Vietnamese billionaire Pham Nhat Vuong surpasses Indonesia’s Prajogo Pangestu to become Southeast Asia’s richest person

Pham Nhat Vuong at the groundbreaking ceremony for an urban development project in HCMC’s Can Gio Ward, April 19, 2025. Photo by VnExpress/Thanh Tung

In the last three months, Pangestu’s wealth has plunged from more than $44 billion to $18.6 billion, mainly due to a 60% drop in his company Barito Pacific’s stock, after Indonesian authorities in January questioned the transparency of the local stock market and the real value of shares of the largest corporations.

Since the beginning of the year, Vuong’s wealth has decreased by nearly $4 billion, primarily due to a decline in Vingroup’s shares, which reached record peaks last year.

The businessman and his family currently hold a controlling interest in Vingroup, with total ownership of about 65%. He personally owns around 10.05% of the company’s charter capital.

Vuong was recognized by Forbes, a prominent U.S. magazine, as Vietnam’s first billionaire in 2013, when he had a net worth of $1.5 billion and ranked 974th globally. After 12 years, his wealth has increased more than 16-fold.

Vuong’s family also includes two other billionaires: his wife Pham Thu Huong and her sister Pham Thuy Hang. The two officially joined Forbes’ list of the world’s richest individuals in March.

Huong, with a net worth of $1.5 billion, is a vice chairwoman of Vingroup and chairwoman of GSM, the company operating the Xanh SM taxi and ride-hailing services.

Hang is also a vice chairwoman of Vingroup and has the same net worth. She graduated with a degree in Russian Language from Hanoi University (formerly Hanoi University of Foreign Studies).

This year, Vingroup targets revenue of VND450 trillion (US$17.1 billion), up 36% year-on-year. The company also expects after-tax profit of VND25 trillion , 2.2 times higher than in 2025 and the highest level on record.