Vietnam hopes to have 10 billionaires by 2030

By Pham Du May 9, 2024 | 10:00 pm PT

Vietnam's six billionaires, from top to bottom, L to R: Vingroup chairman Pham Nhat Vuong, Vietjet chairwoman Nguyen Thi Phuong Thao, Techcombank chairman Ho Hung Anh, Thaco chairman Tran Ba Duong, Masan Group chairman Nguyen Dang Quang, Hoa Phat Group chairman Tran Dinh Long.

The government wants Vietnam to have at least 10 billionaires and five businesspeople who are “most powerful” in Asia by 2030.

A decree it issued Thursday said the country seeks to have many businesses of regional and even global scale, with some holding "leading" positions in key sectors.

According to the 2024 Forbes World’s Billionaires List released in April Vietnam had six billionaires, with Pham Nhat Vuong, chairman of conglomerate Vingroup, being the richest among them.

He was followed by Nguyen Thi Phuong Thao, chairwoman of airline Vietjet.

In third place was Tran Dinh Long, chairman of steel giant Hoa Phat Group.

Ho Hung Anh, chairman of private lender Techcombank, Nguyen Dang Quang, chairman of retailer Masan Group, and Tran Ba Duong, chairman of automaker Thaco, rounded off the list.

There were 752 ultra-high-net-worth individuals in March 2023, 2.4% more than a year earlier, according to British property consultancy Knight Frank.

The figure is set to grow by 30% to 978 by 2028, a faster growth rate than South Korea, Hong Kong or Singapore.

The decree also wants the country to have two million businesses that will account for at least 65% of the country’s GDP and have women leading 20% of them.