Vingroup chairman becomes world’s 16th richest person

By Dat Nguyen August 16, 2023 | 06:21 am PT

Vingroup chairman Pham Nhat Vuong. Photo by VnExpress/Ngoc Thanh

Pham Nhat Vuong’s total assets of $73.9 billion now makes him the world’s 16th richest man, according to Forbes.

The net worth of Vuong, Vietnam’s wealthiest man and Vingroup chairman, is up 12 times that of last year ($6.2 billion), according to the U.S. publication which tracks billionaires’ net worth globally in real time.

Forbes real-time billionaire ranking shows Pham Nhat Vuong at the 16th place on August 16, 2023. Screenshot taken from Forbes' website

Vuong’s largest net worth Forbes had ever recorded before Wednesday was $7.3 billion in 2021.

VinFast, a car-making unit of Vingroup, of which Vuong owns 99% beneficiary shares, listed on the Nasdaq stock exchange Wednesday, a move that pushed Vuong’s assets up by $39 billion.

The shares made their debut at $22 and closed at more than $37, valuing the company at $85 billion, more than Ford’s market cap of $48 billion, and General Motor’s $46 billion, Reuters reported.

VinFast merged with blank-check company Black Spade Acquisition for the purpose of listing.

The company has received approval to build a $4-billion auto factory in the state of North Carolina in the U.S. It has shipped nearly 3,000 electric cars to the U.S., which is expected to be one of its key markets.