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 approaches his 48th birthday.

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 hit 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 VND109,000 billion. 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 VND30,436 billion (equivalent to more than USD1.36 billion) - an increase of over VND6,105 billion compared to the beginning of the year. Compared to the beginning of 2015, the asset level increased by over VND10,000 billion.

Meanwhile, Mr. Pham Nhat Vuong's wife, Ms. Pham Thu Huong, also holds 102 million shares, equivalent to VND5,248 billion - an increase of VND1,053 billion compared to the beginning of the year. Ms. Pham Thuy Hang - Ms. Huong's younger sister, has assets increased by over VND700 billion to VND3,500 billion.

In total, the assets of the three members of billionaire Pham Nhat Vuong's family reached nearly VND39,200 billion - an increase of over VND7,800 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 VND24,300 billion. 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 1,011th 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 on its list of world billionaires with a fortune of 1.5 billion USD, ranking 974th.

Mr. Pham Nhat Vuong, born in 1968, is Vietnam's first dollar billionaire. He is originally from 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. He then founded Technocom LLC, 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 high-end housing. The two companies were later merged to become Vingroup Corporation.

At the end of the first quarter of 2016, Vingroup achieved revenue of VND15,159 billion and profit of VND1,038 billion. Total assets of the group reached approximately VND150,700 billion, of which liabilities were VND107,000 billion. Inventory decreased to more than VND25,000 billion.

According to VNE