Phạm Nhật Vượng is currently the wealthiest individual in Việt Nam. — Photo vneconomy.vn
Phạm Nhật Vượng is currently the wealthiest individual in Việt Nam with a fortune of US$4.4 billion, marking a $100 million increase from the previous year, according to Forbes magazine's 2024 ranking of global USD billionaires.
He now holds the 712th position in the world.
It is reported that the majority of his net worth is attributed to publicly listed assets in two companies: Vingroup and VinFast.
Phạm Nhật Vượng, who studied in Russia, gained recognition after establishing a successful instant noodle business in Ukraine during the 1990s before returning to Việt Nam. Presently, he chairs Vingroup, Việt Nam's largest conglomerate with diverse interests spanning real estate, healthcare and more. Key subsidiaries of Vingroup include electric vehicle manufacturer VinFast, real estate developer Vinhomes and hotel chain Vinpearl.
In August 2023, Phạm Nhật Vượng orchestrated VinFast's public listing through a Special Purpose Acquisition Company (SPAC) on Nasdaq, propelling him to become one of Asia's wealthiest individuals. The company is currently constructing a factory in North Carolina to produce electric SUVs. Additionally, VinFast spun off its charging station operator, V-Green, in March 2024, with plans to invest over $400 million in building charging infrastructure nationwide over the next two years.
Forbes' list also features 21 other billionaires with a net worth of $4.4 billion, including notable figures such as Reed Hastings, the co-founder and CEO of online streaming platform Netflix, established in 1997.
Another billionaire sharing the same ranking as Phạm Nhật Vượng is Michael Saylor. Besides owning 12 per cent of shares in the technology company MicroStrategy, which he founded, Saylor's substantial wealth largely stems from his significant holdings in Bitcoin.
Others sharing the same wealth ranking as Chairman of Vingroup are Melanie Perkins and Cliff Obrecht, the co-founders of the design platform Canva. Each holds a net worth of $4.4 billion, equivalent to 18 per cent of Canva shares. — VNS