Billionaire Pham Nhat Vuong has moved up in the Forbes rich list as of October 25, 2018.

According to Forbes’ website, Vuong ranked 228^th on the list of the world’s richest people, with a net worth of 6.5 billion USD.

Billionaire Pham Nhat Vuong (Photo: forbes.com)

This is the highest place ever for Vuong, owner of real estate conglomerate Vingroup and Vietnam’s first billionaire, reported the Lao Dong (Labour) newspaper.

The billionaire jumped up from 235^th place two weeks ago.

However, in the trading session on October 25, domestic stock indexes fell sharply due to global volatility.

As a result, a series of strong stocks slumped, including VIC of Vingroup owned by Vuong.

This was the third consecutive session in which VIC has fallen. In the two previous sessions, the code decreased by 100 VND to 99,000 VND per share and 200 VND to 98,800 VND on October 23 and 24, respectively.

On October 25, the price of VIC dropped by 2,000 VND to 96,800 VND per share.

After the reduction over several sessions, the total value of the billionaire’s assets dropped by 200 million USD.

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

Vuong chairs Vingroup, one of Viet Nam’s largest conglomerates with interests in real estate, retail and health care among others.

He turned some investments into non-profit ventures, including some in healthcare, education and sports. He also built a centre of contemporary art.

(Source: VNS/VNA)