Trần Đình Long, Chairman of Hòa Phát Group. — VNA/VNS Photo

HÀ NỘI — The family of billionaire Trần Đình Long, Chairman of the country's leading steel producer Hòa Phát Group, has experienced a significant financial setback, losing nearly VNĐ2.8 trillion (US$120 million) following a recent tariff announcement by US President Donald Trump.

On February 10, Trump imposed a 25 per cent tariff on all imported steel and aluminium, including imports from Việt Nam. The move has sent shockwaves through the Vietnamese steel sector.

In the wake of this announcement, the stock market reacted sharply, particularly affecting companies in the steel industry.

Shares of Hòa Phát Group (HP) plummeted by 4.7 per cent on February 10, marking the steepest decline in six months, to VNĐ25,400 with trading volumes exceeding 61 million shares, indicating a surge in investor anxiety.

As a direct consequence of the stock price drop, Long, who holds around 1.65 billion shares of HPG, saw his personal wealth diminish by over VNĐ2 trillion, bringing his total assets to nearly VNĐ42 trillion.

His wife, Vũ Thị Hiền, also faced a loss exceeding VNĐ550 billion, while their son’s assets decreased by more than VNĐ184 billion.

While HPG’s stock showed signs of recovery, climbing to VNĐ26,150 on Monday trade, up 0.19 from the previous session, it remained down by more than 2 per cent compared to the first week of this month.

Consequently, Long’s wealth rebounded to around VNĐ43 trillion but still reflected a loss of over VNĐ970 billion compared to the first week of February. — BIZHUB/VNS