Phạm Nhật Vượng becomes first Vietnamese person owning $9b assets

Phạm Nhật Vượng becomes first Vietnamese person owning $9b assets

Vingroup’s founder and chairman Phạm Nhật Vượng becomes the first Vietnamese person to have a fortune of US$9 billion, according to the latest Forbes update on May 8.

Vingroup’s founder and chairman Phạm Nhật Vượng. —Photo baotintuc.vn

Vingroup’s founder and chairman Phạm Nhật Vượng has become the first Vietnamese person to have a fortune of US$9 billion, according to the latest Forbes update on May 8.

This achievement places Vượng at the 330th spot in the magazine's ranking of the richest people across the globe.

This remarkable surge in Vượng's wealth is largely attributed to the increase in the value of Vingroup's shares (VIC), which has seen a sharp rise following recent developments.

A key catalyst for this growth was the announcement that Vinpearl, a subsidiary of Vingroup, fixed its IPO date. As a result, the stock price of Vingroup’s parent company continuously climbed, reaching its highest level in nearly three years, since June 2022.

On May 8, the VIC share price closed at VNĐ78,500 per share, an increase of almost 7 per cent, bringing the market capitalisation of Vingroup to more than VNĐ300 trillion, or about $11.6 billion.

Meanwhile, Vinpearl will list over 1.79 billion shares worth of nearly VNĐ130 trillion in total on the Hồ Chí Minh Stock Exchange on May 13. The reference price for the first day of trading is VNĐ71,300 per share.

This puts Vinpearl among the most valuable companies on the stock exchange, surpassing other prominent players like Masan, Vinamilk and several major banks.

In the first quarter, Vingroup's consolidated net revenue reached more than VNĐ84 trillion, a remarkable increase of 287 per cent compared to the same period in 2024. It also achieved a profit after tax of VNĐ2.24 trillion, a 68 per cent increase year-on-year.

This growth was driven by strong results in industrial production, as well as real estate development and trading.

Vingroup is setting ambitious targets of gaining VNĐ300 trillion in net revenue from its production and business activities, representing a 56 per cent growth from the previous year. It also targets a profit after tax of VNĐ10 trillion, a 90 per cent increase compared to 2024. 

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