Vietnamese billionaire Pham Nhat Vuong has reached a new milestone as his net worth exceeded $10 billion for the first time, driven by a dramatic surge in Vingroup shares.

On May 20, Vingroup (VIC) shares hit their daily trading ceiling with a 7% gain, closing at VND 91,500 per share.

This pushed Vuong’s total wealth to a record $10.2 billion, according to Forbes, making him the richest person in Vietnam and placing him 277th on the global billionaire list.

Vingroup’s market capitalization has now reached VND 350 trillion (approximately $13.4 billion), securing its position as one of the largest publicly listed companies in Vietnam.

Over the past three months, Vingroup shares have skyrocketed from around VND 40,000 to VND 91,500, marking an increase of nearly 130%.

This remarkable rise has also significantly boosted the wealth of Vuong’s wife, Pham Thu Huong, Vice Chairwoman of Vingroup.

As of May 20, she holds a stock portfolio valued at more than VND 14.6 trillion (around $560 million), ranking her as the seventh wealthiest individual on Vietnam’s stock exchange.

Her wealth now exceeds that of other prominent business figures, including Truong Gia Binh, Chairman of FPT Corporation (VND 12.1 trillion), Vu Thu Hien, wife of Hoa Phat Group Chairman Tran Dinh Long (VND 11.3 trillion), and Nguyen Thi Thanh Thuy, wife of Techcombank Chairman Ho Hung Anh (nearly VND 10.7 trillion).

Although Pham Thu Huong is the wife of Vietnam’s richest man, she has only recently begun appearing in public, notably at events such as the VinFuture Prize award ceremonies.

She is currently the second richest woman on the Vietnamese stock market, behind VietJet Chairwoman Nguyen Thi Phuong Thao, whose net worth stands at $2.6 billion.

Pham Thu Huong’s younger sister, Pham Thuy Hang, also saw her net worth climb significantly thanks to the surge in Vingroup shares. Her current wealth is estimated at more than VND 9.77 trillion.

On May 20, Vietnam’s benchmark VN-Index rose by 18.86 points, or 1.45%, to 1,315.15 points. Liquidity was high, with over VND 22.6 trillion (approx. $870 million) traded on the Ho Chi Minh City Stock Exchange.

Manh Ha