Vietnamese billionaire Pham Nhat Vuong hits $30bn in net worth, surpasses China’s Jack Ma on Forbes list

The jump in Vuong’s wealth coincided with another record-setting session for Vingroup shares (VIC), with the stock closing at VND169,900 ($6.45) on the same day, its highest level since listing on an adjusted-price basis.

Other Vingroup-related stocks, including VHM, VRE, and VPL, also posted strong gains, helping lift the VN-Index by 22 points despite broader declines across most other stocks on the Ho Chi Minh Stock Exchange.

The market capitalization of Vingroup, Vietnam's largest private conglomerate, has now exceeded VND1.31 quadrillion ($49.8 billion), setting a new record for both the company and Vietnam’s stock market.

Including VHM, VRE, and VPL, the group’s combined capitalization has surpassed VND2 quadrillion ($76 billion).

Thanks to the surge in Vingroup shares, Vuong’s net worth rose by $3.4 billion in a single day to reach $30 billion on Tuesday, according to Forbes data.

This figure surpassed the $28.6 billion net worth of Jack Ma, co-founder of e-commerce giant Alibaba Group and one of China’s wealthiest individuals.

Accordingly, Vuong ranked 71st on Forbes’ real-time global billionaire list that day, immediately ahead of Jack Ma.

Vuong has also overtaken South Korea’s Samsung Electronics chairman Lee Jae-yong and U.S. President Donald Trump in the ranking.

This marks the highest position Vuong has achieved on Forbes’ list to date.

Vuong’s $3.4 billion gain within 24 hours represents the third-largest single-day increase globally, behind only Elon Musk, who gained $5.4 billion, and Larry Ellison, whose wealth rose by $7.5 billion.

The rally in Vingroup shares has had such a pronounced market impact that PYN Elite Fund noted in a recent letter to investors that portfolio managers jokingly suggested the VN-Index this year could be dubbed the ‘Vin-Index,’ as Vingroup stocks now account for more than 20 percent of the benchmark.

Vuong, 57, was first recognized by Forbes in 2013 with a net worth of $1.5 billion, ranking 974th globally.