Vugar Z. Abbasov was born on April 12, 1974, in the city of Nakhchivan. He began his schooling in 1981 at Secondary School No. 7 in Nakhchivan city and graduated in 1991 with a red certificate. In the same year, he was admitted to the Faculty of Economics of Nakhchivan State University and graduated with honors in 1996.
 During the years 1998–2001, he was awarded a red diploma at the Faculty of Law and Economics of Nakhchivan State University. Later, in 2001–2006, he was awarded the Red Diploma of the Law Department of the university. In 2008, he became a doctoral student of ANAS Institute of Economics, and more than 10 of his scientific works were published abroad. In 2016, he defended his scientific work on the Development of Entrepreneurship in the Region and received the scientific title of Doctor of Philosophy in Economic Sciences. He has been the founder and head of Cahan Holding since 1995.