Thaco owner Tran Ba Duong unexpectedly dropped out of the list of USD billionaires, while billionaire Pham Nhat Vuong rose to his highest level in nearly a year.
According to the latest update of Forbes, Vietnam has only 5 USD billionaires as of March 10, instead of 6 as before. Chairman of Vingroup (VIC) and CEO of VinFast (VFS) recorded a surge in assets to the highest level in nearly 2 years, reaching 6.7 billion USD as of March 10. Mr. Vuong ranked 502nd in the world, compared to the position of 839 recorded near the end of January.
The assets of VietJet (VJC) Chairwoman Nguyen Thi Phuong Thao increased by 100 million USD compared to last weekend to 2.8 billion USD. The assets of Hoa Phat Group (HPG) Chairman Tran Dinh Long remained at 2.4 billion USD.
Techcombank (TCB) Chairman Ho Hung Anh recorded assets increasing to 2 billion USD, compared to 1.9 billion USD at the end of last week. Mr. Nguyen Dang Quang, Chairman of Masan (MSN) has assets unchanged at 1 billion USD.
Thaco Group owner Tran Ba Duong and his family were unexpectedly no longer listed by Forbes. On its website, the magazine only listed Mr. Duong's assets at $1.2 billion in early February 2024. Last weekend, on March 6, Mr. Tran Ba Duong and his family were listed as having assets of $1.3 billion.
Mr. Tran Ba Duong left the Forbes billionaire list in the context that Thaco Group has recorded a decrease in profits in recent years and is expanding its investment in many fields besides automobile manufacturing, assembly and trading, including agriculture...
Thaco has recently launched four new projects: the Cua Lo Stream Project, the Chu Lai Urban Area Phase 1 Project, the expanded automobile mechanical industrial park project, and the Long Thanh Tay Complex and Resort Project. Of these, the Cua Lo Stream Project does not focus on profit.
Over the past decade, Thaco has invested heavily in real estate, retail, logistics, agriculture, etc. Money was borrowed to pump into real estate and agriculture (purchased from the business of Mr. Doan Nguyen Duc - Bau Duc).
Currently, Thaco is a multi-industry industrial corporation including: Thaco Auto (automobiles), Thaco Agri (agriculture and forestry); Thaco Industries (mechanics and supporting industries), Thadico (construction investment), Thilogi (Logistics) and Thiso (trade and services).
Although automobiles are the mainstay, real estate has been the spearhead for Thaco over the years to become a multi-industry corporation with regional scale, in which the Thu Thiem project plays a major role. Strong investment in agriculture has also caused Thaco's scale to expand.
Along with Thaco's declining profits, the assets of billionaire Tran Ba Duong and his family have continuously declined, from 1.5 billion USD according to Forbes' assessment in early 2023 to 1.3 billion USD recently and below 1 billion USD as at present.
Billionaire Tran Ba Duong's assets may have decreased due to issues related to Thaco's valuation.
Previously, in 2019, Jardine Cycle & Carriage Limited purchased Thaco's privately issued shares at a valuation of more than 9.2 billion USD.
But according to the financial report of VietinBank Securities (CTS), in the first half of 2023, CTS sold more than 4.7 million unlisted shares with a total sale value of VND 141 billion (equivalent to VND 30,000/share). Thaco's valuation is currently at VND 91,500 billion (equivalent to about USD 3.8 billion), which is much lower.
Source: https://vietnamnet.vn/ong-tran-ba-duong-rot-hang-ty-phu-pham-nhat-vuong-gay-bat-ngo-2379301.html
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