By the end of 2024, Vietnam counted six billionaires with a combined net worth of $13.4 billion, reflecting a slight increase from $13.2 billion at the start of the year. Pham Nhat Vuong remains the wealthiest individual on the Vietnamese stock exchange for the 15th consecutive year.

An overview of Vietnam's billionaire rankings

As of December 28, 2024, according to Forbes, Vietnam had six billionaires, led by Pham Nhat Vuong, Chairman of Vingroup and CEO of VinFast, whose net worth dropped slightly to $4.1 billion, ranking him 833rd globally.

Nguyen Thi Phuong Thao, Chairwoman of VietJet, secured second place among Vietnamese billionaires, with her wealth increasing from $2.4 billion to $2.8 billion.

Tran Dinh Long, Chairman of Hoa Phat Group, ranked third with $2.4 billion, a slight rise from $2.3 billion earlier in the year.

Techcombank Chairman Ho Hung Anh was fourth, growing his net worth from $1.4 billion to $1.8 billion in 2024.

Tran Ba Duong and family, who lead Thaco, came fifth with $1.2 billion, down from $1.5 billion at the beginning of the year.

Masan Group Chairman Nguyen Dang Quang maintained a steady net worth of $1 billion.

Shifts within the top ranks

When measured by stock holdings, Pham Nhat Vuong's assets amounted to 84 trillion VND (approximately $3.3 billion), maintaining his lead. Tran Dinh Long followed with 44.3 trillion VND, while Nguyen Thi Phuong Thao held third place at 23.7 trillion VND.

Do Anh Tuan, Chairman of Sunshine Group, ranked fourth with holdings worth 23.5 trillion VND, surpassing Ho Hung Anh (20.6 trillion VND) and Nguyen Dang Quang (19.5 trillion VND).

Notably, Truong Gia Binh, Chairman of FPT Group, returned to the top 10 with assets valued at over 13.3 trillion VND. This marks his re-entry after a 14-year absence from the elite list.

Former billionaires such as Bui Thanh Nhon (Novaland), Nguyen Van Dat (Phat Dat Real Estate), and Pham Thu Huong (Pham Nhat Vuong’s wife) exited the top 10 in 2024. Their spots were taken by new entrants like Nguyen Thi Thanh Thuy (Ho Hung Anh’s wife) and Nguyen Thi Thanh Tam (his mother).

Industry insights and future trends

Vietnam's business landscape in 2024 witnessed challenges in real estate, retail, and automotive sectors. These hurdles led to a decline in wealth for figures like Bui Thanh Nhon and Tran Ba Duong.

However, the steel industry saw a rebound, benefiting from rising steel prices. Tran Dinh Long’s Hoa Phat Group capitalized on this recovery while accelerating progress on its Dung Quat 2 plant, expected to launch in early 2025.

Pham Nhat Vuong undertook significant restructuring within Vingroup, with major transactions including the sale of Vinhomes Vu Yen, VinBrain to Nvidia, and Vincom Retail. While VinFast showed positive developments, challenges remain.

Banking continued to perform well, with Ho Hung Anh and his family experiencing substantial asset growth. Additionally, stocks of Vietinbank and Sacombank reached historic highs, further bolstering investor confidence.

Tourism recovery played a vital role in boosting the aviation sector, leading to the largest net worth increase for Nguyen Thi Phuong Thao, who gained $500 million in 2024.

Looking ahead, industries like AI, driven by FPT’s investments, and sectors benefiting from strong foreign direct investment (FDI) inflows are expected to influence Vietnam's billionaire rankings.

Manh Ha