Vingroup's chairman now richer than Trump as fortune soars: Forbes

Vingroup's chairman now richer than Trump as fortune soars: Forbes

Over the past year, his wealth has increased by more than $3 billion, surpassing his previous record set in 2021.

Billionaire Phạm Nhật Vượng. — Photo courtesy of the company

Vietnamese billionaire Phạm Nhật Vượng, Chairman of Vingroup and CEO of VinFast, continues to hold the title of Việt Nam's wealthiest individual, with a fortune exceeding that of US President Donald Trump, according to Forbes' real time rankings.

Vượng's net worth is at US$7.5 billion, placing him 414th on the global rich list. Over the past year, his wealth has increased by more than $3 billion, surpassing his previous record set in 2021.

This places him over 300 positions higher than Donald Trump, whose net worth is estimated at $4.8 billion, ranking him 717th globally.

Billionaire Phạm Nhật Vượng. — Photo courtesy of the company

The surge in Vượng's wealth is largely attributed to the rising stock price of Vingroup (VIC) on the Hồ Chí Minh Stock Exchange (HoSE). Despite recent market corrections, VIC shares have experienced a six-session rally, reaching a high of VNĐ58,000 per share, the highest since September 13,2023.

VIC's shares had risen more than 41 per cent this month, boosting Vingroup's market capitalisation to nearly VNĐ222 trillion (US$8.7 billion).

This makes Vingroup the largest private company by market capitalisation on the HoSE, surpassing Techcombank, and the fourth-largest overall, after state-owned banks Vietcombank, BIDV and VietinBank.

Vingroup has benefited from positive developments, including plans to list Vinpearl and the implementation of major projects such as the Cần Giờ sea encroachment urban area.

Vượng's direct ownership of 691 million VIC shares, equivalent to 18.08 per cent of Vingroup's capital, is valued at over VNĐ40 trillion. This figure excludes his holdings in related companies such as Vietnam Investment Group, GSM Green and Smart Mobility JSC and VMI Real Estate Investment and Management JSC.

Since the beginning of March, the combined wealth of Vượng has increased by VNĐ11.5 trillion.

US President Trump's wealth fluctuations are primarily influenced by the value of Trump Media & Technology Group, the parent company of social media platform Truth Social. His family also operates the Trump Organisation, with interests in real estate, hotels, golf courses and branding.

The Trump Organisation is partnering with Kinh Bắc City Development Holding Corporation to develop three 18-hole golf courses and a residential area in Hưng Yên Province.

The $1.5 billion project is expected to commence in May and have the first two golf courses completed by mid-2027, according to Reuters.

The joint venture is also considering investing in 3-4 additional projects in Việt Nam, including a golf course or hotel near HCM City, with a potential announcement later this year. 

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