Market downturn dents wealth of Vietnam’s richest

As of Oct. 16, the country’s richest man, Pham Nhat Vuong, chairman of Vingroup, Vietnam’s biggest private conglomerate, was worth US$4.4 billion, down $300 million. It was US$1.8 billion down from mid-March.

During the past month, the stocks of Vingroup and its affiliates have lost by 7-15%, with VIC (Vingroup) down around 7%, VHM (Vinhomes) down 15%, and VRE (Vincome Retail) down more than 15%.

Vietnam’s second richest man Bui Thanh Nhon, chairman of property firm Novaland, saw his worth decrease by $600 million to $2.7 billion. NVL (Novaland) shares have lost over 13%.

The only woman in the billionaires list, Nguyen Phuong Thao, who owns budget carrier Vietjet and HCMC Development Joint Stock Commercial Bank, lost $200 million as her assets declined to US$2.3 billion. Airline shares too have fallen, though at a slower pace than others like banks.

VJC (Vietjet) shares fell by over 6% and HDB (HCMC Development Joint Stock Commercial Bank) by nearly 30%.

The net worth of Tran Dinh Long, chairman of steel giant Hoa Phat Group, fell by $400 million to $1.6 billion as HPG shares lost 20%.

Tran Ba Duong, chairman of Truong Hai Auto Corporation (THACO), lost the least — $100 million — since his company is not listed. He was worth $1.5 billion.

Chairman of lender Techcombank, Ho Hung Anh, lost US$600 million as bank stocks, including that of TCB, have been falling steeply. He was worth $1.4 billion.

The assets of Nguyen Dang Quang, chairman of conglomerate Masan Group, declined by US$500 million to US$1.2 billion as MSN (Masan) shares plummeted.

During the month. Tesla boss Elon Musk, the world’s richest man, lost $65.5 billion and he was worth $207.7 billion.

The Vietnamese stock market was the world’s worst performer in the first week of this month with an 8.5% decline, followed by Russia, (4.8%) and Venezuela (1.87%), according to market data provider StockQ.

The VN-Index lost 148 points in September, its biggest decline in 30 months.

It has fallen by a fourth this year to 1,061.85 points, with market capitalization on the Ho Chi Minh Stock Exchange falling declining by 22.1% to VND4.64 quadrillion ($195.45 billion).