Vietnam’s Pham Nhat Vuong Loses $1.9 Billion in Stock Plunge

Photo courtesy of VN Express

Pham Nhat Vuong, Vietnam's richest man, saw his net worth drop by $1.9 billion in a single stock trading session on Thursday, marking the largest decline on Forbes's real-time wealth ranking for the day. Vuong fell from the 72nd to the 80th position on the list following the significant downturn. This drop was attributed to dramatic decreases in shares of his conglomerate Vingroup and its subsidiaries, Vinhomes and Vincom Retail, which reached their lowest trading thresholds.

Vingroup, which Vuong chairs, announced it would withdraw its bid to build the North-South high-speed rail. Instead, it aims to focus resources on other large-scale projects already in progress. These projects include an Olympic-standard sports complex in Hanoi, a metro line in Ho Chi Minh City, and a high-speed rail link between Hanoi and Ha Long Bay. Despite these setbacks in stock, Vuong's net worth remains significantly elevated for the year, increasing by $23 billion and multiplying 18 times since Forbes first recognized him as a billionaire in 2013.

Market analysts noted that the withdrawal from the rail project might have affected investor confidence, leading to the sharp sell-off. Shares of hospitality brand Vinpearl also fell, although by a smaller margin of 3%. Vuong retains substantial control over Vingroup with his family, owning a combined 65% of the company, and nearly half ownership of VinFast, an electric vehicle manufacturer.

Looking ahead, Vingroup continues to diversify its investments with ongoing developments in energy and urban infrastructure, including a steel plant and wind power projects. The focus on these initiatives could potentially stabilize and boost stock value in the future, according to financial experts. Vuong's long-term gains in net worth remain robust, reflecting his impact and significant holdings in the burgeoning Vietnamese market, reported VN Express.

Key Takeaways

• Pham Nhat Vuong's net worth fell $1.9 billion in a stock session.
• Vingroup withdrew from a rail project to focus on existing ventures.
• Vuong's net worth has increased significantly since 2013.

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  Adapted by ASEAN Now from VN Express 2025-12-26