Billionaire Pham Nhat Vuong's family assets increase to record level

Billionaire Pham Nhat Vuong's stock assets have exceeded VND30,400 billion (US$1.36 billion) as he is about to turn 48.

Since the beginning of the year, VIC shares have increased in price by VND10,300, equivalent to an increase of 25% compared to the beginning of the year, to VND51,500 - the highest since Vingroup Corporation was listed.

VIC shares have increased in price to a record high since listing. Photo: Forbes

VIC did not increase dramatically in a few sessions but has grown continuously since the beginning of the year. During the recent Brexit crisis, VIC still maintained its price. The trading volume increased sharply each session. Currently, foreign investors are holding more than 12% of the group's capital.

Reaching a record market price since listing, Vingroup's estimated market capitalization is 109,000 billion VND. With this capitalization, Vingroup has entered the top 4 largest listed enterprises on the Vietnamese stock exchange, after Vinamilk (VNM), Foreign Trade Bank (VCB) and Vietnam Gas Corporation (GAS).

This capitalization level also brought the stock assets of billionaire Pham Nhat Vuong's family to a record high. Holding nearly 591 million VIC shares, billionaire Pham Nhat Vuong's total stock assets reached 30,436 billion VND (equivalent to more than 1.36 billion USD) - an increase of over 6,105 billion VND compared to the beginning of the year. Compared to the beginning of 2015, the asset level increased by over 10,000 billion VND.

Meanwhile, Mr. Pham Nhat Vuong's wife, Ms. Pham Thu Huong, also holds 102 million shares, equivalent to 5,248 billion VND - an increase of 1,053 billion compared to the beginning of the year. Ms. Pham Thuy Hang - Ms. Huong's younger sister, has assets increased by over 700 billion VND to 3,500 billion VND.

In total, the assets of the three members of billionaire Pham Nhat Vuong's family reached nearly 39,200 billion VND - an increase of over 7,800 billion compared to the beginning of the year. In the list of 100 richest people on the Vietnamese stock market by VnExpress in 2015, Vingroup's Chairman remained firmly in the number one position with total assets of over 24,300 billion VND. Ms. Pham Thu Huong and Pham Thuy Hang held the number 3 and number 5 positions respectively.

The chairman of Vingroup is also the only Vietnamese businessman to make it into the list of the world’s richest people in 2016, published by Forbes last March. Accordingly, Mr. Vuong ranked 1,011 with assets of about 1.8 billion USD, 0.1 billion USD higher than in 2015.

In 2013, Forbes listed him for the first time as the world's billionaire with a fortune of 1.5 billion USD, ranking 974th.

Mr. Pham Nhat Vuong, born in 1968, is Vietnam's first dollar billionaire. His hometown is Can Loc district, Ha Tinh province.

After graduating from Moscow State University of Geology in Russia with a degree in engineering and economic geography, he moved to Ukraine. Since then, he has founded LLC Technocom, which produces more than 100 food brands, including instant noodles and mashed potatoes. In 2010, he sold the company to Nestle SA for an undisclosed sum. At the time of the sale, Technocom was generating more than $100 million in annual revenue.

Mr. Vuong and his family returned to Vietnam in 2001 and founded Vinpearl Joint Stock Company. A year later, he founded Vincom Company, specializing in building shopping malls and luxury housing. The two companies were later merged to become Vingroup Corporation.

At the end of the first quarter of 2016, Vingroup achieved revenue of 15,159 billion VND and profit of 1,038 billion VND. Total assets of the group reached approximately 150,700 billion VND, of which liabilities were 107,000 billion VND. Inventory decreased to more than 25,000 billion VND.

According to VNE