Still hidden billionaires are not listed on bourse?

Thuan added that the government should create further conditions to stimulate private firms to develop when applauding four Vietnamese billionaires just publicly ranked by the American business magazine Forbes in March.

As the list was announced on March 6, Pham Nhat Vuong, chairman of Vingroup, ranked No.499 worldwide with total asset of $4.3 billion. However, only 3 days later, updated list showed that Vuong's property increased to $5.7 billion. 

Similarly, Nguyen Thi Phuong Thao, General director of VietJet Air, earlier ranked 766 on the list with $3.1 billion; her property, however, went up to $ 3.5 billion.

With $1.76 billion, Tran Ba Duong, Chairman of Truong Hai Automobile Joint Stock Company, stood at 1,339. The last newbie of the list, Tran Dinh Long, Chairman of Hoa Phat Group, ranked 1,756 with assets worth $1.33 billion. All of these changes in asset data were almost continuously updated according to their shares' price at the same time.

Thuan said that the four billionaires ranked publicly are companies listed on bourse and all their business activities are transparent, thereby creating added values and drawing attention of both international and domestic investors.

Financial economist Nguyen Tri Hieu said that this positive news demonstrates the economic growth of the country.

"In the context of economic development, the number of four billionaires is a great incentive for the private sector. Theoretically, an economy is not likely to be prosperous without a booming private economy," he said.

Prioritizing private businesses is a must

Notably, two out of four billionaires listed this time has been involved in the automotive industry of Vietnam. Pham Nhat Vuong is applauded nationwide with his Vinfast automobile project and Tran Ba Duong is the chairman of leading manufacturer and distributor of automobile brands in Vietnam.

Energy expert Khuong Quang Dong, who has wholeheartedly devoted to the growth of automotive industry since early days, said that this is extremely good news for the whole economy, not only for individuals.

He appreciates what billionaire Pham Nhat Vuong is attemping to do, defining it the aspiration to make cars for the Vietnamese people. He also emphasizes that the solely path for Vietnam to grow sustainably and strongly is to support and promote the development of private economy.

"Let's take the story of the two founders of Toyota and Hyundai to see how the government's subsidy could boost the private sector, giving them opportunities to flourish," Dong said.

The dream of Vuong with Vinfast, according to the expert, resembles ones of Toyota and Huyndai's founders, who have laid the foundation to create their own car brands for their country. 

Ambition of the billionaire Pham Nhat Vuong in his schedule of investing the amount of $3.5 billion in the VinFast automobile production firm has been debuted together with a flash of hope of made-in-Vietnam cars.

Continuing this pace of expansion, Vietnam could surprise everyone to leapfrog ahead and become the long-awaited fifth Asian Tiger.