4. Tran Ba Duong & family, net worth of USB 1.7B
- Tran Ba Duong got his start working at an auto repair factory in the 1980s and eventually worked his way up to management.
- He founded Truong Hai in 1997; it initially sold cars and later started assembling cars for foreign brands such as Kia, Mazda and Peugeot.
- His company’s turning point came in 2008, when Jardine Cycle and Carriage, a car distributor in Singapore, bought a stake in it.
- Thaco, as it’s called, is the biggest car company in Vietnam with more than a third of the nation’s automobile market as of 2018.
- Tariff on imported cars to Vietnam dropped to 0% starting in 2018, posing challenges to automobile companies like Thaco that assemble cars in Vietnam.