After more than two decades of development of the Vietnamese stock market, the number of businessmen and rich people has increased sharply and entered the world's USD billionaire rankings.
From rich people on the stock market to USD billionaires
The Ho Chi Minh City Stock Exchange (HOSE) officially started trading in the last days of July 2000. In 2005, the Hanoi Stock Exchange (HNX) was also established. Since then, the number of enterprises listing their shares has increased, and the stock market has become a capital mobilization channel for hundreds of companies.
Vingroup Chairman Pham Nhat Vuong has assets worth 4.4 billion USD
PHOTO: FORBES
Vietjet Air CEO Nguyen Thi Phuong Thao has assets worth 2.8 billion USD
PHOTO: FORBES
Hoa Phat Group Chairman Tran Dinh Long has assets worth 2.6 billion USD
PHOTO: FORBES
Techcombank Chairman Ho Hung Anh has assets worth 1.7 billion USD
PHOTO: FORBES
Masan Group Chairman Nguyen Dang Quang has assets worth 1.2 billion USD
PHOTO: FORBES
Truong Hai Auto Corporation Chairman Tran Ba Duong has assets worth 1.2 billion USD.
PHOTO: FORBES
At the end of 2006, the media began to vote for the list of the richest people on the stock exchange. And since then, the concept of "rich people on the stock exchange" has become familiar among businesses, entrepreneurs and investors. The names of businessmen mentioned often include Mr. Truong Gia Binh, Chairman of FPT Corporation; Mr. Dang Thanh Tam, who owns two companies operating in the real estate sector, Tan Tao Investment and Industry Corporation (ITA) and Kinh Bac Urban Development Corporation (KBC); Mr. Doan Nguyen Duc (also known as Bau Duc) of Hoang Anh Gia Lai Group; Mr. Le Van Quang, Chairman of Minh Phu Seafood Corporation; Ms. Nguyen Thi Mai Thanh, Chairwoman of the Board of Directors of Refrigeration Electrical Engineering Corporation (REE); Tran Kim Thanh, Chairman of the Board of Directors and General Director of Kinh Do; Mr. Tran Dinh Long, Chairman of Hoa Phat Group; Mr. Nguyen Duy Hung, Chairman of SSI Securities Company...
Following the fluctuations of the stock market, many new enterprises continue to be listed on the stock exchange, and many businessmen are known for their high assets. Among them are Mr. Pham Nhat Vuong, Chairman of Vingroup; Ms. Nguyen Thi Phuong Thao, CEO of Vietjet Air; Mr. Nguyen Dang Quang of Masan Group...
And just 7 years after domestic businessmen were listed in the list of the richest people on the Vietnamese stock exchange, in early 2013, for the first time, the American magazine Forbes named Mr. Pham Nhat Vuong, Chairman of Vingroup, in the list of world billionaires with assets at that time recorded at 1.5 billion USD, ranking 974th in the world.
For the next three consecutive years, Vietnam only had USD billionaire Pham Nhat Vuong in the list of the richest people on the planet published by Forbes . In 2017, along with Mr. Pham Nhat Vuong, Vietnam had another female billionaire Nguyen Thi Phuong Thao, CEO of Vietjet Air, with assets worth 1.2 billion USD. In the following years, the list of USD billionaires of Vietnam on Forbes ' statistics table successively added businessmen Tran Dinh Long, Chairman of Hoa Phat Group; Tran Ba Duong, Chairman of Truong Hai Auto Corporation (Thaco Group); Ho Hung Anh, Chairman of Techcombank; Nguyen Dang Quang, Chairman of Masan Group. Notably, in 2022, the list of the richest people on the planet published by Forbes recorded that for the first time, Vietnam had 7 USD billionaires when Mr. Bui Thanh Nhon, Chairman of Novagroup, appeared. With the increasing number of billionaires, the total assets of Vietnamese billionaires in 2022 reached 21.2 billion USD, the highest ever.
In 2024, when the economy fluctuates, the number of USD billionaires in Vietnam will decrease to 6 people including Mr. Pham Nhat Vuong, Ms. Nguyen Thi Phuong Thao, Mr. Tran Dinh Long, Mr. Ho Hung Anh, Mr. Nguyen Dang Quang and Mr. Tran Ba Duong.
Notably, if in the first year Mr. Truong Gia Binh led the list of richest people on the Vietnamese stock market with assets of nearly 2,400 billion VND, equivalent to 150 million USD (calculated at the exchange rate in 2006), then up to now the assets of rich people in Vietnam have increased sharply. Billionaire Pham Nhat Vuong is the leader with assets worth 4.4 billion USD, an increase of 100 million USD compared to 1 year ago and the USD billionaire has the lowest assets of 1.2 billion USD.
Although the number of Vietnamese businessmen is still quite modest in the list of world dollar billionaires, looking back, this is a positive result after many decades of economic development of the country. At the same time, a series of Vietnamese enterprises and Vietnamese brands have also become more widely known in the international market.
Vietnam has the fastest growing number of millionaires in the world
Vietnam has the fastest growth rate in the number of millionaires (people with a net worth of 1 million USD or more) in the world, up to 98% in the 10 years from 2013 to 2023. This is the data stated in a recent report by the global wealth intelligence company New World Wealth (South Africa) and the investment migration advisory firm Henley & Partners (Switzerland).
VinFast Automobile Factory
PHOTO: Contributor
New World Wealth's research was conducted in 90 countries and 150 cities around the world, with a particular focus on Asia and Africa. According to the report, the US still leads the world in the number of millionaires with more than 5.4 million people, but emerging economies such as Vietnam, China and India have witnessed the fastest growth rates. Specifically, the number of millionaires in Vietnam reached 19,400 people by the end of 2023, equivalent to an increase of 98% over the past decade. Vietnam's high millionaire growth rate is partly due to the low initial comparison base, only nearly 9,800 people in 2013. However, New World Wealth and Henley & Partners also said that the rapid growth of millionaires in Vietnam reflects recent economic success and shows that the trend of wealth accumulation continues to increase.
Vietnam's economy grew quite impressively during the assessment period (2013 - 2023), except for 2020 and 2021, which were affected by the Covid-19 pandemic. In particular, in 2022, when the pandemic was overcome and the economy recovered, GDP increased by 8.02%, a record in more than 10 years. The average income per capita in the 10 years of the assessment report also increased nearly 2.2 times, from 1,960 USD/person in 2013 to 4,284 USD/person in 2023. The increase in GDP per capita reflects the dynamism of the economy.
Hoa Phat Steel Production
PHOTO: DAO NGOC THACH
Previously, New World Wealth also predicted that Vietnam would witness the world's most explosive asset growth, up to 125% in the next 10 years. Analyst Andrew Amoils of this unit assessed the above figure as the fastest growth rate compared to any country, in terms of GDP per capita and the number of millionaires.
Not only New World Wealth and Henley & Partners have reports on the increase of rich people in Vietnam, but many organizations have also mentioned it recently. For example, last March, the Wealth Report released by real estate consultancy Knight Frank (UK) said that Vietnam is estimated to have about 752 super-rich people last year, an increase of 2.4% compared to 2022. This increase is lower than neighboring countries such as Malaysia (4.3%), Indonesia (4.2%) and Singapore (4%), but three times higher than Thailand (0.8%). According to the definition of this organization, super-rich people are individuals with net assets (excluding loans) of 30 million USD or more. Knight Frank predicts that by 2028, the number of super-rich people in Vietnam will reach 978 people, about 30% higher than in 2023 and is in the top 5 countries with the fastest growing number of rich people in Asia - Pacific, ahead of South Korea, Hong Kong and Singapore. According to the report, the number of rich people (individuals with assets of 1 million USD or more) in Vietnam also increased by 70% in the past 5 years, from 40,971 people in 2017 to nearly 70,000 people last year. The report said that Vietnam will have more than 112,200 rich people by 2027, equivalent to a growth of 173% in a decade.
Or before that, according to the announcement of the research firm Wealth-X, Vietnam was in the top 10 economies with the fastest growth rate of super-rich people in the world in the period 2012 - 2017. According to calculations, the growth rate of super-rich people in Vietnam at that time ranked 3rd in the world, reaching 12.7% per year and only behind Bangladesh (17.3%), China (13.4%)...
Vietjet plane at Noi Bai airport
PHOTO: NGOC THANG
Rich people increase, economy develops
The rise of the wealthy further proves that Vietnam's economy has changed dramatically over the past three decades. The World Bank report called "Vietnam a development success story". Economic reforms since 1986 combined with favorable global trends have quickly helped Vietnam develop from one of the poorest countries in the world to a lower middle-income country in just one generation. Or most recently, the International Monetary Fund (IMF) assessed that Vietnam has become one of the fastest growing economies in the region and will soon be in the top 20 largest economies in the world.
The IMF forecasts that Vietnam's GDP (PPP) is currently below Australia and Poland, but will surpass them by 2029 with an absolute figure of about 2,343 billion USD. This means that Vietnam will enter the top 20 largest economies in the world after 5 years, in a group with China, the US, India, Japan, Indonesia, Germany, Russia, Brazil, Turkey, the UK, France, Mexico, Italy, South Korea, Saudi Arabia, Spain, Canada, Egypt and Bangladesh. In the eyes of the IMF, Vietnam can shorten nearly 30 years to reach this impressive milestone compared to the report of PricewaterhouseCoopers (PwC) released in 2017. At that time, PwC said that it would be only by 2050 that Vietnam would be ranked 20th in the world in terms of economic scale.
Thaco Mazda car factory in Chu Lai, Quang Nam
PHOTO: THAI NGUYEN
Economist, Dr. Dinh The Hien, said that the number of rich people in Vietnam is increasing rapidly due to a low starting point. However, Vietnam has maintained a high GDP growth rate of 7% per year for many consecutive years, which has helped the assets of many businesses and businessmen increase sharply. At the same time, the stock market has grown strongly in scale. If more than 10 years ago, the charter capital of listed businesses was only a few hundred billion VND, now it has increased dozens of times. That also leads to an increase in the assets of business owners. In addition, the real estate market in Vietnam is also growing rapidly, causing many people to accumulate assets. Houses priced at 4-5 billion VND have increased to 40-50 billion VND after a dozen years.
He predicted that in the coming period, the number of rich people in Vietnam will continue to increase because the scale of the Vietnamese economy is increasing, the number of enterprises becoming strong economic groups, reaching out to the international market is increasing. In particular, the number of "active" rich people coming from production and business sectors will increase compared to the number of "passive" rich people mainly due to the increase in real estate as before.
“Many people say that if you want to get rich in the US, it is impossible, but in Vietnam, it is possible. Vietnam is still an open, developing economy and will have more opportunities to expand business than stable developed countries, with a low GDP growth rate. The number of rich people and more businessmen becoming USD billionaires will bring many benefits to the economy. First of all, it creates jobs for workers, contributes a lot to social security policies, and brings a lot of value to the community. The government has had many policies to encourage and develop the business community and entrepreneurs and needs to continue to promote and create more favorable conditions for businesses to develop,” said Dr. Dinh The Hien.
Vietnam's economy to grow 6.1% in 2024
The World Bank (WB) forecasts that Vietnam's economy will grow by 6.1% in 2024 and 6.5% in 2025 and 2026, higher than the 5% in 2023. This forecast is higher than the WB's previous report when it predicted Vietnam's GDP growth rate in 2024 at 5.5% and 6% in 2025. Regarding opportunities, the WB believes that under the condition that exports continue to grow and real estate shows signs of recovery (after resolving the frozen corporate bond market and the Land Law taking effect from August), domestic demand will strengthen in the second half of 2024 when investor and consumer sentiment improves. At the same time, the current account balance is forecast to remain in small surplus, while the Government is returning to consolidating the budget balance, while inflation is forecast to decline from 4.5% in 2024 to 3.5% in 2026.
Vietnam aims to have 10 USD billionaires by 2030
Resolution No. 66/NQ-CP was issued by the Government in May 2024 to implement Resolution No. 41-NQ/TW of the Politburo on building and promoting the role of Vietnamese entrepreneurs in the new era. Accordingly, the program sets out that from now until 2030, there will be at least 2 million enterprises, of which many entrepreneurs will be formed and developed as leaders of strong economic groups with potential and competitiveness in the domestic and international markets. In particular, by 2030, Vietnam will have at least 10 Vietnamese entrepreneurs on the list of world USD billionaires, 5 most powerful entrepreneurs in Asia voted by prestigious international organizations. The number of enterprises ranked in the list of enterprises with the highest brand value by prestigious international ranking organizations increases by 10% each year...
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Source: https://thanhnien.vn/ti-phu-trieu-phu-nguoi-viet-ngay-cang-dong-185241010130244736.htm
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