Vietnam’s richest man Pham Nhat Vuong has seen his wealth surge 361% this year to US$30 billion thanks to the incredible rise in the Vingroup share price.
Vuong was the 71st richest man in the world as of Wednesday and second richest in Southeast Asia behind Indonesian energy tycoon Prajogo Pangestu, according to U.S. magazine Forbes.
Vingroup chairman Pham Nhat Vuong in HCMC, April 2025. Photo by Read/Thanh Tung |
The chairman of Vingroup increased his wealth by over $23 billion to enter the list of 100 richest globally in November as the Vingroup share jumped eight-fold for the year to VND167,400 ($6.36).
Vingroup’s revenues surged 34% in the first nine months to VND169.61 trillion. Post-tax profit almost doubled to VND7.56 trillion.
VinFast sold 110,362 cars globally in the period, a 149% increase. The company has completed two electric car plants, one each in Indonesia and India.
It targets production of 200,000 units this year and one million annually by 2030.
Vuong and his family have ventured into several new industries: steel with VinMetal, entertainment with V-Film and senior care with Vin New Horizon.
He launched VinSpace, whose business lines include aircraft manufacturing and air freight, spacecraft and telecom satellites.
Another of his companies, VinSpeed, is bidding for the national high-speed railway between HCMC and Hanoi that is estimated to cost over $60 billion.
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