Pham Nhat Vuong's wife buys stake in LPBank, couple holds 9.85%

LPBank confirmed on Monday that Pham Thu Huong, the wife of Pham Nhat Vuong, chairman of Vietnam's largest company Vingroup, has purchased a stake in the lender. The value of her holding is estimated to be around VND8 trillion (US$304 million) at current market prices. This acquisition comes shortly after Vuong himself bought a 4.89% stake in LPBank on June 23 for VND6.7 trillion, according to data from Vietcap Securities. The market value of his stake has since appreciated to nearly VND7.7 trillion. With Huong's recent investment, the couple collectively holds a 9.85% stake in LPBank. The Vietnam Post Corporation (VNPost) remains the next largest shareholder with a 6.53% ownership. Huong is a prominent figure in Vietnam's business landscape, serving as the deputy chairwoman of Vingroup. She is recognized as one of the country's seven billionaires, with an estimated net worth of $3.7 billion, placing her third in wealth behind her husband, Pham Nhat Vuong (US$32.7 billion), and Nguyen Thi Phuong Thao, the chairwoman of Vietjet Air (US$3.9 billion). Her academic background includes a master's degree in international law from Ukraine. Beyond her role at Vingroup, where she owns a 4.4% stake, Huong also chairs Green SM, a ride-hailing company established by Vuong. LPBank reported total assets of VND605.585 trillion and anticipates a 1.6% growth in assets this year. The bank's shares have experienced a notable surge of 32% in value year-to-date. This development highlights the growing financial footprint of Vietnam's most affluent families within key sectors of the economy, including banking. As Vietnam continues its trajectory of economic growth, the concentration of wealth and influence among a select group of individuals and conglomerates is a recurring theme.