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![Hoa Phat removed from billionaire list](https://vcdn-english.vnecdn.net/2022/11/11/1-1668135402-4081-1668135578_680x408.jpg)
Zhang Dinh Long, chairman of Hoa Phat Group. Photo credit: VnExpress/Anh Tu
Chairman of steelmaker Hoa Phat, Tran Dinh Long’s net worth plummeted by more than $2.2 billion to $900 million, pushing him out of the billionaire class.
Long’s asset value fell by more than $660 million in mid-October to $938.1 million on November 10th. As his HPG stake in the group continued to sell off on the stock market, the asset value plummeted.
On Thursday, Hoa Phat’s ticker HPG dropped to a low of VND12,100 ($0.49), down nearly 75% from the beginning of the year.
The market capitalization of Vietnam’s largest steel company also fell by more than $7 billion to over $2.8 billion.
There are now six billionaires in Vietnam, and their assets are also depreciating.
Vietnam’s richest person, Vingroup Chairman Pham Nhat Vong, had a fortune of $3.8 billion as of Nov. 10, down $2.4 billion from April, according to Forbes Real-Time Billionaires List.
Nguyen Phuong Thao, Vietnam’s only female billionaire and CEO of low-cost airline Vietjet, has seen her fortune fall from $1.1 billion to $2 billion.
Truong Hai Auto Corporation chairman Tran Ba Duong’s assets stood at $1.4 billion on November 10, down $200 million from April.
Ho Hung Anh, chairman of private financial institution Techcombank, saw his assets fall by $1 billion to $1.3 billion.
Nguyen Dang Quang, chairman of private conglomerate Masan Group, saw his asset value fall by $700 million to $1.2 billion.
Bui Thanh Nyon, chairman of property developer Novaland Group (NVL), saw his asset value plummet by $1.8 billion to $1.1 billion.
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