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Vietnamese entry on Forbes 2015 billionaire list

Released at: 08:29, 05/03/2015

Vietnamese entry on Forbes 2015 billionaire list

Mr. Pham Nhat Vuong from Vingroup stands in 1,118th place with a net worth of $1.8 billion.

by Doanh Doanh

According to Forbes magazine’s global list of billionaires, released on March 4, Vietnam’s Mr. Pham Nhat Vuong’s net worth rose to $1.7 billion in 2015 from $1.6 billion last year, putting him at 1,118th place on its list of 1,826 billionaires, who have a combined wealth of $7.05 trillion.

Vietnam’s only billionaire, Mr. Vuong, founder and chairman of Vingroup, spent the last year expanding his conglomerate’s real estate business.

He launched dozens of new projects, of which the most notable was Vinhomes Central Park, a $1.5 billion development featuring an 81-storey skyscraper, expected to be the tallest building in Vietnam, dozens of apartment buildings, and a park modeled after New York’s Central Park. He’s also building a theme park complex on Phu Quoc Island, which the government plans to turn into a tourist destination. Vingroup’s expansion into retail is underway, with 25 Vincom shopping centres due to open in 2015. In the next three years he wants to open 100 supermarkets (under the VinMart name) and 1,000 convenience stores.

Mr. Vuong studied in Moscow then moved to Ukraine, where he began Technocom, a maker of instant noodles. He moved back to Vietnam in 2001 and plunged into real estate, eventually selling his food company to Nestle in 2009. Vingroup also has investments in education and healthcare.

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