh

Five new caves where humans have never set foot were recently discovered in Lam Hoa commune of Tuyen Hoa district in the central province of Quang Binh by experts of the British Royal Cave Association.

30 Indonesians fall victim to Malaysia human trafficking ring in Vietnam

The police in Ho Chi Minh City have busted a human trafficking ring involving Malaysian nationals that allegedly deceived 30 Indonesians for property appropriation in Vietnam.

Over 103,000 TB cases detected in Vietnam last year

Vietnam detected 103,120 tuberculosis (TB) patients in 2022, up nearly 31% year-on-year, and 1.8% against that of 2020.

Vietnam commits to cross-border water development goals: Deputy PM

Vietnam pledges to further enhance cooperation with international organisations and partners to achieve sustainable cross-border water development goals, Deputy Prime Minister Tran Hong Ha has said.

Vietnam tourism promoted in Japan

A workshop on Vietnamese tourism and carriers, co-hosted by Vietnam Airlines and travel operator Thien Minh Group (TMG), took place in Tokyo on March 24, gathering 80 travel companies and airlines from both nations.

Hanoi seeks support from UNESCO in restoration of Kinh Thien Palace

Hanoi asked for continued support from the UNESCO World Heritage Centre (WHC) for a project to restore Kinh Thien Palace in the Thang Long Imperial Citadel in Hanoi, which was recognised as a UNESCO World Heritage Site in 2010.

CAAV suggests more time for piloting biometric authentication

The Civil Aviation Authority of Vietnam (CAAV) has proposed continuing pilot application of biometric authentication (facial recognition) at airports’ check-in desks.

Netflix to set up representative legal entity in Vietnam

Netflix is carrying out procedures with the Ministry of Planning and Investment to establish its representative legal entity in Vietnam.

Vietnamese Fintech unicorn among top 10 global financial platforms

Vietnam has one representative in the Global Platforms Ranking 2023, announced by TABInsights under The Asian Banker.

Newspapers should use AI wisely

AI can help journalists recognize if they are wasting resources by creating similar press products. However, journalists should only not depend on or be controlled by artificial intelligence (AI).

Pirated games flood the market as discounts are slashed on app stores

With app stores’ decisions to reduce discounts and support from payment service providers such as credit cards and e-wallets (MoMo), pirated games of international distributors, especially Chinese games, can easily enter Vietnam.

Vietnam needs to learn lessons in developing renewable energy

Dr Le Hai Hung says renewable power plants occupy much land, but environmental concerns remain controversial, and in the next 10 years, it will not be a reliable energy source for business production and people’s daily life.

High-end real estate developers advised to develop social housing

Realtors who specialize in high-end real estate projects should think of adding social housing projects to their business strategies, because the projects ensure sustainability and stability for them.

No time to waste in building the offshore wind industry

Action on accelerating offshore wind power projects is urgently needed if the government is to meet its targets for the decade.