Billionaire Phạm Nhật Vượng becomes richest person in Southeast Asia

Billionaire Phạm Nhật Vượng becomes richest person in Southeast Asia

The chairman of one of Việt Nam's largest conglomerates continued to top the list of the richest people in Việt Nam with a net worth of US$34.7 billion.

Vingroup's chairman Phạm Nhật Vượng. —VNA/VNS Photo

Assets of Vingroup's chairman Phạm Nhật Vượng on August 25 increased by US$1.3 billion, meaning he's topped the list of the richest people in Southeast Asia and climbed to 61st place in the global billionaire ranking.

According to Forbes' real-time billionaire ranking, the chairman of one of Việt Nam's largest conglomerates continued to top the list of the richest people in Việt Nam with a net worth of $34.7 billion.

Billionaires’ fortunes can fluctuate with stock market movements, but Phạm Nhật Vượng has retained his position as Việt Nam and Southeast Asia’s richest person.

His wealth is nearly $14 billion higher than that of the region’s second-richest billionaire, Indonesia’s Low Tuck Kwong with a fortune of $20.5 billion, placing him 132nd globally. Kwong is the founder and majority owner of coal producer Bayan Resources.

Thailand’s Sarath Ratanavadi ranks third in the region with $17.7 billion, placing him 153rd globally. He is CEO of Gulf Development, a group with interests spanning energy, telecommunications and digital infrastructure.

Vingroup's main units include electric vehicle maker VinFast, property developer Vinhomes and hotel and resort chain Vinpearl. VIC shares closed August 25 at VNĐ220,500 ($8.38) each.

In another move, on August 25, Vingroup’s property company Vinhomes also announced a resolution regarding the private placement and issuance of two tranches of corporate bonds with a total maximum par value of VNĐ3 trillion.

According to the plan, both bond tranches consist of secured, non-convertible bonds without warrants, featuring a hybrid interest rate structure that combines fixed and floating rates. The maximum maturity is 24 months from the issuance date of each tranche.

Vinhomes said that all proceeds from the issuances would be used to fund the company's investment projects. The bonds are secured by assets legally owned by Vinhomes and/or third parties.

Data from the Hanoi Stock Exchange indicates that in 2026, Vinhomes issued 15 tranches of bonds totaling VNĐ44 trillion. These bonds had maturities ranging from 24 to 38 months and issuance interest rates of 12-12.5 per cent ​​per annum. 

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