Steel billionaire's wealth plummets 62.5%: casualty of bear market

By Dat Nguyen November 4, 2022 | 09:14 pm PT

Hoa Phat chairman Tran Dinh Long. Photo by VnExpress/Anh Tu

The net worth of steelmaker Hoa Phat Group chairman Tran Dinh Long has plunged 62.5% in the last six months, making him the seventh richest Vietnamese person, down from second.

Long’s net worth is now at $1.2 billion, compared to $3.2 billion in April, according to Forbes data. He is now ranked 2229th richest person in the world.

Steelmaker Hoa Phat has been going through a challenging year as steel prices plunge due to falling demand. Domestically, construction of new property projects are being delayed as credit quotas are reached. Globally, the Russia-Ukraine crisis, China’s zero-Covid policy and surging inflation has also caused a drop in steel consumption

Hoa Phat posted a post-tax loss of nearly VND1.8 trillion ($72.37 million) in the third quarter.

Its HPG share has been falling and is now at a two-year low.

The combined net worth of the seven billionaires in Vietnam has plunged by 39% since April to $12.9 billion, with Vietnam’s benchmark VN-Index on a downward trend.

Conglomerate Vingroup chairman Pham Nhat Vuong remains the richest man in the country, but with a 37% decline in net worth to $3.9 billion.

He is followed by budget airline Vietjet CEO Nguyen Thi Phuong Thao with a $2 billion net worth.

The other billionaires are conglomerate NovaGroup chairman Bui Thanh Nhon, automaker Thaco chairman Tran Ba Duong, Techcombank chairman Ho Hung Anh, and conglomerate Masan Group chairman Nguyen Dang Quang.