The unique female billionaire reports an increase in assets
On March 5, Forbes reported fluctuations in the wealth of Vietnamese billionaires. Of whom, the net worth of Vietjet President & CEO Nguyen Thi Phuong Thao increased last year. Her wealth had edged up by US$0.2 billion to US$2.5 billion by March 2019. Forbes might have taken into account Thao’s assets which are not listed on the stock market.
The Covid-19 outbreak has significantly suppressed domestic share prices but Thao has a huge net worth on the stock market, proving the sustained wealth of the first self-made woman billionaire in Southeast Asia. Forbes often makes the list of billionaires based on their stock holdings and other assets.
Meanwhile, the net worth of Vingroup Chairman Pham Nhat Vuong was put at US$6.6 billion, equivalent to VND154 trillion, down by US$1.2 billion, the sharpest decline in a Vietnamese billionaire’s net worth. Nevertheless, Vuong is still the richest Vietnamese person in Forbes’ list.
The other billionaires also faced the same fate. The net worth of Tran Ba Duong, chairman of Truong Hai Auto Corporation (Thaco), dropped by US$0.2 billion to US$1.5 billion. Ho Hung Anh, chairman of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), saw his net worth falling by US$0.6 billion to US$1.1 billion.
The net worth of Nguyen Dang Quang, chairman of Masan Group, and his family members declined to below US$1 billion.
Billionaire stories and the economy
According to Forbes, Vietnam is among the six ASEAN countries to make the billionaire list. However, the country has the smallest number of billionaires, just five, with a combined net worth of US$13.6 billion in 2019.
Meanwhile, Thailand has 31 billionaires with a combined wealth of US$94.8 billion, nearly seven times higher than that of Vietnamese billionaires. Malaysia has 13 billionaires with a total net worth of US$61.6 billion and the Philippines has 17 billionaires with a total net worth of US$47.7 billion.
Vietjet President & CEO Nguyen Thi Phuong Thao is known for not only her net worth but also her honesty and kindness, which economist Tran Dinh Thien described as her invisible assets.
During the development process, certain businesses may take advantage of legal loopholes to maximize profits. However, large private companies have contributed significantly to the country’s economic development.