Vingroup execs expected to dominate Vietnam's rich list again

Thanh Nien News

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Vingroup's chairman Pham Nhat Vuong and his family have been forecast to dominate the top five richest people in Vietnam's securities market this year, even after a sharp decline in the real estate giant's stock.
Vuong, 46, will likely to top the annual ranking for the fifth year in a row. His stock holdings have soared 12.3 percent over the past 11 months, to over VND22.68 trillion ($1 billion), news website Zing reported, citing figures from Ho Chi Minh City and Hanoi stock exchanges.
A 14-percent decline in Vingroup's stock has not affected the tycoon, who has been on Forbes' world billionaire list since 2013. The conglomerate, which is expanding agressively in the retail and healthcare sectors, has paid dividends with shares this year, according to the report.
Vuong's wife Pham Thu Huong and sister-in-law Pham Thuy Hang, who are his deputies at Vingroup, were expected to stay at the fourth and fifth positions.
Tran Dinh Long, chairman of steel giant Hoa Phat Group, will likely climb up one notch to take up the second position from Doan Nguyen Duc, chairman of real estate conglomerate Hoang Anh Gia Lai Group.
Although both the companies have also seen steep declines of 41 and 43 percent in their stocks, Long's assets have declined by only 6.3 percent to over VND5.76 trillion ($255.77 million), also thanks to a stock dividend policy.
On the other hand, Duc's assets have plummeted by 42 percent to over VND4.38 trillion ($194.49 million), it said.
The five richest people's combined stock holdings were estimated at VND36.77 trillion ($1.63 billion) at the end of November, compared to nearly VND39.73 trillion last year.
To put that into perspective, the market capitalization of the Ho Chi Minh City exchange, the main bourse, reached $52.56 billion at the end of October.
Vietnam's gross domestic product was estimated $186.2 billion last year.

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