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Vietnamese billionaires’ assets far exceed Forbes-reported levels

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

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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. 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.


Source: Dat Viet - VietNamNet

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