Vingroup chairman Pham Nhat Vuong seen at the company’s annual general meeting on April 25, 2024. Photo courtesy of Vingroup
Pham Nhat Vuong, chairman of conglomerate Vingroup and Vietnam’s richest man, now has a net worth of US$30 billion, putting him above well-known billionaires like Jack Ma and Donald Trump on Forbes’ real-time rankings.
Vuong’s net worth rose $3.4 billion to $30 billion as of Tuesday, according to the U.S. magazine, after shares of his conglomerate hit its ceiling price and closed the session at VND169,900 (US$6.45). The stock has surged by eight times since the start of the year.
The Vietnamese tycoon currently ranks 71st on the list of the world’s richest people. Meanwhile, Jack Ma ranks 72nd with $29.7 billion and U.S. President Donald Trump ranks 567th with $6.7 billion.
Forbes calculates an individual’s net worth based on the value of their stock holdings and other assets such as real estate, artworks and yachts.
Vuong holds a 10.05% stake in Vingroup and, together with his family, controls 65% of the conglomerate.
He was first recognized by the magazine as a billionaire in 2013, when he ranked 974th with a net worth of $1.5 billion. Since then, his wealth has grown twentyfold and he has become Southeast Asia’s second richest billionaire.
This year, Vuong and the Vingroup ecosystem have invested heavily to expand into several new sectors, including energy with VinEnergo, steel via VinMetal, aerospace through VinSpace and entertainment with V-Film.
He is also seeking to build the North–South high-speed railway project, which is estimated to cost around $61 billion.
“If we do (the project), we will go big,” he said in April.
