As rich as Vietnamese 9X generation

Nguyen Ngoc Nhat Hanh, the daughter of Nguyen Thi Mai Thanh, chair and CEO of the Refrigeration Engineering Enterprise

VietNamNet Bridge - Many Vietnamese 9X, born in the 1990s, can spend tens or hundreds of billions of dong to buy shares. But the origin of their assets is unclear. An analyst noted that the Vietnamese stock market was special because of the presence of the ‘rich kids’, who can spend hundreds of billions of dong to buy shares though they are only 20 years old. The wealth of the 9X generation can be seen in big stock deals made in the stock market in the last days of September. Nguyen Tran Thao Nguyen, the daughter of Nguyen Quang Hoa, deputy chair of Thien Nam Import/Export Company (TNA), caught the special attention of the public when local newspapers reported that she now holds more than 2 million shares of TNA, or 25.49 percent of the company’s stake. However, the most impressive deal in late September was the one made by Le Tuan Anh, a very unfamiliar player in the market. Anh was the buyer in a transaction in which 4.73 million S99 shares were … [Read more...]

The richest and youngest heirs in Vietnam

Mr. Duong Cong Minh

VietNamNet reviews the young and richest heirs in Vietnam.The youngest heir On September 9, 2013, Mr. Huynh Uy Dung, the boss of Dai Nam Tourist Site in Binh Duong province, surprisingly declared that he would transfer assets worth trillions of VND (hundreds of million USD) to his one-year-old son, named Huynh Hang Huu. This testament was released on the first birthday of the child, the only son of Dung and his second wife, Nguyen Phuong Hang. On September 21, 2013, Hang Huu officially became the chairman of Dai Nam Joint Stock Company, with over 2,000 employees. The baby also owns a huge fortune from his father, including Lac Canh resort, Dai Nam Van Hien theme park, Di An residential - administrative area, Song Than Industrial Parks 2 and 3, totaling hundreds of million of USD. However, a short time later Dung said that the baby was not the president of Dai Nam but the owner of a charity foundation. Until the boy is 18, the foundation will be run by a 12-member council, … [Read more...]

Assets of 50 richest women reach $1 billion

Nguyen Ngoc Nhat Hanh, the daughter of REE’s chair, is the young face in the top 50.

VietNamNet Bridge – The total stock assets of the 50 richest Vietnamese women in 2014 increased by VND5 trillion from the year before. The oldest member of the top 50 women is 64 years old, while the youngest was born in 1991. The total assets of the 50 women hit VND21.45 trillion by the end of 2014, an increase of VND4.9 trillion over 2013. Holding shares of the largest listed real estate firm, Pham Thu Huong, deputy chair of the Vingroup’s board of directors, has for the fifth time been recognized as the richest woman in Vietnam. Her husband, billionaire Pham Nhat Vuong, topped the list of 100 richest stock millionaires in 2014. Vuong is also the first Vietnamese dollar billionaire recognized by Forbes. The second position on the list of top 50 belongs to a member of the Pham family – Pham Thuy Hang, deputy chair of Vingroup, who holds shares worth VND2.3 trillion. Vingroup is believed to be one of the most "powerful" and profitable conglomerates in … [Read more...]

The new stock millionaires in 2013

Nam Long's President Nguyen Xuan Quang.

VietNamNet Bridge - Vietnam has got 30 more stock millionaires, who are the shareholders of the companies which begin listing their shares on the bourse in 2013, and the members of the rich families. VnExpress and its partner VNDirect Securities Company have reported that 34 new stock millionaires have turned up by December 18, 2013, who have the stock assets worth over VND21 billion, or 1 million US dollars. The decision by Nam Long Investment JSC (NLG) on listing its shares on the bourse in April 2013 has created six more stock millionaires. Nam Long's President Nguyen Xuan Quang, with the stock assets worth VND250 billion, has become the richest among the new stock millionaires. Quang has been known as the founder and the chair of Nam Long since its establishment in 1992. Besides, he holds the post of president in the other four companies. In Nam Long, Quang holds 14.6 million shares with the market value of VND249.7 billion currently, a 20 percent decrease in comparison with … [Read more...]

The Vietnamese young ladies with colossal fortunes


The Hanoitimes - The number of Vietnamese millionaires has been increasing rapidly, while the rich businessmen tend to be younger in recent years. A lot of young ladies reportedly have the assets worth of multi billions of dong. Most of them are the beloved daughters of the big businessmen, who have the assets through inheritance and from the business of their own. On January 21, 2012, the HCM City Stock Exchange (HOSE) released a notice that the daughter of Nguyen Thi Mai Thanh, President of the Refrigeration Engineering Enterprise (REE) - Nguyen Ngoc Nhat Hanh, registered to buy o­ne million REE share more, thus raising her ownership ratio in the enterprise to 1.3% of the company's chartered capital. Until that day, Hanh had held 2.16 million REE shares, worth VND40 billion. The transaction of buying o­ne million shares more is expected to take place o­n the days between January 23 and February 21. The mother of the beautiful lady is Nguyen Thi Mai Thanh, the president of … [Read more...]

Difficulties, losses spare no one


The reports by the Hanoi and HCM City Stock Exchanges-- show that 30 stocks have received warnings from the watchdog agency. And if counting on the stocks put under the special supervision, the total number of stocks put under control has reached 50. The noteworthy thing is that these include the stocks of the enterprises owned by well-known "big guys". Saigon Tel (SGT), for example, has got the warning from the HCM City Stock Exchange (HOSE) for taking losses in all the four quarters in 2011, with the accumulative loss reaching 113.79 billion dong. At the end of the operation year 2011, the consolidated loss of SGT had climbed to 136 billion dong. This was for the first time SGT took loss in all the four quarters in a year, since the day it listed shares on the bourse. Explaining the bad business performance, SGT said that the high interest rates have made the company's financial costs skyrocket by 270 percent in comparison with the same period of 2010. In the crisis, … [Read more...]

Private businesses complain about discriminatory treatment


VietNamNet Bridge - Private enterprises seem to be at a disadvantage compared with foreign invested enterprises (FIEs) on the home playfield. For the last many years, FIEs in Vietnam have been raising their voice asking for a leveling competition environment, where they can join a fair competition with domestic enterprises. … [Read more...]

Rapid urbanization makes it profitable to invest in water supply projects


VietNamNet Bridge - An ADB report shows that Vietnam’s population in urban areas is expected to increase to 37 percent by 2020 from 30 percent. The rapid urbanization would lead to an urgent needs for infrastructure, including clean water. There are many reasons for investors to believe that water supply is a business field deserving of their investments. A report showed that only 60 percent of urbanites can approach clean water. Meanwhile, the percentage of water lost during the transmission is still high, at 30 percent, higher than the 15 percent in developed countries. This is attributed to the old water distribution system. Operational water production and supply companies were mostly state owned enterprises (SOEs). In 2007, the state, in an effort to call for capital from the public, put a series of companies into equitization. The Ministry of Finance’s Price Control Agency, in its report about the water supply sector in Vietnam, showed that 35 out of 90 water … [Read more...]

How much do Vietnamese bosses earn?

Doan Nguyen Duc (left) received VND4.18 billion in 2014

VietNamNet Bridge - The Chair of Hoang Anh Gia Lai Group, Doan Nguyen Duc, one of Wall Street Journal’s 20 most powerful Asian business people in 2011, tops the list of the "big bosses" with high monthly salaries. There is no common answer to the question about the monthly pay to businesses’ chairs and CEOs. The salaries could be sky-high for prosperous businesses and surprisingly low for unprofitable ones. Hoang Anh Gia Lai’s financial report showed that in 2014, every member of the board of directors received VND3.4 billion a year, or VND283 million a month. Duc, as the chair of the board of directors, received more than VND3.4 billion. In 2013, he received VND4.18 billion in salary and bonus. However, while the members of the group’s board of directors received sky-high pay, each member of the board earned VND106 million in 2014, or VND8.8 million a month. The post-tax profit of CII, a HCM City-based infrastructure development company, soared in 2014; … [Read more...]

How do the Vietnamese get rich?


VietNamNet Bridge - A new class of Vietnamese with total assets of at least one million dollars emerged over the last 30 years. relate news Who is the second-ranked dollar billionaire in Vietnam? Nguyen Xuan Thanh, director of the Fulbright Economics Teaching Program in HCM City, said the elite in Vietnam took shape after the average-income mechanism in the subsidy period was abolished. … [Read more...]

Nicknames of Vietnam’s biggest bigwigs: Where do they come from?

Tycoon Le Thanh Than.

VietNamNet Bridge - It is not unusual for Vietnamese billionaires to be assigned informal nicknames by the public, media or colleagues. While most accept the monikers bestowed on them, others are less comfortable with what they are called. Being the second son in the family, Doan Nguyen Duc, the owner of Hoang Anh Gia Lai Group, was called by his relatives "Ba Duc", meaning "Duc, the second child", according to the custom of the central region's people. However, he is better known in the business community as "Bau Duc", meaning "football club owner Duc". That's because he owns the Hoang Anh Gia Lai Football Club, a big name in the Vietnam Premier League. … [Read more...]

Forbes honours three Vietnamese businesswomen


(VOV) -Renowned US business magazine Forbes has announced the list of the year's top 50 businesswomen in Asia, including three Vietnamese. Vinamilk leads Forbes Vietnam's list of top 50 Forbes launches first edition for Vietnamese market First Vietnamese billionaire on Forbes list The three most powerful Vietnamese businesswomen are Mai Kieu Lien, manager and CEO of the Vietnam Dairy Products JSC (Vinamilk); Nguyen Thi Mai Thanh, manager and CEO of the Refrigeration Engineering Enterprise (REE); and Nguyen Thi Nga, manager of the Southeast Asia Joint Stock Commercial Bank (SeABank). Born in France and educated in Moscow, Kieu Lien immigrated to Vietnam in 1976 and joined Southern Milk, helping to modernise the old State-run dairy cooperative. After privatization in 2003, she assumed the chair on the board of directors and has since has transformed Vinamilk into one of Vietnam's most profitable and recognizable brands throughout Asia. As one of the most profitable brands … [Read more...]

Big banks’ CEOs poorer than small banks’ CEOs


VietNamNet Bridge - A paradox exists that the bosses of small banks are very rich, while the big bankers complain that their salaries are too modest. Big banks' CEOs poorer… President of the Bank for Investment and Development of Vietnam (BIDV) Tran Bac Ha complained that it is "difficult to live" with the ceiling monthly salary of VND36 million the State offers to the CEOs of state owned economic groups or general corporations. BIDV has become a joint stock bank after the equitization, but the State still holds 95 percent of the bank's stakes. Under the current regulations, if CEOs fulfill their business tasks very well, they would receive VND54 million at maximum, or VND648 million a year. The income level is just equal to the pay to Nguyen Thi Mai Thanh, President of the Refrigeration Engineering Enterprise (REE) or Doan Nguyen Duc, President of Hoang Anh Gia Lai group. It is simply because Ha is the president of a state owned enterprise, while Thanh and Duc are the … [Read more...]

The mystery of the water market


VietNamNet Bridge - Observers have noted that there is a new wave of the foreign investment in the Vietnamese water market. REE, the well-known refrigeration engineering enterprise, has decided to set up a subsidiary - Viwic - a clean water company, with the chartered capital of VND650 billion. It has also announced the plan to buy 17 percent more of the stakes of the Thu Duc Water Supply Plant to raise its ownership ratio there to 42 percent. Analysts believe that REE has taken a wise move it was informed about a new foreign investment wave which targets the Vietnamese water market. The Filipino and Singaporean investors reportedly bought shares of Vietnamese companies some months ago. On October 8, 2013, Ayala Group from the Philippines, through its subsidiary Manila Water, wrapped up the deal of buying 31.5 percent of stakes of SII, the Saigon water infrastructure company. After the deal, Ayala has become the biggest foreign investor in the Vietnam's water industry. Manila … [Read more...]

Big foreign investors make fat profit from stake sale deals


VietNamNet Bridge - Foreign investors seem to make an enigmatic decision when selling stakes in large quantities and discreetly withdrawing capital from leading Vietnamese companies. Selling the goose that lays golden eggs Two investors--Vietnam Enterprise Investment Ltd (VEIL) and Amersham Industries Ltd (Vietnam Growth Fund) on December 6 unexpectedly announced the sale of 8.8 million and 4.6 million Vinamilk shares (VNM), respectively. The transactions would be made in the time from December 11, 2013 to January 9, 2014. If the investors successfully sell 13.4 million VNM, or 1.6 percent of Vinamilk's shares, they would earn roughly VND1.9 trillion with the current market price at VND14,000 per share. After the deal, Dragon Capital, which manages the two funds, would keep 24.4 million VNM, or 2.92 percent of Vinamilk shares, worth VND3.4 trillion. The decision by Dragon Capital on selling VNM proves to be a big surprise to investors, who got excited with the increasing VN … [Read more...]

Investors rush to take capital back from banks


VietNamNet Bridge - Misfortune does not come alone. The banking sector, which has bogged down in the high bad debt ratio and big corporate governance problems is also facing the wave of investors' capital withdrawal. Injecting money in bank shares was considered a wise decision. However, the bad debt crisis and the wrongdoings found in 2012 have frightened investors. This explains why many of them have decided to withdraw their capital from banks. The capital withdrawal plans have been carried out in quietness, simply because information exposition is not compulsory for banks. The year 2012 witnessed 15 transactions of withdrawing capital from Sacombank, of which, five institutional investors and one individual investor took back all of their contributed capital. These include Bourbon Tay Ninh SBT (7.5 million shares), Ninh Hoa Sugar NHS (5,168,444 shares), Bien Hoa Sugar BHS (1,442,100 shares), Refrigeration Engineering Enterprise REE (42,139,266 shares). Especially, Australia … [Read more...]

Multi-field groups fail because of the lack of core competencies


VietNamNet Bridge - Vietnamese enterprises remain too young to become multi-field groups. A survey of McKinsey found that multi-field conglomerates make up 80 percent of the turnover of the 50 biggest companies in South Korea, 90 percent in India and 40 percent in China. All the companies reportedly had very high turnover growth rates in 2000-2010, 23 percent per annum in India and 11 percent in South Korea. The same thing happened in Vietnam. Dominic Scriven, Managing Director of Dragon Capital, cited Bloomberg's reports as saying that in 2006-2009, the Vietnamese market saw a sharp increase in capital, the majority of which was poured into non-core business fields of the 50 Vietnamese biggest companies. The companies then incurred big losses in the economic downturn, especially in 2008 with the loss of up to 20 percent. Le Hung Dung, President of Eximbank, one of the biggest banks in Vietnam, noted that Vietnam has witnessed a lot of "investment movements." In early 1980s, … [Read more...]

The business stories about the 200 businessmen with Nguyen family name


VietNamNet Bridge - The number of profitable businesses managed by Nguyen businessmen was five times higher than the unprofitable ones. However, not all of them felt satisfactory about the business performance in the first three months of the year.The businessmen with "Nguyen" last name are the most successful Mrs Nguyen Thi Nhu Loan from Quoc Cuong Gia Lai Group With the profit of VND4,375 billion in the first quarter of 2013, Nguyen Thi Lan, President of the Vietnam Gas Corporation (GAS), has fulfilled half a yearly business plan assigned by the shareholders before she retires in mid April. The satisfactory business result has helped maintain the upward trend of the GAS share price starting from the beginning of the year, despite the ups and downs of the stock market. GAS price has reached the highest peak since the day the shares entered the bourse, at VND60,500 per share. REE shares of the Refrigeration Engineering Enterprise run by Nguyen Thi Mai Thanh have also seen … [Read more...]

The businessmen with “Nguyen” last name are the most successful


VietNamNet Bridge - Nearly 200 businessmen with the "Nguyen" last name are now the presidents of listed companies. The businessmen with "Tran", "Le", "Pham", "Do", "Vu", "Bui" take turns heading other enterprises. From left Nguyen Hoa Binh, Nguyen Dang Quang, Nguyen Thi Mai Thanh, Nguyen Van Dat The survey by the local newspaper VnExpress and VnDirect Securities Company has shown an interesting thing: the businessmen with "Nguyen" last name seem to be more easily succeeded than the businessmen with other family names. The survey conducted on the listed companies on both the Hanoi Stock Exchange and HCM City Stock Exchange has found that some 700 businessmen hold the post of Presidents of listed companies and they bear 60 different family names. Of the businessmen, the ones with the family names of "Nguyen", "Tran", "Le", "Pham", account for 50 percent. Amounting to approximately 32 percent of the businessmen holding the post of the chair of the board of directors, Nguyen … [Read more...]

Leaving non-core business fields, conglomerates escape from marsh


VietNamNet Bridge - Withdrawing capital from the business fields in which they don't have advantages and experiences--after a period of incurring loss, economic groups have recovered their strength. After one year of construction, the Hoang Anh Attapeu sugar and sugar cane industry complex capitalized at $100 million in Laos has begun churning out sugar and generating electricity. The Hoang Anh Gia Lai Group's project is expected to bring relatively high profits right in the first year of operation. Doan Nguyen Duc, President of Hoang Anh Gia Lai, which reported big difficulties with the real estate development in 2012, keeps optimistic about the project, believing that the success of the project would help settle the capital shortage problem of Hoang Anh Gia Lai. Growing sugar cane, making sugar and generating electricity every year has been serving as the short term investment projects which can bring money to implement longer term projects, including the ones on growing … [Read more...]