Viet Nam's 5 billionaires. Top, from L: VietJet Air chairwoman Nguyen Thi Phuong Thao, Vingroup Chairman , Pham Nhat Vuong, Masan Chairman Nguyen Dang Quang, Bottom, from L: Hoa Phat Chairman Tran Dinh Long, Techcombank Chairman Ho Hung Anh

They are Vingroup Chairman Pham Nhat Vuong, Vietjet Chairwoman Nguyen Thi Phuong Thao, Hoa Phat Chairman Tran Dinh Long, Techcombank Chairman Ho Hung Anh and Masan Chairman Nguyen Dang Quang.

The Vingroup Chairman, well-known as the richest man in Viet Nam has a net worth of US$6.5 billion, an increase of US$2.1 billion from last year. This marks is the 13th consecutive year he has been on this list.

He is followed by Nguyen Thi Phuong Thao, Chairwoman of budget carrier Vietjet Air whose wealth remain unchanged at US$2.8 billion.

Steel tycoon Tran Dinh Long, the Chairman of Hoa Phat Group, ranked third among Vietnamese billionaires with a net worth of US$2.4-billion, reflecting a decline of US$200 million from last year.

For a seventh time Ho Hung Anh, Chairman of private lender Techcombank, appears on the list with a net worth of $2 billion, an increase of US$300 million.

Nguyen Dang Quang, Chairman of retailer and food producer Masan Group, rounds off the list with a net worth of US$1 billion, a decline of US$200 million.

Tran Ba Duong, Chairman of automaker Thaco, did not make this year's list. Last year he had a net worth of US$1.2 billion.

There are now more than 3,000 billionaires around the world, and they’re richer than ever, worth a combined $16.1 trillion. 

However, just three nations account for more than 50 percent of all billionaires (and billionaire wealth), while 17 other countries each have just one citizen in the three-comma club.

Elon Musk leads the list with an estimated net worth of US$342 billion, followed by Mark Zuckerberg, Jeff Bezos, Larry Ellison, and Bernard Arnault, all of whom also topped the ranking last year.

In his recent article titled "Developing the Private Economic Sector – A Lever for a Prosperous VietNam," General Secretary To Lam marked a turning point in recognising the sector’s vital role. It also reflects an aspiration for groundbreaking growth in what is today the country’s most dynamic economic engine.

“The private sector must be the pioneering force in the new era, successfully implementing the industrialisation and modernisation of the economy, enhancing national competitiveness, demonstrating social responsibility, improving people’s lives, contributing to a civilised and modern society, and building a dynamic, internationally integrated VietNam.”

Nearly one million registered enterprises, five million household businesses, contributions of 51 percent of GDP, over 30 per cent of the State budget, 40 million jobs (or 82 percent of the national workforce), and nearly 60 percent of total social investment capital. These numbers underline its position as a leading pillar of the national economy.