Vietnam's billionaire Pham Nhat Vuong rises to Southeast Asia’s second richest

Pham Nhat Vuong, chairman of Vingroup (HoSE: VIC), Vietnam’s largest listed company by market cap, added $1.2 billion to his net worth in a single day, bringing it to $24.7 billion, according to Forbes data as of Tuesday.

The gain made him Southeast Asia’s second richest, trailing only Indonesia’s Prajogo Pangestu with $42 billion. Pangestu is founder and chairman of Barito Pacific, a leading Indonesian energy group.

The Vietnamese billionaire’s wealth was boosted by a sharp rally in VIC shares, which closed at VND 275,500 ($10.45) on Tuesday. December 2, nearly sevenfold higher than the start of the year.

Beyond VIC, other Vingroup ecosystem stocks have also contributed to Vuong’s net worth.

In recent months, Vingroup’s business ecosystem has continued to expand.

In September, Vingroup set up V-Film JSC, headquartered at the Vinhomes Riverside urban area in Hanoi. The company is registered to operate across eight business lines, including film production and distribution, television programming, photography, audio recording, and music publishing.

V-Film has a charter capital of VND10 billion ($380,000). Its founding shareholders include Vingroup with a 10% stake, Vuong (45%), his wife Pham Thu Huong (25%), his daughter Pham Nhat Minh Anh (10%), his younger son Pham Nhat Minh Hoang (5%), and his eldest son Pham Nhat Quan Anh (5%).

In October, Vingroup unveiled Vin New Horizon, a network of premium retirement and wellness communities built to international standards, marking the Vietnamese conglomerate’s strategic entry into the senior living market.

The same month, Vingroup announced the establishment of VinMetal Joint Stock Company for Manufacturing and Trading, officially entering the metallurgy industry and expanding its existing industrials and technology pillar.

In November, the Vingroup chairman established VinSpace, marking the conglomerate’s entry into the aerospace and aviation sectors.

According to Vietnam’s corporate registry, VinSpace was incorporated on November 3, 2025, with charter capital of VND300 billion ($11.4 million). The ownership structure comprises Vuong holding 71%, Vingroup 19%, and Vuong’s sons with 5% each.

The new company is registered to operate across aircraft and spacecraft manufacturing, aviation logistics, and high-tech machinery production, signaling Vingroup’s expansion into advanced technology and aerospace manufacturing.

Vingroup also plans many renewable and LNG-fueld power projects via VinEnergo and transport infrastructure projects via VinSpeed.

The giant is a leading real estate developer in Vietnam. Subsidiary VinFast owns two electric vehicle plants in Hai Phong city and Ha Tinh province. Vingroup's operations also involve medical care, education, and technology-AI research, among others.