The only Vietnamese woman on the list, Thao was placed 52nd, down eight places from last year. This is the third year in a row she has been included in Forbes magazine’s list of 100 most powerful women in the world.

The list was compiled based on assets, impact, spheres of influence and media presence, the magazine said.

It estimated that the budget carrier CEO and the richest woman in Vietnam to have a net worth of around $2.7 billion as of December 13.

Thao, 49, has done business in Vietnam and abroad in many fields, including finance, banking, aviation, real estate, and retail.

She launched Vietjet in 2011. The airline now leads the domestic market with a 45 percent share. It operates 385 flights daily within Vietnam and to Japan, Hong Kong, South Korea, Taiwan, Singapore, mainland China, Thailand, Myanmar, and Malaysia.

The carrier launched its IPO on the Ho Chi Minh City Stock Exchange in February 2017, becoming the first airline in Vietnam to list publicly.                  

Vietjet has now surpassed national flag carrier Vietnam Airlines in terms of passengers carried. It has a fleet of 80 aircraft flying to 120 destinations.

German Chancellor Angela Merkel was adjudged the most powerful woman in the world for the ninth consecutive year. She was followed by French politician Christine Lagarde, who serves as the President of European Central Bank, and Speaker of the U.S. House of Representatives Nancy Pelosi.