Fri, 25 March 2016

Vietjets President and CEO to Become Vietnams First Female Billionaire

Nguyen Thi Phuong Thao, President and CEO of Vietjet Aviation Joint Stock Company is set to become one of Southeast Asias first self-made female billionaires.

Vietjet, in which Madam Thao owns a 95% stake, is planning an initial public offering (IPO) in the coming months.

The airline is looking to offer as much as a 30% stake and aims to seek a valuation of more than $1 billion.

After this Madam Thao, aged 45, is set to have a net worth exceeding $1 billion, making her Vietnams first female billionaire.

The majority of her wealth comes from her majority stake in Sovico Holdings, which own Vietjet and Dragon City, a real estate development in Ho Chi Ming (also known as Saigon), as well as other ventures. 

Madam Thaos business ventures began in 1988 when she was studying in Moscow, where she began as a trade distributor for clothing, office equipment and consumer goods, making her first million when she was just 21. She then moved on to trade steel, machinery and other commodities before returning to Vietnam to invest in a bank.

Vietjets revenue tripled to 10.9 trillion dong ($488 million) last year, while net income rose to almost 1 trillion dong. The airline now accounts for more than a 30% market share in Vietnam.

Vietjet currently operates 47 domestic and international routes.

180-Seat Thai Vietjet Airbus A320-200 reg: HS-VKA

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