The net worth of Tran Dinh Long, chairman of steelmaker Hoa Phat, has plunged by more than $2.2 billion to $0.9 billion, pushing him out of the billionaire class.
Long’s assets decreased in value by over $660 million in mid-October to $938.1 million on November 10,The assets value decreased sharply as the group’s HPG shares were continuously sold off on the stock market.
On Thursday, ticker HPG of Hoa Phat dropped to its floor price of VND12,100 (nearly $0.5), falling nearly 75% against the beginning of this year.
The market capitalization of Vietnam’s largest steel corporation also declined by more than $7 billion to over $2.8 billion.
Now, Vietnam has six billionaires with assets also declining in value.
According to Forbes’ The Real-Time Billionaires List, as of November 10, the assets of Vietnam’s richest man, Vingroup chairman Pham Nhat Vuong, was $3.8 billion, down $2.4 billion against April.
Vietnam’s sole woman billionaire Nguyen Phuong Thao, CEO of budget carrier Vietjet, saw her assets’ value decline by $1.1 billion to $2 billion.
The assets of Tran Ba Duong, chairman of Truong Hai Auto Corporation, stood at $1.4 billion on November 10, down $200 million against April.
The chairman of private lender Techcombank, Ho Hung Anh, saw his assets decline by $1 billion to $1.3 billion.
Nguyen Dang Quang, chairman of private conglomerate Masan Group, saw his value decrease by $700 million to $1.2 billion.
The chairman of real estate developer Novaland Group (NVL), Bui Thanh Nhon, saw his assets’ value plunge by $1.8 billion to $1.1 billion.
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