The stock market is currently under strong selling pressure, especially with Vingroup stocks owned by billionaire Pham Nhat Vuong seeing significant drops, notably VIC and VHM hitting the floor price. This adjustment follows a long period of substantial increases in stock prices. Specifically, since the beginning of the year, VIC has risen over 120%, VHM nearly 80%, and VRE about 50%. This decline resulted in a decrease of approximately 15 trillion VND in Vuong’s assets on June 9. Nonetheless, he remains the richest person on the Vietnamese stock exchange with about 200 trillion VND and $10.1 billion according to Forbes. In addition to stocks, his wealth is also linked to VinFast, the largest electric vehicle manufacturer in Vietnam. Recently, Vingroup raised 15 trillion VND by issuing bonds to invest in new entities.
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