Vingroup chairman Vietnam's first person to have $9 bln in assets: Forbes

By Bach Quang
Sat, May 10, 2025 | 1:09 pm GMT+7

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.

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.

Comments (0)
  • Read More
Vingroup stocks pull VN-Index up for sixth consecutive session

Vingroup stocks pull VN-Index up for sixth consecutive session

VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.

Finance - Fri, July 11, 2025 | 7:20 pm GMT+7

Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province

Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province

Coca-Cola Beverages Vietnam on Friday inaugurated a $136 million factory in Tay Ninh province, the largest-scale among its four facilities in Vietnam.

Industries - Fri, July 11, 2025 | 5:27 pm GMT+7

Vietnam halts use of German ODA loans for HCMC metro line

Vietnam halts use of German ODA loans for HCMC metro line

The Government has approved a proposal by Ho Chi Minh City to stop borrowing official development assistance (ODA) loans from Germany’s KfW development bank for Metro Line No. 2 and instead use domestic funds to avoid further delays.

Economy - Fri, July 11, 2025 | 3:25 pm GMT+7

Seventeen housing projects foreigners allowed to buy in HCMC

Seventeen housing projects foreigners allowed to buy in HCMC

Ho Chi Minh City has announced a list of 17 residential projects located in areas where foreign organizations and individuals are allowed to own houses.

Real Estate - Fri, July 11, 2025 | 3:17 pm GMT+7

Auto enterprises to enjoy preferential import tariff policies

Auto enterprises to enjoy preferential import tariff policies

The Government has issued a decree amending and supplementing Decree No. 26/2023/ND-CP on the export and preferential import tariff schedules, as well as the lists of goods subject to absolute tax, mixed tax, and out-of-quota import duties.

Companies - Fri, July 11, 2025 | 2:13 pm GMT+7

Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024

Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024

Samsung’s revenue and export in Vietnam accounted for approximately 13.12% of the country’s GDP and 13.4% of its total export turnover in 2024, respectively, according to the National Statistics Office.

Companies - Fri, July 11, 2025 | 2:09 pm GMT+7

JPMorgan upgrades Vietnam stocks to overweight following US tariff deal

JPMorgan upgrades Vietnam stocks to overweight following US tariff deal

JPMorgan Chase has upgraded Vietnam stocks to overweight after the country became the first Southeast Asian nation to reach a preliminary tariff deal with the U.S.

Economy - Fri, July 11, 2025 | 11:38 am GMT+7

Vietnam government bond issuance surges nearly 70% in June

Vietnam government bond issuance surges nearly 70% in June

The Hanoi Stock Exchange (HNX) held 16 government bond auctions in June, raising nearly VND30.5 trillion ($1.2 billion), up 68.8% from May.

Finance - Fri, July 11, 2025 | 9:30 am GMT+7

Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam

Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam

The Ministry of Construction has asked Ninh Binh authorities to prepare a feasibility study on the potential development of an international airport in the province, the ministry said in a report submitted to the Government regarding a proposal from private construction company Xuan Truong.

Companies - Fri, July 11, 2025 | 9:18 am GMT+7

Vietnam-US tariff agreement: A strategic turning point toward deeper integration

Vietnam-US tariff agreement: A strategic turning point toward deeper integration

The tariff agreement between Vietnam and the U.S. marks not only a trade or diplomatic breakthrough but also reflects a long-term strategic vision, bold foreign policy, and Vietnam’s commitment to deep global integration, writes Nguyen Tuan Viet, an export promotion expert and CEO of Vietgo.

Opinion - Fri, July 11, 2025 | 9:00 am GMT+7

Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province

Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province

China’s Luxshare-ICT, a key supplier to Apple, reported that its subsidiaries in Vietnam’s central province of Nghe An enjoyed a 0% corporate income tax last year.

Companies - Fri, July 11, 2025 | 8:00 am GMT+7

Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced

Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced

U.S. chip maker Intel has invested over $1.5 billion in its nearly 20 years in Vietnam and exported more than 4 billion products, contributing over $100 billion to Vietnam’s export revenue.

Industries - Thu, July 10, 2025 | 10:05 pm GMT+7

HCMC’s new master plan should prioritize breakthrough growth in finance, high technology, logistics: expert

HCMC’s new master plan should prioritize breakthrough growth in finance, high technology, logistics: expert

Ho Chi Minh City should promote university-oriented urban models and innovation ecosystems built on the “quadruple helix” framework - collaboration among the government, universities, businesses, and the community.

Economy - Thu, July 10, 2025 | 9:42 pm GMT+7

UAE tech firm G42, Vietnamese partners plan $2 bln hyperscale data center in southern Vietnam hub

UAE tech firm G42, Vietnamese partners plan $2 bln hyperscale data center in southern Vietnam hub

The United Arab Emirates's (UAE) state-backed firm G42 plans to partner with Vietnamese companies to develop a $2 billion hyperscale data center in Vietnam's southern hub Ho Chi Minh City.

Industries - Thu, July 10, 2025 | 4:22 pm GMT+7

Petrovietnam rakes in $19.5 bln in H1 revenue

Petrovietnam rakes in $19.5 bln in H1 revenue

State-owned Petrovietnam reported total revenue of VND510 trillion ($19.5 billion) in the first half of this year, driven by strong production performance.

Companies - Thu, July 10, 2025 | 4:03 pm GMT+7

Sustained momentum seen across all Vietnam's real estate sectors: Knight Frank

Sustained momentum seen across all Vietnam's real estate sectors: Knight Frank

Ho Chi Minh City and Hanoi saw solid office leasing and apartment market rebounds after the Lunar New Year holiday (Tet). Industrial land surged with record H1 supply and strong absorption, underscoring Vietnam's appeal, while eased visa policies and new direct international flights continue to support 5‑star hotels in both the cities, write Knight Frank analysts.

Real Estate - Thu, July 10, 2025 | 2:37 pm GMT+7