Three Vietnamese billionaires add $1B in assets

Forbes’s updated end-2023 list of Vietnamese billionaires has five names: Pham Nhat Vuong, chairman of Vietnam’s largest conglomerate Vingroup; Tran Dinh Long, chairman of steelmaker Hoa Phat; Nguyen Thi Phuong Thao, chairwoman of budget airline Vietjet; Tran Ba Duong, chairman of automobile market Thaco; and Techcombank chairman Ho Hung Anh.

Thanks to the recovery of the stock market, the second half of 2023 saw Vietnam’s three wealthiest people adding more riches to their coffers, after suffering shrinking assets in 2022.

Long added more than $500 million to his assets, while Vuong and Thao added $200 million each. The value of Hoa Phat’s HPG stock increased more than 34% over the year to VND28,000 on Feb. 7, the last trading of the lunar year.

Duong and Anh each lost $100 million in stock market value.