Vietnamese billionaires’ wealth surges despite pandemic

By Dat Nguyen October 27, 2020 | 05:20 pm PT

(From L), Front row: Vietjet CEO Nguyen Thi Phuong Thao, Vingroup chairman Pham Nhat Vuong, Techcombank chairman Ho Hung Anh; Second row: Thaco Group chairman Tran Ba Duong, Hoa Phat Group chairman Tran Dinh Long; Back: Masan Group chairman Nguyen Dang Quang. Photos compiled by VnExpress/Dat Nguyen.

The recovery by blue chip stocks in the second and third quarters has increased Vietnamese billionaires’ net worth by 45 percent to a combined $14.8 billion.

Between March 18 and October 26 their combined net worth rose by $4.6 billion, with the headcount rising from four to six, according to Forbes magazine, which is published in Vietnamese.

Pham Nhat Vuong, chairman of the country’s largest private company, Vingroup, continued to be the richest as his net worth increased by 18 percent to $6.6 billion.

Nguyen Thi Phuong Thao, CEO of budget airline Vietjet and the richest woman in Vietnam, was second with a net worth of $2.2 billion, up 5 percent.

Climbing into third place was Ho Hung Anh, chairman of the most profitable private lender Techcombank, after his net worth surged 60 percent to $1.6 billion.

Tran Dinh Long, chairman of steelmaker Hoa Phat Group, and Nguyen Dang Quang, chairman of conglomerate Masan Group, returned to the billionaires’ list in fourth and sixth places after dropping out in March.

Tran Ba Duong, chairman of automaker Thaco Group, and his family were in fifth place with an unchanged net worth of $1.5 billion.

The stock market recovered following a global plunge in March amid a surge in Covid-19 cases.

Between March 18 and October 26 Hoa Phat stocks rose by 91 percent, Masan by 78 percent and Techcombank by 30 percent.

Hoa Phat reported its highest ever quarterly profit in the third quarter, while nine month profit rose 56 percent year-on-year to VND8.8 trillion ($379.5 million).

Techcombank’s profit was 20 percent up at VND10.7 trilion.