Stock market downturn robs Vietnamese billionaires of $5.6 bln
Vietnam's stock market downturn has reduced Vietnamese billionaires' assets by nearly $5.6 billion since Forbes’ ranking of the planet’s richest people in early April.
Forbes’ billionaire list released in early April featured seven Vietnamese, namely Vingroup chairman Pham Nhat Vuong, CEO of Vietjet Air Nguyen Thi Phuong Thao, Masan Group chairman Nguyen Dang Quang, Nova Group chairman Bui Thanh Nhon, Thaco Group chairman Tran Ba Duong and his family, chairman of Techcombank Ho Hung Anh, and Hoa Phat Group chairman Tran Dinh Long.
The total net worth of these billionaires plunged from $21.3 billion then to $15.7 billion on Thursday, October 6.
Five Vietnamese billionaires from left to right: Nguyen Dang Quang, Nguyen Thi Phuong Thao, Pham Nhat Vuong, Ho Hung Anh, and Tran Dinh Long. Photo courtesy of The Investor/Gia Huy.
Pham Nhat Vuong remained the richest person in Vietnam, however, his assets went down from the peak of $7.3 billion in late 2021 to $5.4 billion in early April and $4.5 billion on October 6, or down 38%.
Tran Dinh Long saw his fortune plummeted from $3.2 billion in April to $1.4 billion, or down 56.3%.
The assets of Ho Hung Anh, the richest person in the field of banking and finance in Vietnam, dived 39.1% from $2.3 billion to $1.4 billion.
CEO Nguyen Thi Phuong Thao of budget airline Vietjet Air had her fortune at $2.4 billion on October 6, an decrease of $700 million from the April figure, or 22.6%.
Chairman Bui Thanh Nhon of realty developer Nova Group's net worth dropped from $2.9 billion to $2.8 billion. Chairman Nguyen Dang Quang of conglomerate Masan Group had his fortune decreased from $1.9 billion to $1.2 billion.
As Thaco Group is not listed on the stock market yet, the fortune of Tran Ba Duong and his family went down by $100 million to $1.5 billion in the past nine months.
Vietnam’s benchmark VN-Index this year peaked at 1,528.57 points on January 6 and dropped to 1,074.52 on October 6, or down 29.7%.
- Related News
- Read More
Firms must abandon five leadership habits to navigate AI era: FPT CEO
The important thing is not to chase AI, but to apply AI to solve the right organizational problems, said Nguyen Van Khoa, CEO of FPT Corporation, a leading technology company in Vietnam.
Companies - Sun, May 10, 2026 | 8:00 am GMT+7
Trung Nam Group's solar power arm suffers $37 mln loss amid rising debt pressure
Trung Nam Thuan Nam Solar Power Company Limited, a subsidiary of the multi-sector Trung Nam Group, incurred a net loss of VND969 billion ($36.83 million) in 2025, reversing a profit of VND138.2 billion ($5.35 million) a year earlier, according to its 2025 earnings statement.
Companies - Sat, May 9, 2026 | 3:01 pm GMT+7
French firms eye Vietnam’s North-South high-speed railway project
A delegation of 15 major French companies and industrial groups has expressed interest in participating in Vietnam’s planned North-South high-speed railway project.
Infrastructure - Sat, May 9, 2026 | 2:38 pm GMT+7
Grocery chain Bach Hoa Xanh opens 1st store in Hanoi, takes cautious northern Vietnam expansion approach
Bach Hoa Xanh, a grocery chain operated by Vietnam’s leading retailer Mobile World Investment Corporation (HoSE: MWG), has opened its first store in Hanoi, marking entry into one of the country’s most competitive consumer markets.
Companies - Sat, May 9, 2026 | 8:17 am GMT+7
Intel to continue expanding investment in Vietnam: exec
U.S. chipmaker Intel will continue expanding investment, supporting workforce training, and helping develop Vietnam’s semiconductor ecosystem as the country refines investment support mechanisms to retain large-scale high-tech projects, said its executives.
Industries - Fri, May 8, 2026 | 7:48 pm GMT+7
Vietnam stocks extend rally to fresh record high
Vietnam’s benchmark VN-Index extended gains for a fourth straight session on Thursday, closing at a new all-time high of 1,915.37 points as large-cap banking and property stocks supported the market despite continued foreign selling.
Finance - Fri, May 8, 2026 | 5:49 pm GMT+7
Vingroup’s VinMetal partners with Primetals for green steel complex in central Vietnam
Vingroup’s subsidiary VinMetal has signed a strategic cooperation agreement with global steel giant Primetals Technologies to develop a large-scale integrated steel complex in central Vietnam.
Industries - Fri, May 8, 2026 | 4:25 pm GMT+7
Hanoi pushes Sumitomo, BRG to accelerate $4.2 bln smart city project
Hanoi authorities have asked Japan’s Sumitomo and local conglomerate BRG Group to quicken the progress of the North Hanoi Smart City project as soon as legal procedures are finalized.
Real Estate - Fri, May 8, 2026 | 3:31 pm GMT+7
Moody's Ratings upgrades MBBank's deposit ratings to Ba2 from Ba3, outlook stable
Moody’s Ratings (Moody’s) has announced an upgrade of the local currency and foreign currency long-term deposit and issuer ratings for Military Commercial Joint Stock Bank (MB, HoSE: MBB) from Ba3 to Ba2, aligning with Vietnam’s sovereign rating (Ba2 positive). The outlook remains "Stable."
Banking - Fri, May 8, 2026 | 3:00 pm GMT+7
Vietnam welcomes leading Indian groups to expand energy, infrastructure cooperation: top leader
Vietnam is ready to create favorable conditions for capable Indian corporations and businesses to expand investment and operations in the country in line with its laws, while ensuring transparency and balanced interests among stakeholders, said Vietnam’s Party chief and President To Lam.
Economy - Fri, May 8, 2026 | 1:59 pm GMT+7
Vietnam airport operator ACV records slows disbursement for Long Thanh mega-airport project
Airports Corporation of Vietnam's (ACV) slow disbursement for the Long Thanh International Airport project, located in the southern province of Dong Nai, highlights implementation bottlenecks despite the company's strong profitability in Q1/2026 and substantial cash reserves for the country's largest aviation infrastructure project.
Companies - Fri, May 8, 2026 | 1:41 pm GMT+7
Vietnam property developers shift to asset-holding strategy for stable cash flow
Vietnamese property developers are increasingly shifting away from the traditional build-to-sell model and focusing instead on accumulating long-term assets capable of generating stable recurring income, as the industry adapts to lessons learned from the market downturn of 2022-2023.
Real Estate - Fri, May 8, 2026 | 12:07 pm GMT+7
Vietnamese, Indian firms exchange 27 agreements on aviation, tourism, logistics, technology
Vietnamese and Indian firms on Thursday exchanged 27 cooperation agreements aimed at boosting trade, investment, tourism and training between the two countries, thereby making bilateral partnership deeper, more practical and effective.
Economy - Fri, May 8, 2026 | 11:13 am GMT+7
MBBank ranks among Vietnam's leading lenders for SME working capital in key industries
Military Bank (MB) has emerged as one of Vietnam’s leading providers of working capital financing for small and medium-sized enterprises (SMEs) operating in key economic sectors, according to National Credit Information Center (CIC) data.
Banking - Fri, May 8, 2026 | 8:56 am GMT+7
Hanoi eyes massive replanning of Red River corridor, relocation of riverside communities
Hanoi plans to gradually relocate and reorganize all residential areas outside the Red River dike system as part of an ambitious urban redevelopment strategy aimed at transforming both banks of the river into a new economic and cultural corridor for the capital.
Economy - Thu, May 7, 2026 | 5:04 pm GMT+7
Thaco, VinFast, TC Group urge Vietnam gov't to keep auto sector under conditional business rules
Vietnam’s three major domestic automotive corporations - Thaco, VinFast and TC Group - have urged the government to maintain automobile manufacturing, assembly and import activities within the list of “conditional business sectors,” warning that deregulation could weaken the country’s long-term industrial strategy and expose local producers to unfair competition.
Economy - Thu, May 7, 2026 | 4:09 pm GMT+7
