Vietnam’s richest man plunges to 32nd place in global billionaires list

At the time of publishing Vuong had a net worth of US$37.5 billion, down from $73.9 billion the previous evening, according to the U.S. publication, which tracks global billionaires’ net worth in real time.

Forbes did not say why it adjusted Vuong’s net worth down by over $36 billion.

For long the richest man in Vietnam, his highest net worth before Wednesday had been $7.3 billion in 2021.

VinFast, the auto unit of conglomerate Vingroup, of which Vuong owns 99%, listed on the Nasdaq stock exchange Wednesday, a move that pushed his assets up by $39 billion.

The automaker, which was merged with blank-check company Black Spade Acquisition for the purpose of listing, has received approval to build a $4-billion factory in the U.S. state of North Carolina.

VinFast closed the first day of listing with a market cap of $85 billion, more than that of Ford, GM, BMW, Volkswagen, and Mercedes-Benz among others.