Monday, December 17 2018

VietNamNews

Founder of steelmaker Hòa Phát relegated from Forbes’ billionaire list

Update: December, 03/2018 - 14:50
Trần Đình Long, founder of steelmaker Hòa Phát Group, has been knocked off the Forbes list of the world’s billionaires. — Photo cafef.vn
Viet Nam News

HÀ NỘI — The founder of Việt Nam’s largest steelmaker Trần Đình Long has been knocked off the Forbes list of the world’s billionaires after shares in Hòa Phát tumbled 30 per cent from the peak recorded in March.

According to Forbes’s real-time rankings, Việt Nam now had three billionaires, including Phạm Nhật Vương, chairman of Vingroup, with a net worth of US$6.7 billion (ranking 220th), Nguyễn Thị Phương Thảo, chairwoman of low-cost carrier Vietjet with a net worth of $2.6 billion (ranking 879th) and Trần Bá Dương, founder of Trường Hải Auto, with a net worth of $1.7 billion (ranking 1,332nd).

Long was included in Forbes list of the world’s billionaires in March when shares in Hòa Phát peaked at VNĐ48,000 ($2.1) per share. At that time, Long had a net worth $1.3 billion.

Since then, shares have fallen to VNĐ34,000 as of December 3.

Long founded Hòa Phát in 1992 in Hà Nội as an equipment and parts distributor. Hòa Phát is now the biggest steelmaker in Việt Nam and make office equipment, steel pipes and construction steel. — VNS

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