Billionaire Pham Nhat Vuong’s wealth has climbed to $15.8 billion thanks to soaring Vingroup shares. His wife has officially become Vietnam’s second female billionaire. Meanwhile, the broader stock market slowed down.

On the morning of September 29, the stock market was subdued, with liquidity on HoSE at just over $190 million. Most blue-chip stocks faced selling pressure after a long rally from April to early September. The VN-Index, however, has recorded a rare surge of over 50%, rising from 1,100 points to nearly 1,700.

Profit-taking also weighed on mid- and small-cap stocks as new capital flows lagged. Still, “Vin stocks” continued their momentum, carrying the market and pushing the VN-Index up by more than 4 points to 1,665 by 10 a.m.

Among the 30 blue-chip stocks, Vingroup (VIC), chaired by Vuong, jumped VND 6,000 to a record high of VND 170,000 ($6.70) per share. Vinhomes (VHM) rose VND 3,200 to VND 102,200 ($4.02), while Vincom Retail (VRE) gained VND 150 to VND 29,550 ($1.16).

Petrolimex (PLX) advanced VND 350 to VND 35,150 ($1.38), while GAS remained unchanged. The remaining 25 blue-chip stocks declined. SSI Securities (SSI) lost VND 700 to VND 37,300 ($1.47). Sacombank (STB) shed VND 800 to VND 55,700 ($2.19), and Vietjet (VJC) dropped VND 2,900 to VND 129,600 ($5.09).

Infrastructure stocks rise

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Billionaire Pham Nhat Vuong’s fortune surged as Vingroup stock hit a record VND 170,000 ($6.70) per share on September 29. Photo: VIC.

Despite selling pressure, infrastructure, property, and oil & gas stocks attracted capital. Investors favored shares like Vingroup, Vinhomes, DIC Corp. (DIG), Deo Ca Transport Infrastructure (HHV), HCMC Technical Infrastructure (CII), Fecon (FCN), Gelex (GEX), Vinaconex (VCG), Drilling Services (PVD), and Petrolimex (PLX).

Public investment stocks rose on expectations that the government will disburse a large amount of funding in the last months of the year. In mid-August, to mark Vietnam’s 80th National Day, 250 projects worth VND 1.28 quadrillion ($48 billion) were inaugurated or launched, including 161 new projects.

In the final four months of 2025, ministries and agencies are tasked with disbursing more than VND 470 trillion ($18 billion), a major opportunity for infrastructure, construction, and materials companies.

Some firms are forecast to post impressive Q3 results. MBS Securities projects Vinaconex (VCG) profit to jump thousands of percent to VND 3.12 trillion ($123 million). Deo Ca (HHV) is expected to earn VND 165 billion ($6.5 million) from BOT and construction projects under rapid execution.

Hanoi also plans to launch key projects to celebrate Liberation Day on October 10, including the Thuong Cat Bridge and approach roads, Tran Hung Dao Bridge (Phase 2), Hanoi Kidney Hospital (second campus), Pearl Theater and Arts Park, and Metro Line 2 (Nam Thang Long - Tran Hung Dao).

Vuong’s wealth climbs further

With VIC shares skyrocketing, Vuong’s net worth has surged. According to Forbes, he now holds $15.8 billion, ranking 161st globally. His wife, Pham Thu Huong, though not yet ranked by Forbes, owns over 170.6 million VIC shares worth more than VND 29 trillion ($1.1 billion).

Huong has become Vietnam’s second female billionaire, after Nguyen Thi Phuong Thao of VietJet Air, whose fortune is $3.4 billion, placing her 1,183rd worldwide. Huong has served as Vingroup’s Vice Chairwoman since 2021.

Vingroup shares have soared more than fourfold since February, supported by a wave of positive news and approvals for major projects. The group has recently entered the energy sector with its Hai Phong LNG power plant, designed for 4,800 MW capacity with an investment exceeding VND 178 trillion ($6.7 billion).

Vingroup’s subsidiary, Vietnam Exhibition Center (VEF), has proposed a cash dividend payout of VND 33,000 ($1.30) per share, which could bring Vingroup nearly VND 4.6 trillion ($174 million).

According to CSI Securities, recent trading has seen capital rotate toward mid- and small-cap stocks in real estate, infrastructure, insurance, and oil & gas. With low liquidity, the market may move sideways unless fresh inflows emerge.

Manh Ha