CEO Vietjet may become first Vietnamese billionaire

With the initial public offering of Vietnam’s only privately-owned airline, Thao is set to have a net worth exceeding US$1 billion, according to the Bloomberg Billionaires Index, making her the country’s first woman billionaire. The majority of her wealth is derived from her stake in VietJet and her holdings in Dragon City, a 65-hectare real estate development in Ho Chi Minh City.

Thao said she’s planning for VietJet to hold its IPO as early as within the next three months, where it may sell as much as a 30 percent stake. The carrier is aiming to seek a valuation of more than US$1 billion, according to two people with knowledge of the plan, who asked not to be named because the information is private.

Thao's budget airline flies to 47 locations in the country and across Asia, including Seoul, Bangkok and Singapore. She wants to make the company the "Emirates of Asia," modeling after the success of the Dubai-based carrier that’s the world’s biggest long-haul airline with flights to about 150 destinations.

The billionaire also owns a 90 percent stake in Sovico Holdings, a closely-held company that has a 90 percent stake in Dragon City.

Thao also has majority stakes in three resorts in Vietnam -- the Furama Resort Danang, the Evason Ana Mandara Nha Trang and the An Lam Ninh Van Bay Villas, the people said. The properties are valued using current income, and occupancy and prevailing capitalization rates from real estate consultant Cushman & Wakefield.

Thao and her holding company also own about a 20 percent stake in Ho Chi Minh City Development JS Commercial Bank or HDBank, according to the people. Thao’s the vice-chairman of the privately-held commercial bank, which has total assets of about US$4.6 billion last year. The company has 225 branches and employs almost 10,000 people.