Vietnam’s business landscape has taken center stage in Asia’s wealth rankings as Pham Nhat Vuong surged ahead to become Southeast Asia’s richest person, overtaking Indonesian tycoon Prajogo Pangestu following a sharp shift in market fortunes.
According to Forbes, Vuong now holds a net worth of $24.5 billion, placing him 100th globally. Meanwhile, Pangestu dropped to 138th position as his fortune declined significantly in recent months. This shift highlights how quickly wealth rankings can change amid market volatility.
Over the past three months, Pangestu’s wealth fell dramatically from over $44 billion to $18.6 billion. The decline followed a steep 60% drop in shares of Barito Pacific, his flagship company. Indonesian authorities had earlier raised concerns about stock market transparency and questioned the valuation of major listed firms. As a result, investor confidence weakened, triggering a sell-off.
In contrast, Vuong’s fortune also dipped slightly but remained relatively stable. Since the start of the year, his net worth has decreased by nearly $4 billion due to a pullback in Vingroup shares after last year’s record highs. However, he retained his top position in the region because the decline was less severe compared to his rival’s losses.
Vuong continues to hold a dominant stake in Vingroup, Vietnam’s largest private conglomerate. His family controls approximately 65% of the company, while he personally owns about 10.05% of its charter capital. This strong ownership structure has helped maintain investor confidence despite market fluctuations.
Notably, Vuong’s rise reflects a long-term growth story. Back in 2013, Forbes recognized him as Vietnam’s first billionaire with a net worth of $1.5 billion, ranking 974th globally at the time. Over the past 12 years, his wealth has expanded more than sixteenfold, underscoring the rapid evolution of Vietnam’s private sector.
Furthermore, his family’s wealth influence continues to expand. His wife, Pham Thu Huong, and her sister, Pham Thuy Hang, recently joined the global billionaire ranks. Both hold vice chairwoman roles at Vingroup and each has a net worth of $1.5 billion. Huong also leads GSM, which operates the Xanh SM taxi and ride-hailing platform, strengthening the group’s footprint in mobility services.
Looking ahead, Vingroup has set ambitious financial targets. The company aims to generate VND450 trillion ($17.1 billion) in revenue this year, marking a 36% increase year-on-year. In addition, it projects after-tax profits of VND25 trillion, more than double last year’s performance and the highest in its history. These targets signal confidence in continued expansion despite global economic uncertainties.
As Southeast Asia’s economic dynamics evolve, the race among billionaires remains closely tied to market performance, regulatory shifts, and investor sentiment. Vuong’s latest ascent not only reflects personal success but also highlights Vietnam’s growing influence in the regional economy.
