Hoa Phat chairman Tran Dinh Long sees wealth decline amidst gains for other Vietnamese billionaires

By Viet Hung March 17, 2025 | 08:23 pm PT

Tran Dinh Long, chairman of steelmaker Hoa Phat Group, was the only one among Vietnam’s five billionaires who saw his net worth dropping so far this year.

With a wealth of $2.4 billion as of Sunday, Long has lost $200 million since the beginning of the year, according to Forbes.

Long owns a 26% stake in Hoa Phat Group. The company’s HPG share on the Ho Chi Minh Stock Exchange is 45% lower than its historic peak in October 2021.

Long first appeared on Forbes’ global billionaire list in 2018 with a wealth of $1.3 billion. He did not make the list in the following two years.

The Hoa Phat Group chairman returned in 2021 with a $2.2 billion net worth, which jumped to $3.3 billion in 2022, his highest record on Forbes. He has since remained on the list and is now the third richest person in Vietnam.

Among the remaining four billionaires in the country, three have enjoyed gains, while one’s wealth has stayed flat so far this year.

Hoa Phat Group chairman Tran Dinh Long. Photo courtesy of the company

Pham Nhat Vuong, chairman of conglomerate Vingroup and Vietnam’s richest person, saw his net worth rising $2.7 billion to $7.1 billion, placing him among the 500 richest people in the world.

He was followed by Nguyen Thi Phuong Thao, chairwoman of budget airline Vietjet Air, with a steady worth of $2.8 billion.

Ho Hung Anh, chairman of private lender Techcombank, came at the fourth place with a $2 billion wealth, up $300 million.

Nguyen Dang Quang, chairman of retailer and food producer Masan Group, followed with a $100 million rise to $1.1 billion.

While Hoa Phat Group stock has yet to show improvement, securities companies are optimistic about its performance.

Analysts from BIDV Securities forecast that Hoa Phat’s profit can exceed VND25 trillion (US$979 million) next year.

Its steel production is expected to grow by 33% this year and 22% next year thanks to the operation of a new manufacturing complex.

Vietnam’s temporary anti-dumping duties on certain hot-rolled coil from China last month is expected to reduce the competitiveness of low-cost Chinese steel, allowing Hoa Phat to enjoy an improving profit margin in the coming quarters, the analysts say.