Vingroup’s founder and chairman Pham Nhat Vuong has become the first Vietnamese person to have a fortune of 9 billion USD, according to the latest Forbes update on May 8.

Vingroup’s founder and chairman Pham Nhat Vuong.

This achievement places Vuong at the 330th spot in the magazine's ranking of the richest people across the globe.

This remarkable surge in Vuong's wealth is largely attributed to the increase in the value of Vingroup's shares (VIC), which has seen a sharp rise following recent developments.

A key catalyst for this growth was the announcement that Vinpearl, a subsidiary of Vingroup, fixed its IPO date. As a result, the stock price of Vingroup’s parent company continuously climbed, reaching its highest level in nearly three years, since June 2022.

On May 8, the VIC share price closed at 78,500 VND per share, an increase of almost 7%, bringing the market capitalisation of Vingroup to more than 300 trillion VND, or about 11.6 billion USD.

Meanwhile, Vinpearl will list over 1.79 billion shares worth nearly 130 trillion VND in total on the Ho Chi Minh Stock Exchange on May 13. The reference price for the first day of trading is 71,300 VND per share.

This puts Vinpearl among the most valuable companies on the stock exchange, surpassing other prominent players like Masan, Vinamilk and several major banks.

In the first quarter, Vingroup's consolidated net revenue reached more than 84 trillion VND, a remarkable increase of 287% compared to the same period in 2024. It also achieved a profit after tax of 2.24 trillion VND, a 68% increase year-on-year.

This growth was driven by strong results in industrial production, as well as real estate development and trading.

Vingroup is setting ambitious targets of gaining 300 trillion VND in net revenue from its production and business activities, representing a 56% growth from the previous year. It also targets a profit after tax of 10 trillion VND, a 90% increase compared to 2024.

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