Viet Nam News
HÀ NỘI — Billionaire Phạm Nhật Vượng has moved up in the Forbes rich list as of October 25, 2018.
According to Forbes’ website, Phạm Nhật Vượng ranked 228th on the list of the world’s richest people, with a net worth of US$6.5 billion.
This is the highest place ever for Vượng, owner of real estate conglomerate Vingroup and Việt Nam’s first billionaire, reported the Lao Động (Labour) newspaper.
The billionaire jumped up from 235th place two weeks ago.
However, in the trading session on October 25, domestic stock indexes fell sharply due to global volatility.
As a result, a series of strong stocks slumped, including VIC of Vingroup owned by Vượng.
This was the third consecutive session in which VIC has fallen. In the two previous sessions, the code decreased by VNĐ100 to VNĐ99,000 per share and VNĐ200 to VNĐ98,800 on October 23 and 24, respectively.
On Thursday, the price of VIC dropped by VNĐ2,000 to VNĐ96,800 per share.
After the reduction over several sessions, the total value of the billionaire’s assets dropped by $200 million.
Phạm Nhật Vượng studied in Russia and started a popular instant noodle business in Ukraine in the 1990s before moving back to Việt Nam.
Vượng chairs Vingroup, one of Việt Nam’s largest conglomerates with interests in real estate, retail and healthcare among others.
He turned some investments into non-profit ventures, including some in healthcare, education and sports. He also built a centre of contemporary art. — VNS