VietNamNet Bridge – Official statistics show that Vietnam has two dollar billionaires and hundreds of super-rich, but the actual figure is believed to be higher if it includes the hidden billionaires.


Who are the super-rich?

The number of super-rich Vietnamese people has been increasing rapidly despite the economic recession.

The latest "Billionaire Census 2014" by Wealth-X and UBS showed that Vietnam was among 14 Asian countries with dollar billionaires. In 2014, the number of dollar billionaires increased to two with total assets of $3 billion.

The report did not show the names of the two billionaires. However, one of them is assumed to be Pham Nhat Vuong, chair of Vingroup, who was named in Forbes’ list of billionaires. Vuong is reported to have assets worth $1.6 billion, ranking 1,149th on the list of the world’s billionaires.

The other billionaire remains unknown. However, names have been mentioned, including Nguyen Thi Nga from BRG Group and SeABank, Vu Van Tien from Geleximco, Dao Hong Tuyen, well known as the Tuan Chau Island King, and Jonathan Hanh Nguyen from IPP.

Sources said that Tien’s assets might reach several billions of dollars. Meanwhile, Tuyen is believed to have assets worth $2 billion.

According to Wealth-X and UBS, 210 Vietnamese were found in the 2014 list of the world’s super-rich with total assets of $20 billion. The figures are much higher than 115 millionaires, and $13 billion was reported in 2011.

The super-rich are defined as individuals who have assets worth over $30 million.

The number of Vietnamese super-rich would be much higher if counting Vietnamese with foreign citizenship.

Hoang Kieu, a Vietnamese American, jumped by 450 spots to the 633rd position in the Forbes’ list of the world’s billionaires in the first six months of 2014, with assets reaching $2.8 billion by March 2014.

There are many other well-known Vietnamese names, including Tran Dinh Truong, the owner of many hotels in New York; Doan Tri Trung, the founder and CEO of many businesses, including SemiLEDs in the US; Trung Dung, who is best known for the $1.8 billion deal of selling OnDisplay to Vignette Corporation; and Chinh Chu, the managing director of Blackstone, which now manages total assets worth over $200 billion.

Vietnamese super-rich spend money like water

Though Vietnamese super-rich’s assets remain modest compared with others in the world, they are willing to spend money on luxurious items.  

Doan Nguyen Duc, chair of Hoang Anh Gia Lai Group, is the owner of a Beechcraft King Air 350 worth $7 million, while Tran Dinh Long, chair of Hoa Phat Group, owns a modern 12-seat helicopter.

Manh Ha