Market downturn dents wealth of Vietnam's richest

By Minh Long   October 16, 2022 | 08:59 pm PT
Market downturn dents wealth of Vietnam's richest
(From L), front row: Thaco Group Chairman Tran Ba Duong, Masan Group Chairman Nguyen Dang Quang, Hoa Phat Group Chairman Tran Dinh Long; Nova Group chairman Bui Thanh Nhon; second row: Vietjet CEO Nguyen Thi Phuong Thao, Techcombank chairman Ho Hung Anh; back: Vingroup Chairman Pham Nhat Vuong. Graphic by VnExpress/Ta Lu
Vietnamese billionaires have seen their net worth decline by billions of dollars in the past month following the stock market's steep fall, according to Forbes.

As of Oct. 16, the country’s richest man, Pham Nhat Vuong, chairman of Vingroup, Vietnam’s biggest private conglomerate, was worth US$4.4 billion, down $300 million. It was $1.8 billion down from mid-March.

During the past month, the stocks of Vingroup and its affiliates have lost by 7-15%, with VIC (Vingroup) down around 7%, VHM (Vinhomes) down 15%, and VRE (Vincome Retail) down more than 15%.

Vietnam's second richest man Bui Thanh Nhon, chairman of property firm Novaland, saw his worth decrease by $600 million to $2.7 billion. NVL (Novaland) shares have lost over 13%.

The only woman in the billionaires list, Nguyen Phuong Thao, who owns budget carrier Vietjet and HCMC Development Joint Stock Commercial Bank, lost $200 million as her assets declined to $2.3 billion. Airline shares too have fallen, though at a slower pace than others like banks.

VJC (Vietjet) shares fell by over 6% and HDB (HCMC Development Joint Stock Commercial Bank) by nearly 30%.

The net worth of Tran Dinh Long, chairman of steel giant Hoa Phat Group, fell by $400 million to $1.6 billion as HPG shares lost 20%.

Tran Ba Duong, chairman of Truong Hai Auto Corporation (THACO), lost the least -- $100 million -- since his company is not listed. He was worth $1.5 billion.

Chairman of lender Techcombank, Ho Hung Anh, lost $600 million as bank stocks, including that of TCB, have been falling steeply. He was worth $1.4 billion.

The assets of Nguyen Dang Quang, chairman of conglomerate Masan Group, declined by $500 million to $1.2 billion as MSN (Masan) shares plummeted.

During the month. Tesla boss Elon Musk, the world’s richest man, lost $65.5 billion and he was worth $207.7 billion.

The Vietnamese stock market was the world’s worst performer in the first week of this month with an 8.5% decline, followed by Russia, (4.8%) and Venezuela (1.87%), according to market data provider StockQ.

The VN-Index lost 148 points in September, its biggest decline in 30 months.

It has fallen by a fourth this year to 1,061.85 points, with market capitalization on the Ho Chi Minh Stock Exchange falling declining by 22.1% to VND4.64 quadrillion ($195.45 billion).

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