Vietnam's richest man expanding his business empire

Pham Nhat Vuong, born in Hanoi in 1968, built his business empire Vingroup from scratch, as reported by East Week magazine, a sister publication of The Standard. Starting with selling instant noodles in Ukraine, he returned to Vietnam to build a conglomerate spanning real estate, retail, education, and healthcare, transforming the lives of the Vietnamese. Pham became Vietnam's wealthiest individual, surpassing even founder of Alibaba Jack Ma.

According to Forbes' Global Billionaires List, Pham ranks 72nd globally with a net worth of nearly US$30 billion (HK$233.7 billion). Pham entered the new energy vehicle market in 2017 by founding VinFast, which became Southeast Asia's leading electric vehicle manufacturer, earning the title “Vietnam's Tesla.” VinFast also got listed on the Nasdaq, with its stock price surging over twofold on its debut.

Green and Smart Mobility, the Vietnamese electric taxi operator under his company, announced plans to list in Hong Kong in late 2026 or early 2027, aiming to raise at least US$200 million. It will be one of the first Vietnamese firms listed in Hong Kong.

Pham's Vingroup Joint Stock Company surge sevenfold last year. According to its Q1 2025 financial report, robust profit recovery in core businesses such as Vinhomes (real estate), Vincom Retail (retail), and Vinpearl (resorts), propelled the parent company's post-tax profit to VND13 trillion (HK$3.85 million), marking its highest quarterly figure in over three years. As of December 31, Vingroup had a market capitalization of VND1,261 trillion.

Pham graduated from Hanoi University of Mining and Geology before pursuing further studies in Moscow. In 1993, Pham and his wife relocated from Russia to Ukraine, where they founded Vingroup with US$50,000. The company started by selling Mivina instant noodles, and within 11 years, the brand captured 97 percent of Ukraine's instant food market share.

Last May, Vinspeed, a subsidiary of Vingroup, participated in the bidding for Vietnam's high-speed rail project, which would connect Hanoi and Ho Chi Minh City over approximately 1,540 kilometers. The project's total investment was estimated at US$67 billion.

However, just this past Christmas, Vingroup abruptly announced the withdrawal of its investment proposal for the project, noting future resources will be refocused on “other priority infrastructure and energy projects.”

After the announcement, Vingroup and its subsidiaries' stock prices dropped by approximately 7 percent. The group's collective stock decline dragged down Vietnam's benchmark index by 2.24 percent that day.