Pham Nhat Vuong has entered the top one hundred richest individuals in the world for the first time after Vingroup shares surged again on November 25.
Vingroup stock climbed for the seventh consecutive session to 246,400 dong, while Vinpearl and Vincom Retail also posted gains. The rise added about 1.4 billion dollars to Vuong’s net worth, lifting his total to 22.5 billion dollars and placing him at number one hundred on Forbes’ real time ranking, ahead of Tether co founder Giancarlo Devasini.
Forbes first listed Vuong as Vietnam’s inaugural billionaire in 2013 with assets of 1.5 billion dollars. His net worth has increased fifteen times over the past decade. This year, Vingroup shares have grown sixfold, pushing the group’s market capitalization to nearly 950 trillion dong, the highest on Vietnam’s stock market.
Vuong directly holds 389.9 million Vingroup shares, equal to 10.1 percent, while his family and private entities control about 65 percent of the group. He also owns nearly half of VinFast through two private companies.
Vingroup’s business network has expanded rapidly. In October, Vuong and his family launched new firms in steel, eldercare, and entertainment. Earlier this month, he founded VinSpace, a company focused on aircraft, spacecraft, satellite manufacturing, and air cargo equipment, holding a 71 percent stake.
According to its latest financial report, Vingroup’s total assets reached more than 1.08 quadrillion dong by the end of the third quarter, up 30 percent from the beginning of the year, making it the first private enterprise in Vietnam to reach this scale.
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Source: Vietnam Insider