Five Vietnamese among world’s richest: Forbes rankings

According to the Forbes World's Billionaires list for 2023, the five richest Vietnamese people are Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Dinh Long, Ho Hung Anh, and Tran Ba Duong.

In particular, stock investors had to endure a string of precipitous drops during this period. Selling pressure is intense, especially in real estate and retail equities.

Pham Nhat Vuong and Tran Dinh Long's net worths fluctuated

The foregoing trends have a significant impact on the assets of Vietnamese billionaires. According to Forbes magazine rankings, millionaire Pham Nhat Vuong, Chairman of Vingroup, has a net worth of USD$4.4 billion, a gain of US$100 million over statistics reported at the start of the year, but has dropped dramatically in the last two months.

When the electric car business VinFast was listed on the US stock exchange, the Vietnamese stock market saw a surge in the "Vin" equities VIC (Vingroup), VHM (Vinhomes), and VRE (Vincom Retail), according to investors.

However, in tandem with the general market's challenging shifts, the above three stock codes declined dramatically, currently trading at VND41,500, VND39,200, and VND23,100, representing a drop of more than 19%, 33%, and 20% in one quarter.

Tran Dinh Long, Chairman of Hoa Phat Group, is an unusual instance. With a net worth of US$1.3 billion, the "Vietnamese king of steel" entered the dollar billionaires ranking for the first time 5 years ago. However, steel industry stocks fluctuated after that, forcing him to be removed from the list in 2022.

Forbes evaluated Long's net worth at US$1.9 billion, an increase of US$100 million from the beginning of the year. Hoa Phat's stock codes are currently priced at VND23,000, a 19% decrease from the previous quarter.

With the government pushing public investment and a number of significant projects underway, many experts believe the steel industry will be able to recover by the end of this year or early next year.

Vietjet Airline and Techcombank billionaires' assets drop

Nguyen Thi Phuong Thao, Chairwoman of Vietjet Air, is the only Vietnamese female billionaire on the list of the world's richest people, with a net worth of US$2.1 billion, down US$100 million from the beginning of the year.

In addition to the airline, Thao also holds important positions at HDBank and Sovico Holdings.

Techcombank Chairman Ho Hung Anh is also a familiar face among the world's richest Vietnamese. He currently owns US$1.2 billion in total assets, a decrease of US$300 million from the beginning of the year.

Techcombank's TCB stock has encountered numerous challenges, with a drop of more than 16% in the last quarter, with the stock currently trading at VND28,100.

Nguyen Dang Quang dropped from the list

The Forbes list from earlier this year states that there are six USD billionaires in Vietnam. While the five billionaires mentioned above continue to keep their positions, Masan Group Chairman Nguyen Dang Quang fell out of the global billionaire list.

With a net worth of US$1.3 billion earlier this year, Quang was ranked among the world's richest people for three years in a row. However, Masan shares have dropped by 38% this year to their lowest levels since early October 2020.

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