Vietnamese billionaire rockets onto world’s top 300 rich list

Created 28 March 2018
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Vingroup chairman Pham Nhat Vuong's worth has increased by $2 billion in just a month thanks to rocketing share prices.

Vietnamese billionaire rockets onto world’s top 300 rich list

A Vietnamese businessman has made it onto the list of the world’s 300 richest people with an estimated fortune of $6.1 billion.

Pham Nhat Vuong is chairman of real estate mega-corporation Vingroup and Vietnam’s first billionaire, and was ranked 298th on the list compiled by Forbes. His net worth has increased by $2 billion from just a month ago when he made headlines for being one of only four Vietnamese billionaires listed by Forbes.

Vuong’s rise is mainly due to his company's shares repeatedly breaking stock market records. Vingroup’s share price (VIC) stood at VND113,000 ($5.04) at the end of the last trading session, up by 200 percent from last August. With 724 million shares in his possession, the stock market cements Vuong’s 298th position among the world’s richest.

It is the sixth consecutive year Vuong has made it onto Forbes’ list of global billionaires. He first joined high society back in 2013 with $1.5 billion, ranking him at 974th.

Vingroup is one of Vietnam’s largest real estate conglomerates, and has been expanding rapidly into retail, logistics, agriculture, education and healthcare. 

Vuong can thank Vietnam’s flourishing financial scene for his winning streak. Last Thursday, Vietnam's stock market rose by 0.92 percent to close at more than 1,180 points, surpassing the record of 1,179 points set in 2007. Blue chips were the driving force behind the record high on the benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE).

 

Source: VnExpress

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