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

Wild peach branches disappear as demand rises Wild peach branches disappear as demand rises

It's hard to find ancient wild peach branches on sale in the northern mountainous province of Son La, due to their overexploitation by the local people.

Flower Road to be opened today Flower Road to be opened today

The Flower Road in HCM City's Ham Nghi Street will be opened to the public at 7pm today. Viet Nam News photographer Van Dat presents different images of the Flower Road, as seen through his lens.

Vietnamese consumer confidence "largely intact": Economist Vietnamese consumer confidence "largely intact": Economist

Vietnamese consumers started 2015 with their confidence broadly unchanged after a tumultuous 2014, ANZ Bank Economist Glenn Maguire said in a recent report.

Viet Nam ranks 10th worldwide in remittances Viet Nam ranks 10th worldwide in remittances

Viet Nam was among the top 10 countries in the world with the largest amount of remittances from abroad last year, with around US$12 billion, according to the Western Union company, which handles money transfers worldwide.

Viet Nam sit at 137th in world football rankings Viet Nam sit at 137th in world football rankings

Viet Nam jumped up four steps in international football rankings, according to FIFA's latest list.