Vietnam millionaires banking on property
Vietnamese government statistics have revealed that nearly one third of the country’s 30 US-dollar millionaires derive their wealth from stakes in the real estate sector.
Pham Nhat Vuong (44), majority owner of Hanoi-based property conglomerate Vingroup, is Vietnam’s richest man with a net worth of $1.5 billion, a large portion of which has come from his real estate developments.
Since Vietnam enacted its “Doi Moi” reforms 27 years ago, ushering an economic opening and reform period similar to that which China heralded under Deng Xiaoping, Vietnam has become one of the most actively growing economies in the world, recognised by multilateral institutions for its efforts in poverty eradication.
However, Vietnam has managed to retain much of its more nebulous practices in the face of its economic reforms, which have manifested in fractious – and at times violent – land grab cases.
That the tycoons have projected themselves further into the wealthy stratosphere in an environment where land ownership issues remain vociferously contested has given rise to ill sentiments towards the newly formed elite.
Land plots that were once part of the peasantry class in outside of Hanoi, for example, have been the center of recent land grab issues.
Yet there are some legitimate fortunes that have been amassed in Vietnam, despite the culture of bribing needed to acquire land, which is understood as an acceptable evil.
In Vietnam’s rise, manufacturing belts once located along the coast have since turned into high-rise residential clusters that continue to spread and grow.
The millionaires of Vietnam just got in there first.
Vietnamese government statistics have revealed that nearly one third of the country’s 30 US-dollar millionaires derive their wealth from stakes in the real estate sector. Pham Nhat Vuong (44), majority owner of Hanoi-based property conglomerate Vingroup, is Vietnam’s richest man with a net worth of $1.5 billion, a large portion of which has come from his real estate developments. Since Vietnam enacted its “Doi Moi" reforms 27 years ago, ushering an economic opening and reform period similar to that which China heralded under Deng Xiaoping, Vietnam has become one of the most actively growing economies in the world, recognised by...
Vietnamese government statistics have revealed that nearly one third of the country’s 30 US-dollar millionaires derive their wealth from stakes in the real estate sector.
Pham Nhat Vuong (44), majority owner of Hanoi-based property conglomerate Vingroup, is Vietnam’s richest man with a net worth of $1.5 billion, a large portion of which has come from his real estate developments.
Since Vietnam enacted its “Doi Moi” reforms 27 years ago, ushering an economic opening and reform period similar to that which China heralded under Deng Xiaoping, Vietnam has become one of the most actively growing economies in the world, recognised by multilateral institutions for its efforts in poverty eradication.
However, Vietnam has managed to retain much of its more nebulous practices in the face of its economic reforms, which have manifested in fractious – and at times violent – land grab cases.
That the tycoons have projected themselves further into the wealthy stratosphere in an environment where land ownership issues remain vociferously contested has given rise to ill sentiments towards the newly formed elite.
Land plots that were once part of the peasantry class in outside of Hanoi, for example, have been the center of recent land grab issues.
Yet there are some legitimate fortunes that have been amassed in Vietnam, despite the culture of bribing needed to acquire land, which is understood as an acceptable evil.
In Vietnam’s rise, manufacturing belts once located along the coast have since turned into high-rise residential clusters that continue to spread and grow.
The millionaires of Vietnam just got in there first.
