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Banking & Finance

Vietnamese billionaire moves up in Forbes ranking

Released at: 08:15, 28/10/2018

Vietnamese billionaire moves up in Forbes ranking

Photo: news.zìng.vn

Vietnam's first billionaire in 228th place on list of world's richest people as at October 25.

by Linh Van

With a net worth of $6.5 billion, Mr. Pham Nhat Vuong had moved up to 228th on the Forbes rich list as of October 25, according to Forbes’ website.

This is the highest place ever for Mr. Vuong, Vietnam’s first billionaire and owner of real estate conglomerate Vingroup, the Lao Dong (Labor) newspaper was quoted by the English-language Vietnam News as reporting.

He has jumped from 235th in the last two weeks. Vietnam’s stock market and others around the world, however, have been under siege, with strong stocks such as Vingroup (VIC) losing ground.

October 25 was the third consecutive session in which VIC has fallen, by VND2,000 to VND96,800 ($4.14). On October 23 and 24 it shed VND100 to VND99,000 ($4.24) and VND200 to VND98,800 ($4.19).

Such losses represent $200 million for Mr. Vuong.

Pham Nhat Vuong studied in Russia and began a popular instant noodle business in Ukraine in the 1990s before moving back to Vietnam.

He chairs Vingroup, one of Vietnam’s largest conglomerates, with interests in real estate, retail, and healthcare, among others.

Last year the group also invested in an automotive manufacturing plant in the northern port city of Haiphong, under the brand name VinFast.

He has turned some investments into non-profit ventures, including in healthcare, education and sports. He also built a center of contemporary art.

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