The Vietnamese stock market saw a week with rarely seen fluctuations. The VN-Index slid last week with hundreds of shares seeing prices falling to the floor. The index dropped from 954 to 873 points at 10 am on November 16. As prices of many real estate shares decreased, property billionaires lost hundreds of millions to billions of dollars.

On November 14, when the Vietnam-Index dropped to 940 points, Forbes stopped calculating the assets of two Vietnamese billionaires, namely Bui Thanh Nhon, former President of Novaland, and Tran Dinh Long, president of Hoa Phat Group. Nhon’s asset value dropped to $946 million on November 11, and that of Long fell to $985.9 million on November 10. On November 14-16, the assets of other Vietnamese billionaires also dropped sharply compared with the Forbes' list released in March.

Vingroup Chairman Pham Nhat Vuong lost $2-2.4 billion compared with March, seeing assets down to $3.8 billion. VietJet’s Nguyen Thi Phuong Thao lost $1.1 billion to have $2 billion. That of Techcombank’s Chair Ho Hung Anh fell by $900 million to $1.4 billion, while Masan’s Nguyen Dang Quang was down by $700 million to $1.2 billion.

The prices of real estate shares decreased sharply, particularly the shares of Phat Dat (PDR), DIC Corp, LDG Investment and Sudico. Phat Dat’s President Nguyen Van Dat has lost nearly $1 billion over the last year.

After falling to 873 points, on November 16, sale pressure decreased, while demand for bottom fishing increased, thus helping many shares bounce back. On November 18, 100 million HPG shares were transferred, a record high volume. 

Thus, Tran Dinh Long returned to Forbes' list of billionaires with assets of $1.2 billion by November 18. On November 18, foreign investors bought 38.8 million HPG shares.