Vingroup chairman enters Forbes’ Top 500 Richest

Vietnam now has only five billionaires, after Tran Ba Duong, founder of Vietnamese automobile producer Thaco, dropped off Forbes's list – but Vingroup’s founder and chairman Pham Nhat Vuong has now entered the magazine's ranking of the Top 500 Richest people across the globe.

Vuong’s net worth has surged dramatically in just a few days. As of Tuesday, March 11, 2025, Forbes estimates Vuong’s wealth at nearly $6.7 billion. His fortune has grown by $1.1 billion since March 7 and by $2.6 billion since the start of the year.

This rapid increase has propelled him from 611th to 496th in the global billionaire rankings.

The rise in Vuong’s wealth comes as Vingroup’s VIC stock has gained nearly 13% over the past week and almost 20% in the last month. The billionaire currently chairs Vingroup and holds 691.27 million VIC shares, equivalent to about 18% of the company’s charter capital. He also owns additional shares through private entities.

Beyond Vingroup, Vuong controls a significant stake in VinFast and serves as its CEO. However, Forbes considers multiple factors beyond stock value when calculating net worth.

On the other hand, Vietnam’s billionaire list has shrunk with the exit of Tran Ba Duong, chairman of Thaco. Duong first joined the billionaires' club in 2018 with a net worth of $1.8 billion. Despite holding on for six years, his fortune has declined steadily. Before dropping off the list, his wealth had fallen to $1.2 billion.

Thaco, founded by Duong in 1997 in Dong Nai, has evolved from a used car importer into a diversified industrial conglomerate spanning automotive, real estate and agriculture.

Among Vietnam’s remaining billionaires, Techcombank chairman Ho Hung Anh has seen his wealth rise by $300 million this year to $2 billion. In contrast, Hoa Phat chairman Tran Dinh Long’s fortune has declined to $2.4 billion.

Billionaire Nguyen Thi Phuong Thao’s wealth remains unchanged at $2.8 billion. She is currently chairwoman of Sovico Group and Vietjet Air.

Similarly, Masan chairman Nguyen Dang Quang maintains his $1 billion fortune, according to Forbes.

Forbes calculates individual wealth based on the number and value of shares held at a given time. Additionally, it considers other assets when ranking billionaires, including private company holdings, real estate, artwork and yachts.