Vietnam’s billionaire rankings have shifted as Thaco chairman Tran Ba Duong has fallen below the billion-dollar mark, while Vingroup founder Pham Nhat Vuong has seen his net worth soar to $6.7 billion - its highest level in nearly two years.

According to Forbes' latest update as of March 10, Vietnam now has only five billionaires, down from six previously.

Pham Nhat Vuong reaches highest wealth ranking in two years

Pham Nhat Vuong, chairman of Vingroup (VIC) and CEO of VinFast (VFS), now holds a global ranking of 502, a significant jump from 839th place in January.

Nguyen Thi Phuong Thao, chairwoman of VietJet Air (VJC), saw her fortune rise by $100 million to $2.8 billion.

Tran Dinh Long, chairman of Hoa Phat Group (HPG), maintained his wealth at $2.4 billion.

Ho Hung Anh, chairman of Techcombank (TCB), recorded a slight increase to $2 billion.

Nguyen Dang Quang, chairman of Masan Group (MSN), remained at $1 billion.

Meanwhile, Tran Ba Duong and his family have unexpectedly disappeared from Forbes' billionaire rankings. His net worth was recorded at $1.2 billion in early February, rising to $1.3 billion on March 6, but has now dropped below $1 billion.

Why did Tran Ba Duong drop off the billionaire list?

The decline in Tran Ba Duong’s wealth comes as Thaco’s profits have weakened in recent years, with the company aggressively expanding beyond its automotive business into real estate, logistics, and agriculture.

Recently, Thaco launched four major projects, including:

Cua Lo shipping channel project
Chu Lai Urban Area (Phase 1)
Automotive & Mechanical Industrial Park expansion
Long Thanh Tay Complex & Resort

However, the Cua Lo project is not expected to generate profit, which may have impacted investor confidence.

Thaco’s valuation and financial challenges

Over the past decade, Thaco has heavily invested in real estate and agriculture, including acquisitions from Doan Nguyen Duc.

While automobile manufacturing remains Thaco’s core business, its real estate projects, particularly in Thu Thiem, have played a key role in the company's diversification. However, the expansion into agriculture has significantly increased Thaco’s financial obligations.

Due to these challenges, Thaco’s valuation has declined, affecting Tran Ba Duong’s net worth.

In 2019, Jardine Cycle & Carriage Limited acquired Thaco shares at a valuation of $9.2 billion.

However, in mid-2023, VietinBank Securities sold 4.7 million unlisted Thaco shares at 30,000 VND per share, implying a new valuation of $3.8 billion - significantly lower than before.

As a result, Forbes has adjusted its assessment, removing Tran Ba Duong from the billionaire rankings.

While Pham Nhat Vuong’s fortune continues to surge, fueled by VinFast’s stock performance, Tran Ba Duong’s exit from the billionaire club highlights the challenges faced by Thaco as it navigates a rapidly evolving business environment.

With Thaco’s shifting focus toward real estate and agriculture, the company’s future profitability and valuation remain key factors in determining whether Tran Ba Duong will return to the billionaire list in the future.

Manh Ha