The six-fold jump in Vingroup shares this year has pushed its chairman Pham Nhat Vuong to 101st place on the global wealthy list and created another billionaire in his family.
Vingroup closed 4% higher Monday at a new peak of VND239,500 (US$9.08), up 591% since the start of the year.
Vuong’s sister-in-law and Vingroup vice chairwoman Pham Thuy Hang, who owns more than 114.1 million shares, is now worth VND27.3 trillion, making her a billionaire.
Hang, 51, has a bachelor’s degree in Russian Language from the Hanoi University of Foreign Studies (now Hanoi University).
She is the younger sister of Pham Thu Huong, Vuong’s wife, and one of the founding members of Technocom, the precursor to Vingroup.
Huong has seen her wealth rise to VND40 trillion, thanks to the owning 170 million Vingroup shares. She became a billionaire in September.
Forbes’ data shows that Vuong now has a net worth of $22 billion, a five-fold jump since the beginning of the year.
He owns 389.9 million Vingroup shares, equivalent to 10.1%, and, along with his family, controls around 65% of the company.
Vuong also holds nearly half of automaker VinFast’s equity through two private companies. His son, Pham Nhat Quan Anh, was named a director of VinFast last week.
Nguyen The Minh, director of retail research and development at Yuanta Vietnam, said Vingroup shares have surged this year thanks to the strong performance of businesses such as Vinhomes and Vincom Retail.
In the first nine months Vingroup’s revenues rose 34% year-on-year to VND169.61 trillion. Post-tax profits nearly doubled to VND7.56 trillion.
