Exhibit
No. 21.1



SUBSIDIARIES
OF REGISTRANT



As
of January 13, 2023, the Company has the following subsidiaries:



|1)  | PHILUX
    Global Funds SCA, SICAV-RAIF, a Luxembourg corporation                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: Luxembourg bank master fund.                                                                                                                                                               
|    |                                                                                                                                                                                                                   
|2)  | PHI
    Luxembourg Development SA, a Luxembourg corporation                                                                                                                                                       
|    | Percentage
    of ownership: 100% owned by PHI Group, Inc.                                                                                                                                                        
|    | Business
    activity: mother holding company for Luxembourg bank funds.                                                                                                                                          
|    |                                                                                                                                                                                                                   
|3)  | PHI
    Luxembourg Holding SA, a Luxembourg corporation                                                                                                                                                           
|    | Percentage
    of ownership: 100% owned by PHI Luxembourg Development SA.                                                                                                                                         
|    | Business
    activity: holding company for participating shares in sub-funds of PHILUX Global Funds.                                                                                                              
|    |                                                                                                                                                                                                                   
|4)  | PHILUX
    Global General Partner SA, a Luxembourg corporation                                                                                                                                                    
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: holding management shares in PHILUX Global Funds.                                                                                                                                          
|    |                                                                                                                                                                                                                   
|5)  | PHILUX
    Capital Advisors, Inc., a Wyoming corporation                                                                                                                                                          
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: investment advisory and M&A consulting services.                                                                                                                                           
|    |                                                                                                                                                                                                                   
|6)  | Philux
    Global Vietnam Investment & Development Co., Ltd., a Vietnamese limited liability company                                                                                                              
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: direct investments, consulting services                                                                                                                                                    
|    |                                                                                                                                                                                                                   
|7)  | Asia
    Diamond Exchange, Inc., a Wyoming corporation                                                                                                                                                            
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: holding company for the Asia Diamond Exchange to be established in Vietnam.                                                                                                                
|    |                                                                                                                                                                                                                   
|8)  | Vinafilms
    International, Inc., a Wyoming corporation (formerly American Pacific Plastics, Inc.)                                                                                                               
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: holding company for the acquisition of Vinafilms Co., Ltd. (inactive)                                                                                                                      
|    |                                                                                                                                                                                                                   
|9)  | American
    Pacific Resources, Inc., a Wyoming corporation                                                                                                                                                       
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: holding company for mineral and natural resources business (inactive).                                                                                                                     
|    |                                                                                                                                                                                                                   
|10) | PHIVITAE
    Healthcare, Inc., a Wyoming corporation                                                                                                                                                              
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: medical and healthcare business (inactive).                                                                                                                                                
|    |                                                                                                                                                                                                                   
|11) | Empire
    Spirits, Inc., a Nevada corporation                                                                                                                                                                    
|    | Percentage
                                            of ownership (to be determined).
    Business
    activity: manufacturing and sale of American-made baijiu.                                                
|12) | Philux
    Fidelity Global Group, a Wyoming corporation                                                                                                                                                           
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
                                            activity: holding company for acquisition of and collaboration with
    Tin
    Thanh Group Joint Stock Company, startup.                                    
|    |                                                                                                                                                                                                                   
|13) | Philux
    Global Trade Inc., a Wyoming corporation                                                                                                                                                               
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
    activity: holding company for acquisition of Van Phat Dat JSC, startup.                                                                                                                              
|    |                                                                                                                                                                                                                   
|14) | Philux
    Global Energy Inc., a Wyoming corporation                                                                                                                                                              
|    | Percentage
    of ownership: 100%                                                                                                                                                                                 
|    | Business
                                            activity: holding company for acquisition of majority interest in Kota Construction LLC and
                                            Kota Energy Group LLC