Amidst the decline in VinFast shares, billionaire Pham Nhat Vuong’s fortune has experienced a significant drop to $37.4 billion, causing Vingroup’s chairman to now secure the 33rd position on Forbes’ list of the wealthiest individuals.
This morning (August 17) according to Vietnam time, Forbes has changed the number of billionaire Pham Nhat Vuong’s assets, according to real-time data.
Specifically, instead of the determined net worth of up to 77.2 billion USD and ranked 16th in the world given last night according to Vietnamese time, Forbes adjusted the fortune of billionaire Pham Nhat Vuong down to $37.4 billion.
On August 16, after VinFast listed on Nasdaq, Forbes updated billionaire Pham Nhat Vuong’s assets at $77.2 billion, the 16th richest in the world.
The sudden increase in the value of Mr. Pham Nhat Vuong’s assets was recognized by Forbes after VinFast (a member of Vingroup) listed on the US Nasdaq exchange. On the first day of launch, VinFast’s VFS stock surged 68.45%, closing at 37.06 USD/share.
This figure is equivalent to the market capitalization of VinFast at the first closing price of 85.5 billion USD. However, Vingroup owns 51.36%, two private investment companies owned by Mr. Pham Nhat Vuong are Vietnam Investment Group Joint Stock Company (VIG) which owns 33.37% and Asian Star Trading & Investments Pte. Ltd owns nearly 15%.
VFS shares held by Mr. Vuong and internal shareholders are not allowed to be traded.
By this morning, according to Vietnam time, Forbes has updated the data according to which Mr. Vuong’s assets after the first trading session fell to 37.4 billion USD.
Closing the session on August 16, VinFast’s VFS stock price was at $30.11 per share, down 18.8% compared to the previous session.
With this decrease, the market capitalization of VinFast also decreased from 85 billion USD to 69.5 billion USD. The current value of VinFast is behind major car manufacturers such as BMW, Mercedes-Benz and Volkswagen after only 1 day of surpassing.
Along with that, Pham Nhat Vuong’s fortune also dropped to $37.4 billion, according to Forbes . With this fortune, Mr. Pham Nhat Vuong became the 33rd richest billionaire in the world.
Along with 33rd place, Mr. Vuong has a fortune equal to billionaire Ly Gia Thanh, a famous businessman from Hong Kong, with a fortune of 37.5 billion USD. Billionaire Vuong also surpassed technology giant Tencent Ma Hoa Teng and Uniqlo founder Tadashi Yanai.
Not only that, the Chairman of Vingroup also became the richest person in Southeast Asia and the 5th richest person in Asia.
Pham Nhat Vuong is second only to Asia’s most powerful billionaire Mukesh Ambani ($91 billion), the founder of China’s largest clean water supply company Zhong Shanshan ($62 billion), business “tycoon”. India Gautam Adani ($53 billion) and TikTok parent company co-founder Zhang Yiming ($45 billion).
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Source: Vietnam Insider