Update: 11:35 | 29/12/2022
Vietnamese billionaires saw their combined net worth decline by over $6.1 billion in the last nine months as the stock market plunged amid a depressed economic scene.
As of December 26, Vietnam had six billionaires, down from seven in March, according to real-time data from Forbes. The business magazine usually releases its world’s billionaire list in March of each year.
(From L), front row: Thaco Group Chairman Tran Ba Duong, Masan Group Chairman Nguyen Dang Quang, Hoa Phat Group Chairman Tran Dinh Long; second row: Vietjet CEO Nguyen Thi Phuong Thao, Techcombank chairman Ho Hung Anh; back: Vingroup Chairman Pham Nhat Vuong.
The combined net worth of Vietnam’s billionaires fell by 33% to $12.3 billion during the nine-month period.
Vingroup Chairman Pham Nhat Vuong remains the richest man in Vietnam, with a net worth $4 billion, down 35% for the nine-month period. This was his lowest net worth since 2017.
Vingroup, Vietnam’s biggest private conglomerate, saw its VIC share price fall by half to VND53,000 ($2.25).
Vuong is now the 685th richest man in the world, down a whopping 270 places from March.
The VN-Index rose to a new record of more than 1,528 points in January, but started to plunge in the second quarter and now stands at around 1,000 points, down 35%.
Nguyen Thi Phuong Thao, CEO of budget airline Vietjet, is the second richest person in Vietnam with net assets of $2.3 billion, a decline of 26% since March.
Vietjet’s VJC shares have declined by the same rate to around VND110,000 per share.
The airline is set to post a VND1.3 trillion profit this year. The recovery of the China market, which is important for Vietnam, would benefit the company’s earnings, brokerage VNDirect said in a report.