Plummeting stock market shrinks Vietnam billionaire list to 4

Nguyen Dang Quang, chairman of retailer and food producer Masan Group, has fallen off Forbes’ global billionaire list.

The remaining billionaires also suffered hundreds of millions of dollars in net worth decline.

The richest man in Vietnam, Pham Nhat Vuong, saw his net worth down $280 million to $7.4 billion.

The chairman of conglomerate Vingroup now ranks 422nd globally, even though earlier this week he was at 414th, higher than U.S. President Trump.

Nguyen Thi Phuong Thao, chairwoman of budget airline Vietjet Air, maintained the second place but with a $200 million drop in net worth to $2.5 billion.

Steelmaker Hoa Phat Group chairman Tran Dinh Long saw his wealth falling $240 million to $2.1 billion.

In the fourth place is Ho Hung Anh, chairman of private lender Techcombank, who experienced a $211 million fall in wealth to $1.7 billion.

This means that Vietnam’s top four billionaires have lost over $900 million after Vietnam’s stock plunged by 88 points Thursday, the steepest decline in its history.

The crash came after Trump announced a minimum tariff of 10% on all imports and 46% for shipment from Vietnam in a move to reduce U.S. trade deficit.

Most blue chip stocks continued to fall Friday, but Vingroup bucked the trend with a 3.7% gain as of 2.38 p.m.