Pham Nhat Vuong, Chair of Vingroup (VIC), has once again grabbed attention as the conglomerate’s 2024 financial report reveals he received no pay for his leadership role.

This isn’t the first time the tycoon receives zero pay. For years, Vuong has forgone compensation from Vingroup, despite heading one of Vietnam’s largest conglomerates, which posted nearly VND190 trillion in revenue in 2024, up 17 percent from the previous year.

Though unpaid, Pham Nhat Vuong’s wealth has recently soared.

According to Forbes’ latest update on April 1, the Chair of Vingroup (VIC) and CEO of VinFast (VFS) saw his fortune climb to a two-year high of $7.7 billion.

At this level, Vuong ranks 398th globally and remains Vietnam’s richest, jumping 441 spots since late January.

He far outpaces US President Donald Trump, whose wealth reached $4.9 billion by April 1, placing him 706th worldwide, according to Forbes.

Vuong isn’t alone in Vietnam. Several prominent business figures also take no salaries while holding massive fortunes.

Nguyen Duc Tai, Chair of Mobile World (MWG), has skipped pay for years but owns assets worth VND4,900 billion.

Hoa Phat Group (HPG) Chair Tran Dinh Long once declined compensation during tough times, yet his wealth has grown, making him one of Vietnam’s five dollar billionaires.

Truong Gia Binh, FPT Chair, Nguyen Thi Thanh Phuong (Viet Capital Securities), and others consistently take no pay. Masan Group Chair Nguyen Dang Quang and its board have skipped remuneration since 2013, despite strong business results.

Globally, the zero-salary trend is familiar among top entrepreneurs. Elon Musk, CEO of Tesla and SpaceX, famously took no pay from Tesla for years, though his wealth once topped $400 billion, largely from Tesla stock and his business ecosystem.

Mark Zuckerberg, Facebook (now Meta) founder, has long accepted a symbolic $1 annual salary, yet his personal fortune hit over $202 billion by April 1, fueled by Meta’s rising shares.

Likewise, Steve Jobs, while leading Apple, earned just $1 yearly, though his wealth tied to Apple and Pixar stock soared to billions before his passing.

Wealth from vision

Vuong’s wealth stems mainly from his stake in Vingroup and subsidiaries like VinFast. He directly holds over 691 million VIC shares and indirectly controls more than 1.26 billion VIC shares via Vietnam Investment Group JSC. Additional personal investments in Vingroup’s ecosystem further boost his wealth.

In 2023 and 2024, Vuong injected nearly VND27.3 trillion into a Vingroup subsidiary, having previously pledged billions of dollars to VinFast.

His fortune has swelled as Vingroup (VIC) and Vinhomes (VHM) stocks surged, with Vinpearl shares nearing a stock exchange listing.

Since early March, VIC stock has spiked about 40 percent, from VND42,000 to VND60,000 per share.

Recently, Vingroup’s ecosystem has welcomed major boosts from billion-dollar projects. On March 26, Vin kicked off the Hau Nghia – Duc Hoa urban area (Long An) with over $1 billion in investment. A Vin-Tech joint venture (Vingroup and Techcombank) plans to break ground on the 129km Gia Nghia – Chon Thanh highway, worth nearly $1 billion, by April 30.

Meanwhile, the 2,870-hectare Can Gio coastal urban project in HCM City, led by a Vingroup subsidiary, carries a hefty $8.5 billion investment.

VinFast is now a big name in electric vehicle manufacturing. It has stated that 90 percent of the workload of its car manufacturing plant in India has been completed.

Skipping pay is seen as a leadership gesture, signaling strong faith in the future to shareholders.

In reality, many executives reap far greater rewards beyond salaries. Rising company scale and stock prices, plus bonuses in shares or discounted ESOP stock purchases, drive their wealth. As major shareholders, some leaders pocket tens or hundreds of billions of VND in annual dividends.

Vietnam had five dollar billionaires as of March 29, according to Forbes.

As of March 29, Vietjet Chair Nguyen Thi Phuong Thao held $2.7 billion. Hoa Phat Chair Tran Dinh Long has assets worth $2.3 billion. Techcombank Chair Ho Hung Anh has $1.9 billion. Masan Chair Nguyen Dang Quang owns $1 billion in wealth.

Thaco Group Chair Tran Ba Duong no longer makes the list, with Forbes estimating his net worth below $1 billion.

In the latest news, VnExpress reported that Vingroup recorded revenue exceeding VND39,000 billion and a profit of VND21,333 billion from divesting its stake in Vincom Retail, the operator of the Vincom shopping mall chain.

Manh Ha