Stock market downturn robs Vietnamese billionaires of $5.6 bln

By Tri Duc

Fri, October 7, 2022 | 2:37 pm GMT+7

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%.

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