Updated  
March, 05 2014 09:29:00

Vingroup CEO keeps position on billionaire list

Pham Nhat Vuong, founder and chairman of the Vietnamese conglomerate Vingroup. — Photo dantri

HA NOI (VNS) — Pham Nhat Vuong, founder and chairman of the Vietnamese conglomerate Vingroup, remains Vietnam's sole billionaire, US business magazine Forbes announced on March 3.

This is the second time Vuong has been named in the list of the world's billionaires. He has a net worth US$1.6 billion, an increase of $100 million over last year.

The ranks of the world's billionaires continue to scale new heights and stretch to new corners of the world. As many as 1,645 billionaires were found with an aggregate net worth of $6.4 trillion, up from $5.4 trillion a year ago.

The estimates are a snapshot of wealth as of February 12.

Vuong ranks 1,092 this year, sliding 118 spots from last year's rank. He could have kept his rank if his net worth had reached $1.85 billion.

Forbes valued that in the past year, Vuong had been busy raising funds, netting $1 billion through a mix of asset sales, loans, private equity deals to fund dozens of property projects across the country.

He completed two major property developments including Vincom Mega Mall Royal City, which is touted as Asia's largest underground retail and entertainment complex. These moves boosted Vingroup's shares by 15 per cent last year.

Vuong studied in Moscow, then moved to Ukraine where he started Technocom, which manufactured instant noodles. He returned to Viet Nam in 2001 to plunge into real estate, eventually selling his food company in 2009 to Nestle. Vingroup's other assets include hotels, education and healthcare. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Ha Noi hospital-goers beat heat with free water 1    Ha Noi hospital-goers beat heat with free water

By the time Nguyen Thi Thung, grey-haired and sporting traditional ba ba brown clothes, stops her motorbike near the gates of Ha Noi Cancer Hospital, patients, relatives and street vendors holding empty bottles are already queued up.

Vietnam Airlines launches new-generation Airbus plane Vietnam Airlines launches new-generation Airbus plane

The national flagship carrier Vietnam Airlines held a ceremony on July 2 to receive its first Airbus 350-900 aircraft and announce its upgrade service quality programme and new brand identifying system, marking a major step in bringing the airline into the international arena.

Prime Minister awards merit certificate to swimmer Vien 1    Prime Minister awards merit certificate to swimmer Vien

Nguyen Thi Anh Vien received a Labour Order third class, and a merit certificate from Prime Minister Nguyen Tan Dung on Monday.

Wounds begin to heal between US, Viet Nam Wounds begin to heal between US, Viet Nam

Pham Ba Lu swore thousands of times that he "would not live under the same sky as the United States".