Vietnam’s stock market started the new week under strong selling pressure after a sideways phase at the three-year peak. Shares of the Vingroup, owned by billionaire Pham Nhat Vuong, became the focus as VIC and VHM both hit the daily limit down with a huge sell order, while VRE lost 3.6% of its market price on June 9, and VPL closed at the reference price.
It is understandable that there was selling pressure on Vingroup’s stocks as VIC, VHM, and VRE had been trading at their long-term peaks after a sharp rise previously. Compared to the beginning of the year, VIC’s market price has surged by over 120%, VHM has climbed nearly 80%, and VRE has also gained almost 50%. The newcomer, VPL, which was listed just a month ago, has seen an increase of nearly 24% since its debut.
The plunge in VIC shares led to a significant drop in billionaire Pham Nhat Vuong’s wealth. In the June 9 session alone, the value of his holdings in the Vietnamese stock market (including direct and indirect ownership) decreased by approximately VND 15 trillion. However, this loss is insignificant compared to the rapid growth of his wealth since the beginning of the year.
Currently, Pham Nhat Vuong remains the richest person on the Vietnamese stock market, with a fortune of about VND 200 trillion, far surpassing the wealth of those ranked below him. According to Forbes’ update on June 9, the Vingroup Chairman has a net worth of $10.1 billion, ranking 291st on the list of the world’s richest people.
Apart from his holdings in the Vietnamese stock market, a significant portion of Pham Nhat Vuong’s wealth also lies in VinFast, a company listed on the Nasdaq. VinFast is currently Vietnam’s best-selling car brand and is among the top 10 most valuable electric vehicle companies globally, with a market capitalization of around $8 billion (according to companiesmarketcap).
During the period when VIC was surging, Pham Nhat Vuong used these shares to contribute capital to establish two new entities: VinSpeed High-Speed Railway Investment and Development JSC and VinEnergo Energy JSC. The Vingroup Chairman holds 51% of VinSpeed’s shares and 71% of VinEnergo’s shares.
In addition to contributing capital to new businesses, Pham Nhat Vuong has also been raising funds for Vingroup. In the past nearly two months, the conglomerate has issued six batches of bonds, raising a total of VND 15 trillion. Among these, the VIC12502 bond has a term of 38 months and will mature in June 2028, while the other bonds have a term of two years. The interest rates range from 12% to 12.5% per annum.
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