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Downward trend for most with only one exception

As of 5 March 2020, Forbes recorded fluctuations in the asset value of Vietnam’s five billionaires. However, the total asset value of the one and only female billionaire on the list, Nguyen Thi Phuong Thao has increased as compared to the same period last year.

Everyone else on the billionaire’s list experienced a slide. Chairman of Vingroup Pham Nhat Vuong’s asset value stood at US$6.6 billion, a drop of US$1.2 billion year-on-year. Despite experiencing the biggest dip amongst all of the Vietnamese billionaires, Pham Nhat Vuong is still the highest ranking Vietnamese billionaire on the latest Forbes’ list.

Meanwhile, Chairman of the Truong Hai Auto Corporation Tran Ba Duong’s assets declined by US$0.2 billion to US$1.5 billion. Ho Hung Anh, Chairman of Techcombank lost US$0.6 billion to US$1.1 billion. The real-time total assets of Masan Group founder Nguyen Dang Quang and his family also slid below US$1billion.

Bucking the downward trend, Nguyen Thi Phuong Thao’s assets rose by US$0.2 billion, an increase from US$2.5 billion in the corresponding period of March 2019. Nguyen Thi Phuong Thao’s assets gained in spite of the Covid-19 pandemic which has had a significant impact on the global stock markets. Nguyen Thi Phuong Thao owned a significant amount of assets on the stock market and its asset resources of Southeast Asia’s first self-made female billionaire proved solid. Forbes’ billionaires ranking also takes other assets into account when assessing the total value of each individual’s net worth.

Billionaire story and the economy outlook

According to Forbes, Vietnam is one of six ASEAN countries with multiple names on the global list of USD billionaires. However, the Vietnamese billionaires are collectively ranked the lowest of these six ASEAN countries in terms of both the quantity and value of their assets. The total assets of five billionaires in 2019 were recorded at US$13.6 billion.

Looking to its neighbors, Thailand has 31 billionaires with total assets value of US$94.8 billion (nearly seven times more than Vietnam). Malaysia has 13 billionaires with total assets of US$61.6 billion while the Philippines has 17 billionaires with total assets of US$47.7 billion and so on.

As one of the world’s fastest growing economies in recent years, many observers believe that Vietnam will see a sharp rise in USD billionaires soon. The rise of billionaires with their top enterprises would contribute significantly to the development and growth of the domestic business system.

Although each billionaire had a different path to build up their fortunes, however, according to Dr. Tran Dinh Thien, a leading economics analyst in Vietnam, it is necessary to have a broader view because “looking at this side, it is dark; but looking at the other side, it is dawn”.

Previously Dr. Tran Dinh Thien appreciated that the intangible assets of Vietnam’s one and only female billionaire, Nguyen Thi Phuong Thao, were ‘honesty and kindness’.

Vietnam has gone through a process of transformation, with many modern businesses seizing numerous opportunities. From a positive viewpoint, these large corporations and private enterprises have contributed greatly to promoting the development of the country’s economy.