Vingroup’s founder and chairman Pham Nhat Vuong has become the first Vietnamese person to have a fortune of $9 billion, according to the latest Forbes update on May 8.
This achievement places Vuong at the 330th spot in the magazine’s ranking of the richest people across the globe.
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Vingroup chairman Pham Nhat Vuong seen at an event in Ho Chi Minh City on April 19, 2025. Photo by VnExpress/Thanh Tung |
This remarkable surge in Vuong’s wealth is largely attributed to the increase in the value of Vingroup’s shares (VIC), which has seen a sharp rise following recent developments.
A key catalyst for this growth was the announcement that Vinpearl, a subsidiary of Vingroup, fixed its IPO date. As a result, the stock price of Vingroup’s parent company continuously climbed, reaching its highest level in nearly three years, since June 2022.
On May 8, the VIC share price closed at VND78,500 per share, an increase of almost 7%, bringing the market capitalisation of Vingroup to more than VND300 trillion, or about US$11.6 billion.
Meanwhile, Vinpearl will list over 1.79 billion shares worth nearly VND130 trillion in total on the Ho Chi Minh Stock Exchange on May 13. The reference price for the first day of trading is VND71,300 per share.
This puts Vinpearl among the most valuable companies on the stock exchange, surpassing other prominent players like Masan, Vinamilk and several major banks.
In the first quarter, Vingroup’s consolidated net revenue reached more than VND84 trillion, a remarkable increase of 287% compared to the same period in 2024. It also achieved a profit after tax of VND2.24 trillion, a 68% increase year-on-year.
This growth was driven by strong results in industrial production, as well as real estate development and trading.
Vingroup is setting ambitious targets of gaining VND300 trillion in net revenue from its production and business activities, representing a 56% growth from the previous year. It also targets a profit after tax of VND10 trillion, a 90% increase compared to 2024.
