VietNamNet Bridge – Pham Nhat Vuong, president of Vingroup, Trinh Van Quyet, president of FLC and Bui Van Nhon, president of Novaland are developers of the most luxurious projects in Vietnam. They have now jumped into the low-cost apartment market segment.
The list of the richest stock billionaires released by Vietnamese press agencies has shown a big change: Trinh Van Quyet, 42, has replaced Pham Nhat Vuong at the top of the list. However, Vuong still is the richest Vietnamese person on Forbes’ list with assets worth $2.2 billion. Forbes not only considers stock assets of billionaires, but also unlisted assets.
Quyet is the richest billionaire who owns FLC, one of the largest real estate firms, and Faros, one of the fastest growing firms in Vietnam. Just within two years, Faros’ charter capital has increased to VND4.3 trillion.
FLC has been developing a lot of large-scale high-end real estate projects throughout the country.
These include FLC Samson beach & Golf Resort in Thanh Hoa province (VND5.5 trillion), FLC Quy Nhon Beach & Golf Resort (Binh Dinh) VND7.5 trillion, FLC Vinh Phuc Resort, FLC Ha Long in Quang Ninh, FLC Vinh Thinh Resort, FLC Quang Binh and FLC Do Son.
Most recently, in late December 2016, with the witness of PM Nguyen Xuan Phuc, FLC committed to invest $1.1 billion to implement the second phase of FLC Vinh Thinh.
The group owned by the young businessman also possesses a series of other projects, including FLC 36 Pham Hung, FLC Star Tower and FLC Twin Towers in Hanoi. In Thanh Hoa, it has FLC Hoang Long IZ, while in Quy Nhon, it has Tam Duong II IZ, FLC Landmar Tower.
Following success in the high-end market, the big players have jumped into the low-cost market segment, previously dominated by less powerful conglomerates.
The presence of VIngroup, which owns a huge number of apartments, in the low-cost market is believed to remap the market.
With record high transactions in 2016, Vingroup earned VND70 trillion, or four times higher than 2014.
Vinhomes Central Park alone brought VND30 trillion, the beachfront villas complex VND20 trillion and Vinhomes Times City VND15 trillion. The remaining came from Vinhomes Royal City and VInhomes Nguyen Chi Thanh. Also in 2016, the giant also began selling Vinhomes Metropolis, Vinhomes Golden River and Vinhomes Thang Long.
Novaland is a well known name among real estate developers with acquiring golden land plots in the inner city of HCMC and central business districts. But it became even better known on December 28, 2016 when it began listing shares on the bourse.
It now owns 40 real estate projects, including 30 under construction.