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.

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.