mounting to more than USD 11 billion. This sharp correction of the stock market last year also caused huge losses for several retail investors as well.
According to statistics, the VN Index dropped by nearly 33% in 2022, from 1,498 points to 1,007 points by the end of the year. Assets of the top 10 richest people on the stock market eroded by more than 48% in 2022. Specifically, the total assets of the top 10 richest people on the stock exchange decreased by VND 271,000 bln, falling from VND 561,000 bln to VND 290,000 bln. In 2021, all of these top 10 richest people on the stock market had assets of over USD 1 bln, but in 2022, only six of these people continued to remain billionaires.
The one person who suffered the most losses in assets on the stock market was Mr. Phạm Nhật Vượng, Chairman of Board of Directors of the Vingroup (VIC), a billionaire with several brands such as Vinhomes and VinFast. In 2022, the assets of Mr. Vượng decreased by VND 90,000 bln, equivalent to USD 3.8 bln. However, total assets by the end of the year were VND 114,678 bln and Mr. Vượng continued to top the list of 10 richest people on the Vietnam stock market in 2022. With current total assets, Mr. Vượng is the first and only Vietnamese billionaire among the 500 richest persons on the planet.
The giant with the second most losing accounts on the stock market is Mr. Bùi Thành Nhơn, Chairman of Board of Directors of Nova Real Estate Investment Group (NVL). By the end of 2021, assets of Mr. Nhơn had reached VND 72,400 bln, but by the end of 2022 the amount was only VND 9,376 bln. Despite being on the list of giants who have lost billions of dollars due to negative impact from the corporate bonds market, Mr. Nhon has not changed in ranking of 7th place.
In second place on the list of 10 richest people in the stock market in 2022 is Mr. Đỗ Anh Tuấn, Chairman of Board of Directors of the Sunshine Group. Although Mr. Tuấn's securities account lost more than VND 9,000 bln, with the number of shares held in 3 listed companies with a value equivalent to VND 29,659 bln, Mr. Tuấn is only behind Mr. Vượng in terms of wealth on the stock market.
In third and fourth place are Mr. Hồ Hùng Anh, Chairman of Board of Directors of the Vietnam Technological and Commercial Joint Stock Bank (TCB), and Mr. Nguyễn Đăng Quang, Chairman of Board of Directors of the Masan Group (MSN). According to statistics, Mr. Anh has total assets worth VND 28,922 bln, while Mr. Quang has total assets worth VND 28,700 bln.
Mr. Trần Đình Long, Chairman of Board of Directors of the Hoa Phat Group (HPG) was the most notable giant in 2022, despite the domestic steel industry facing unprecedented difficulties. At the beginning of the year, Mr. Long was still ranked 2nd with total assets of more than VND 54,000 bln. However, after the sudden plunge in steel prices in the second quarter of 2022, HPG production and business activities were severely affected. In the third quarter HPG stocks plummeted, and the company faced losses of more than VND 1,800 bln. With total current assets of VND 27,294 bln, Mr. Long ranks 6th in the top 10 richest people in the Vietnam stock market.
On the other hand, Ms. Nguyễn Thị Phương Thảo, Vice Chairman of Board of Directors and General Director of Vietjet Aviation Joint Stock Company (VJC), is a giant that lost the least amount of money in 2022. The reason is that the aviation market recovered strongly after the Covid-19 pandemic, which helped VJC stock price to stabilize despite the general decline in the market. With total assets of VND 27,871 bln, equivalent to USD 1.1 bln, Ms. Thảo is currently ranked 5th among the top 10 richest people on the stock market.
In eighth place is Ms. Phạm Thị Thu Hương, wife of Mr. Phạm Nhật Vượng, with total assets at the end of 2022 reaching VND 9,143 bln. Ms. Vũ Thị Hiền, wife of another giant Mr. Trần Đình Long, ranked 9th with a fortune of VND 7,678 bln. In the last position among top 10 richest people on the Vietnam stock market is Mr. Hồ Xuân Năng, Chairman of Vicostone JSC (VCS) with total assets of VND 7,147 bln.
Mr. Trịnh Văn Quyết, Chairman of Board of Directors of FLC Group faced the most unfortunate situation in 2022. At the end of 2021, Mr. Quyết was ranked the 3rd richest person on the stock market with total assets of nearly VND 48,000 bln. At that time, Mr. Quyết owned hundreds of millions of shares in listed companies such as ART, FLC, GAB, and ROS. However, faced with suspicion of manipulating ROS stock price, Mr. Quyết was caught up in the labor round, and also a series of shares that Mr. Quyết owned were forced to delist.
Mr. Trần Bá Dương, Chairman of Truong Hai Automobile Group (Thaco) is included in the list of billionaires by Forbes with total assets estimated at USD 1.6 bln. Although he is not in the top 10 richest people in the stock market because his shares are not listed, according to statistics, Mr. Dương and his family members are holding 70% of stocks in Thaco. Hence, with the presence of Thaco, Vietnam saw seven billionaires in 2022.
According to Forbes, as of November 2022, Mr. Phạm Nhật Vượng with USD 6.2 bln ranked 411 in the world, Mr. Trần Đình Long with USD 3.2 bln ranked 951, Ms. Nguyễn Thị Phương Thảo with USD 3.1 bln ranked 984, Mr. Bùi Thành Nhơn with USD 2.9 bln ranked 1,053, Mr. Hồ Hùng Anh with USD 2.3 bln ranked 1,341, Mr. Nguyễn Đăng Quang with USD 1.9 bln ranked 1,579, and Mr. Trần Bá Dương with USD 1.6 bln ranked 1,818.
At the time of publication, the total assets of these seven billionaires were at USD 21.2 bln. Despite holding such important positions, many billionaires in the top 10 richest people in the stock market still did not accept any remunerations in 2022, such as Mr. Phạm Nhật Vượng, Mr. Trần Đình Long and Mr. Nguyễn Đăng Quang.