Vingroup chairman Vietnam's first person to have $9 bln in assets: Forbes
Vingroup’s founder and chairman Pham Nhat Vuong has become the first Vietnamese person to have a fortune of $9 billion, according to Forbes's update on Thursday, May 8.
Vuong ranked 330th in the magazine's listing of the world's richest people.
Vingroup's chairman, billionaire Pham Nhat Vuong. Photo courtesy of the firm.
The significant surge in Vuong's wealth was mainly attributed to the increased value of Vingroup (HoSE: VIC) shares, which have seen a sharp rise following the corporation's recent developments.
On May 7, the Ho Chi Minh City Stock Exchange (HoSE) approved the listing of Vinpearl, with trading code VPL. Vinpearl will list over 1.79 billion shares worth nearly VND130 trillion ($5 billion) next Tuesday, May 13. The reference price for the first trading day is VND71,300 ($2.74) per share.
Vinpearl will then become one of the most valuable companies on the stock exchange.
As a result, the stock price of Vingroup’s parent company VIC continuously climbed, reaching its highest level in nearly three years, since June 2022.
On Thursday, VIC closed at VND78,500 ($3.02) per share, up almost 7%, bringing the market capitalization of Vingroup to more than VND300 trillion ($11.55 billion).
Vingroup recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high. The figure, mentioned in the conglomerate's Q1/2025 financial statement, represented a 287% surge year-on-year and 28% of the year's revenue target.
Real estate was the primary driver of growth, contributing nearly VND55.3 trillion ($2.13 billion), 12 times higher than the same period last year.
After expenses, Vingroup posted a pre-tax profit of VND7.38 trillion, nearly three times higher than Q1/2024. Its post-tax profit reached VND2.24 trillion ($86.14 million), up 65% year-on-year.
For 2025, Vingroup has set ambitious targets of VND300 trillion ($11.54 billion) in revenue and VND10 trillion ($384.54 million) in after-tax profit, up 59% and 88% respectively compared to last year.
Vingroup plans to expand into infrastructure and green energy, complementing its existing pillars of real estate and manufacturing, said Vuong told VIC's 2025 AGM on April 24.
- Read More
Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout
Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7
Vietnam needs support from UK in developing international financial center: Deputy PM
Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).
Finance - Mon, September 15, 2025 | 10:12 pm GMT+7
Vietnam enforces 8% capital adequacy ratio for banks from Sept 15
Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.
Banking - Mon, September 15, 2025 | 10:04 pm GMT+7
Tool for wood traceability management debuts in Vietnam
The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.
Companies - Mon, September 15, 2025 | 10:00 pm GMT+7
Sun Group, US Embassy foster aviation-hospitality cooperation
Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.
Companies - Mon, September 15, 2025 | 9:54 pm GMT+7
Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1
Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.
Companies - Mon, September 15, 2025 | 8:10 pm GMT+7
Central Vietnam to have new airport Mang Den
Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.
Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7
Vietnam's government seeks to position country as 'regulated hub for digital assets in Asia': Dragon Capital
The Vietnamese Government has advanced the regulation of digital assets, with a resolution launching a five-year pilot framework for issuance and trading. This framework signals the Government’s intent to position the country as a regulated hub for digital assets in Asia, which could attract new capital inflows, write Dragon Capital analysts.
Economy - Mon, September 15, 2025 | 2:20 pm GMT+7
Agribank introduces sizable $4.17 bln preferential credit package
Right from the beginning of 2025, Agribank launched a substantial preferential credit package worth VND110 trillion ($4.17 billion) to support individual customers.
Companies - Mon, September 15, 2025 | 1:32 pm GMT+7
'Precious space' in Vietnam's monetary policy
The Federal Reserve's continued cuts in 2025, with the most recent in September, are considered a valuable policy "space" for the State Bank of Vietnam (SBV) to maintain low interest rates to support growth without having to worry too much about exchange rates.
Economy - Mon, September 15, 2025 | 10:15 am GMT+7
Vietnam’s central bank sells $1.5 bln to stabilize currency: broker MBS
The State Bank of Vietnam (SBV) intervened in the foreign exchange market by selling approximately $1.5 billion via 180-day cancelable forward contracts from August 25-26, in an effort to ease pressure on the Vietnamese dong, according to a recent report by MB Securities (MBS).
Banking - Mon, September 15, 2025 | 8:04 am GMT+7
Hanoi aims to break ground on $11.4 bln Red River Boulevard & Landscape project by Jan 2026
A consortium of “tunnel king” Deo Ca Group and real estate developer Van Phu Invest has been assigned by the Hanoi People’s Committe to prepare an investment proposal for the VND300 trillion ($11.37 billion) Red River Boulevard & Landscape project.
Real Estate - Mon, September 15, 2025 | 7:55 am GMT+7
