Vietnam has its first dollar billionaire
A Vietnamese businessman has joined the 2013 Forbes list of global billionaires as the first ever representative of his country.
Pham Nhat Vuong (44), majority owner of Hanoi-based property conglomerate Vingroup, made it onto the list as number 974 with a net worth put at $1.5 billion, 27 years after Vietnam launched its ‘doi moi’ economic opening and renounced command communism.
Vuong has been the richest man in the country for several years. After graduating from the Moscow Geological Prospecting Institute in 1993, Vuong moved to Ukraine to open a Vietnamese restaurant that later developed into a company called LLC Technocom, an instant noodle producer. The company quickly became successful, producing more than 100 different products and becoming the leader of Ukraine’s food processing sector at annual revenues of $100 million.
In 2010 he sold the company for an estimated $150 million to Nestle and returned to Vietnam to set up a property firm called Vingroup, beginning his new era as a real estate mogul and the wealthiest businessman in the country, dubbed the ‘Vietnamese Donald Trump.’ He started with a luxury resort hotel and then a Hanoi office tower, later turning to residential and commercial properties and shopping malls, as well as healthcare and fitness services.
His wealth assessment is based on his 53 per cent share in Vingroup, which is one of the most valuable companies on the Vietnam stock exchange. The company, headquartered in Hanoi, operates four subsidiaries, Vincom (real estate), Vinpearl (tourism & recreation), Vincharm (fitness and beauty care) and Vinmec (healthcare services).
Among Vingroup’s largest projects are the Vincom Center in Ho Chi Minh City, Vincom Village in Hanoi, several beach resorts and golf clubs in Vietnam, as well as the Vinmec International General Hospital in Hanoi.
A Vietnamese businessman has joined the 2013 Forbes list of global billionaires as the first ever representative of his country. Pham Nhat Vuong (44), majority owner of Hanoi-based property conglomerate Vingroup, made it onto the list as number 974 with a net worth put at $1.5 billion, 27 years after Vietnam launched its 'doi moi' economic opening and renounced command communism. Vuong has been the richest man in the country for several years. After graduating from the Moscow Geological Prospecting Institute in 1993, Vuong moved to Ukraine to open a Vietnamese restaurant that later developed into a company called LLC...
A Vietnamese businessman has joined the 2013 Forbes list of global billionaires as the first ever representative of his country.
Pham Nhat Vuong (44), majority owner of Hanoi-based property conglomerate Vingroup, made it onto the list as number 974 with a net worth put at $1.5 billion, 27 years after Vietnam launched its ‘doi moi’ economic opening and renounced command communism.
Vuong has been the richest man in the country for several years. After graduating from the Moscow Geological Prospecting Institute in 1993, Vuong moved to Ukraine to open a Vietnamese restaurant that later developed into a company called LLC Technocom, an instant noodle producer. The company quickly became successful, producing more than 100 different products and becoming the leader of Ukraine’s food processing sector at annual revenues of $100 million.
In 2010 he sold the company for an estimated $150 million to Nestle and returned to Vietnam to set up a property firm called Vingroup, beginning his new era as a real estate mogul and the wealthiest businessman in the country, dubbed the ‘Vietnamese Donald Trump.’ He started with a luxury resort hotel and then a Hanoi office tower, later turning to residential and commercial properties and shopping malls, as well as healthcare and fitness services.
His wealth assessment is based on his 53 per cent share in Vingroup, which is one of the most valuable companies on the Vietnam stock exchange. The company, headquartered in Hanoi, operates four subsidiaries, Vincom (real estate), Vinpearl (tourism & recreation), Vincharm (fitness and beauty care) and Vinmec (healthcare services).
Among Vingroup’s largest projects are the Vincom Center in Ho Chi Minh City, Vincom Village in Hanoi, several beach resorts and golf clubs in Vietnam, as well as the Vinmec International General Hospital in Hanoi.
As the first Vietnamese to be part of the Forbes list of global billionaires, Pham Nhat Vuong is a representation of how his country is expanding and becoming a global player especially in foreign investment.