Vietnam’s richest man Pham Nhat Vuong entered the top 100 in the U.S.’s Forbes magazine’s real-time wealth ranking for the first time Tuesday morning.
The price of his conglomerate Vingroup’s shares has risen for seven sessions in a row to reach VND246,400 (US$9.34).
Shares of hospitality brand Vinpearl and mall operator Vincom Retail, two listed subsidiaries of Vingroup, also sharply rose.
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Pham Nhat Vuong at the groundbreaking ceremony for an urban development project in HCMC’s Can Gio Ward, April 19, 2025. Photo by Read/Thanh Tung |
These resulted in a $1.4-billion boost to his net worth and moving him up one spot to replace Tether co-founder Giancarlo Devasini in 100th place, according to Forbes.
Tether is the issuer of the world’s largest crypto stablecoin, the U.S.-dollar-pegged USDT.
The magazine first recognized Vuong as a billionaire in 2013, when he ranked 974th with a net worth of $1.5 billion.
Vingroup currently has the biggest market capitalization on the Vietnam stock market at around VND950 trillion, nearly double that of second-placed Vietcombank.
Its assets totaled VND1.08 quadrillion (US$40.9 billion) in the third quarter of 2025, up 30% since the start of this year.
The chairman of VinGroup owns a 10.1% stake and, together with his family and private firms, controls 65% of the conglomerate.
He also owns half of electric vehicle maker VinFast through two other firms.
He and his family have recently ventured into several new industries, including steel with VinMetal, entertainment with V-Film and senior care with Vin New Horizon.
Earlier this month he also launched and picked up a 71% stake in VinSpace, whose main businesses include air freight and manufacturing aircraft, spacecraft and telecommunications satellites.
