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Billionaires’ worth plummets in January as stocks crash

The sharp fall in the stock markets in 2021 has erased $1.4 billion from the combined net worth of four of Vietnam’s six billionaires.

As of January 30, Pham Nhat Vuong, chairman of Vietnam’s largest private conglomerate, Vingroup, had a net worth of $6.3 billion, down $500 million from the beginning of 2021, according to Forbes magazine.

Billionaires’ worth plummets, January, stocks crash

(From L), Front row: Vietjet CEO Nguyen Thi Phuong Thao, Vingroup chairman Pham Nhat Vuong, Techcombank chairman Ho Hung Anh; Second row: Thaco Group chairman Tran Ba Duong, Hoa Phat Group chairman Tran Dinh Long; Back: Masan Group chairman Nguyen Dang Quang. 

Vingroup’s VIC shares had surged to over VND111,000 ($4.78) in mid-January before dropping to VND99,400 on January 29.

The net worth of Tran Dinh Long, chairman of steelmaker Hoa Phat Group, fell by $100 million in January to $1.9 billion. He is 1,583rd in Forbes’s global list of billionaires. In 2020, his net worth rose by more than $1 billion after his company’s stock gained 75 percent to rise to VND41,450.

Ho Hung Anh, chairman of the private lender with the highest profits, Techcombank, has a net worth of $1.4 billion after it reduced by $400 million in January. He is 1,951st in the list.

As of January 29, Techcombank’s share was trading at VND32,000.

The shares of conglomerate Masan Group lost 5 percent in January and fell to VND85,000, representing a $400 million decline in the net worth of its chairman Nguyen Dang Quang to $1.1 billion.

Masan is a major producer of fish sauce and packaged foods.

Tran Ba Duong, chairman of automaker Thaco Group, continued to be worth $1.5 billion.

The only one whose net worth increased is Nguyen Thi Phuong Thao, CEO of budget airline Vietjet and the richest woman in Vietnam. It increased by $100 million to $2.6 billion, placing her 1,168 in the Forbes list.

The VN-Index tumbled 2 percent to 1,035.51 points on Monday, down to its lowest level since December 10 last year.

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Source: VnExpress

Billionaires’ worth plummets, January, stocks crash
 
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