BackStories » Vietnam » Two More Vietnamese Make Forbes' List of World's Billionaires in 2018

Two More Vietnamese Make Forbes' List of World's Billionaires in 2018

With the fastest wealth growth rate in the world, it’s no surprise that more Vietnamese are appearing among the world’s richest billionaires.

According to Tuoi Tre, two Vietnamese executives just made the “World’s Billionaires” ranking for 2018. They are Tran Ba Duong and Tran Dinh Long, the founders of Truong Hai Automobile Co. Ltd. and Hoa Phat Group, respectively. Duong is ranked 1,399th with a total net worth of US$1.8 billion, while Long holds the 1,756th position and net worth of US$1.3 billion.

Previously, only two Vietnamese had made the list: VinGroup Chairman Pham Nhat Vuong and VietJet CEO Nguyen Thi Phuong Thao. Vuong and Thao are still on the list at 499th and 766th place, respectively. Thao’s wealth is estimated at US$3.1 billion, while Vuong is worth US$4.3 billion.

This is also the first time that the VinGroup chairman broke into the top 500 richest people in the world. Since his first appearance on the list in 2013, Vuong’s net worth has ballooned four-fold.

Forbes’ ranking for 2018 features 2,208 individuals from all over the world, including 259 newcomers like Duong and Long.

According to a report published earlier this year by market research company New World Wealth, Vietnam is getting rich at the fastest rate in the world. Unfortunately, most of these gains belong to the ultra-rich – those with investable assets of at least US$30 million, excluding personal assets and property. There are 200 such people in the country at the moment. In the last 16 years, the size of this group rose 320% and is predicted to reach 540 by 2026.

Founded in 1997 by Tran Ba Duong, Truong Hai – also known as THACO – specializes in the manufacturing, assembly and distribution of international car brands such as Kia, Mazda and Peugeot. As of mid-2016, the company had some 16,000 employees. Tran Dinh Long established Hoa Phat, now Hoa Phat Group, in 1992 as a construction machine company. Now, the group is a 16-company conglomerate involved in steel production, mining and real estate, among other fields.

[Photo via Tien Phong]

Related Articles:

Enticed by Middle Class Wealth, Foreign Brands Flock to Vietnam Despite Reports of Slow Growth

Vietnam's Wealth Growth Is the Fastest in the World: Report

VietJet Founder Makes Forbes' List of 100 Most Powerful Women in the World