Mar 26, 2018 / 10:06

Pham Nhat Vuong joins Forbes' top 300 billionaires

Pham Nhat Vuong, Chairman of Vingroup is ranked 297th in the list of world richest people with net worth of US$6.1 billion, according to a recent update from Forbes Magazine.

Forbes has made notable update to Vuong's profile, changing his source of wealth from real estate to diversified. 
Pham Nhat Vuong made it to the Forbes list of top 300 billionaires.
Pham Nhat Vuong made it to the Forbes list of  world's top 300 billionaires.
The move is seen as an acknowledgement to Vuong's success in developing Vingroup's ecosystem, which includes retail, healthcare, education, sports and automobile. Vuong is recognized as the first Vietnamese billionaire with total assets worth VND21.2 trillion (US$1 billion) in March 2011. 

He made it to the Forbes' list for the first time in 2013 in rank 974th for net worth of US$1.5 billion, which was increased to US$2.1 billion 3 years later. Forbes considered Vuong's success story as an example of the rising Vietnam in new era. 

Pham Nhat Vuong studied in Russia and started a popular instant noodle business in the Ukraine in the 1990s before moving back.

In 2017, Vietnam's automobile industry has received positive news with Vingroup's decision to invest US$3.5 billion in Vinfast automobile manufacturing complex, thus aiming to become a leading automobile manufacturer in Southeast Asia by 2025.

The complex is designed with production capacity of 500,000 units with the localization rate of 60%. The move is a step toward realizing the dream of having made in Vietnam cars with acceptable price and high quality, Vingroup announced on the breaking ceremony of Vinfast complex last September. 

Following recent changes, Pham Nhat Vuong has been ahead of some world's famous business men, such as Guenther Fielmann - founder and CEO of eyeglasses giant Fielmann AG (ranked 298th with net worth of US$6.1 billion), Whitney MacMillan, former CEO of Cargill, America's largest private company (ranked 307th with net worth of US$5.9 billion), or Kushal Pal Singh (ranked 318th, net worth US$5.8 billion), who transformed DLF into India's biggest listed property firm. 

Pham Nhat Vuong's net worth is equal with 5 other business man, including Acharya Balkrishna (ranked 292nd) - owner of India's consumer goods giant Patanjali Ayurved, Pierre Bellon (ranked 293rd) - founder of Sodexo, a catering and cruise company in Marseille, France, Ricardo Salinas Pliego (ranked 294th) - running the number two Mexican TV broadcaster TV Azteca and retailer Grupo Elektra, Bruno Schroder (ranked 295th) - co-founder of the 214-year-old financial - services powerhouse Schroders, Yao Liangsong - chairman of the Oppein Home Group, one of China's largest makers of kitchen appliances and home furniture.