Vietnam Insider – Vietnam’s stock market opened the new week with heightened selling pressure, triggered by profit-taking activities after a prolonged rally near three-year highs. Leading the market decline were shares of the Vingroup conglomerate, owned by Vietnam’s richest man, Pham Nhat Vuong.
On June 9, shares of Vingroup (VIC) and Vinhomes (VHM) both hit their floor prices, with no buyers in sight and millions of shares queued for sale. Meanwhile, Vincom Retail (VRE) declined by 3.6%, and Vinhomes Premier Land (VPL), a new market entrant, closed flat after an early rally.
The sharp sell-off in Vingroup-affiliated stocks erased an estimated VND 15 trillion (approximately USD 590 million)from Vuong’s total assets on the Ho Chi Minh City Stock Exchange, according to market data. Despite the drop, Vuong remains Vietnam’s wealthiest individual, with a current on-exchange net worth of approximately VND 200 trillion (USD 7.9 billion).
According to Forbes Real-Time Billionaires List, Pham Nhat Vuong is currently ranked 291st globally, with an estimated fortune of USD 10.1 billion, which includes international holdings beyond Vietnam’s stock market.
Vingroup’s recent stock performance had been exceptionally strong. Since the beginning of the year, VIC shares had surged by over 120%, VHM rose by nearly 80%, and VRE by around 50%. VPL, which debuted less than a month ago, had already gained 24% compared to its listing price.
The recent corrections appear to be a natural response to earlier speculative gains. Market analysts view the move as healthy consolidation, particularly given the long-standing overvaluation concerns in the real estate and conglomerate sector.
Beyond domestic equities, a significant portion of Vuong’s wealth is also tied to VinFast, the electric vehicle manufacturer listed on Nasdaq. VinFast remains Vietnam’s top-selling EV brand and is now among the world’s top 10 most valuable electric vehicle companies, with a market capitalization of approximately USD 8 billion, according to CompaniesMarketCap.
In recent months, Vuong has been actively leveraging his Vingroup shares for strategic capital initiatives. He used part of his equity in VIC to establish two new entities: VinSpeed High-Speed Rail Development JSC and VinEnergo Energy JSC, where he holds 51% and 71% stakes respectively.
Additionally, Vingroup has recently completed six bond issuances, raising a total of VND 15 trillion (USD 590 million). These bonds, maturing over 2 to 3 years, offer yields ranging from 12% to 12.5%, signaling continued appetite for long-term expansion.
While the market correction has temporarily impacted Vuong’s on-paper wealth, his diversified investments and aggressive growth strategies suggest long-term resilience.
Related
Discover more from Vietnam Insider
Subscribe to get the latest posts sent to your email.
Source: Vietnam Insider