Southeast Asia’s 2nd richest billionaire Pham Nhat Vuong gains $3B in a day, now 73rd wealthiest globally

The jump lifted his fortune to an estimated $29.6 billion.

Shares of his Vingroup conglomerate rose 6.94% from last week’s close to end Monday at VND158,800 (US$6.03) per share. Shares of the group’s listed subsidiaries, including hospitality brand Vinpearl, mall operator Vincom Retail and property developer Vinhomes, also posted sharp gains.

The latest ranking marks the tycoon’s best standing this year on Forbes’ real-time billionaire list.

Vuong, 57, has benefited from a jump in Vingroup shares since early January, when the stock was trading at just VND40,500.

The conglomerate currently has the largest market capitalization on Vietnam’s stock market, at more than VND1.2 quadrillion (US$45.6 billion), exceeding the combined value of the next four biggest firms.

The rally has been driven by the expansion of its electric vehicle arm VinFast into new markets such as India and Indonesia.

Vuong and his family have also moved into several new industries, including steel through VinMetal, entertainment via V-Film and senior care with Vin New Horizon.

Last month, he also set up VinSpace, whose businesses span air freight and the manufacturing of aircraft, spacecraft and telecommunications satellites.

Pham Nhat Vuong, chairman of conglomerate Vingroup, Photo courtesy of the company

Born in 1968 in Hanoi, the tycoon studied at a local geology university in 1987 and later earned a scholarship to attend the Moscow Geological Prospecting Institute in Russia.

He launched a popular instant noodle business in Ukraine in the 1990s before returning to Vietnam, where he has been investing heavily since the 2000s.

Vuong became Southeast Asia’s second richest man less than two weeks ago, ranking just below Prajogo Pangestu, the 81-year-old Indonesian energy tycoon who boasted a net worth of $38.6 billion and a global ranking of 52nd on Monday. He was previously the fifth richest in the region in late November.

Behind him on the regional rich list is 77-year-old Low Tuck Kwong, the Singapore-born Indonesian “coal king” who made his fortune with coal miner Bayan Resources. Kwong had a net worth of $22.3 billion and ranked 106th globally.