Chairman of the FLC Group Trinh Van Quyet 

At the end of the November 14 trading session, Faros Construction Corporation (ROS) share price settled at VND116,200 per share, up by VND7,500 while FLC Group (FLC) share price reached VND7,010, up by VND10 on the HCM City Stock Exchange (HOSE).

Holding 279,559 million of ROS shares and 108.86 million FLC shares, the total value of ROS and FLC shares owned by Quyet amounted to VND33,246.74 billion ($1.49 billion), up by VND2,096 billion over the previous trading session.

At the same time, as Vingroup Joint Stock Company (VIC) share declined by VND1,100 to settle at VND42,900 per share, the total value of VIC share owned by Vingroup Chairman Pham Nhat Vuong decreased by VND1,158 billion to VND30,699.76 billion. 

Thus, Quyet, who has recently become the second USD billionaire in Vietnam, is now the richest man in the stock market of Vietnam - the position occupied for a long time by Vuong.

FLC Group and Faros Corp. have strongly emerged in the real estate and construction market in Vietnam with many large projects throughout the country. The most famous projects include the VND5,500 billion FLC Samson Beach & Golf Resort in Thanh Hoa province, and the VND7,500 billion FLC Quy Nhon Beach & Golf Resort in Binh Dinh Province. The total value of estate projects developed by FLC Groups is estimated at more than $3 billion by Savills.

Financial statements of the FLC Group and Faros show that these corporations’ short term debts are modest, at around VND4,300 billion in total (equivalent to nearly 7% of the total value of projects).

This year FLC Group targets to earn VND1,200 billion of profit and this goal was fulfilled in October, two months earlier than schedule, according to FLC Group’s General Director Huong Tran Kieu Dung.

Quyet was born in 1975 in the northern province of Vinh Phuc. He started business as a lawyer, an investment consultant and then was involved in commercial and real estate business. He has a major influence in Vietnam as the owner of a large portfolio of big resorts and golf courses. Internationally, Quyet was recognized as one of the most influential people in real estate in Asia in 2016.

Most of his holdings in public companies are from FLC Group and Faros, two real estate and construction companies.

Tran Dac Sinh, former Chairman of HOSE, where FLC and ROS shares were listed, said that he supported the investment philosophy of FLC Group and Quyet.

"When I came to FLC Samson Beach & Golf Resort and FLC Quy Nhon Beach & Golf Resort, these places were just the wilderness. Now they are massive and majestic projects. FLC Group focuses on sustainable investment, being environmentally friendly, creating jobs for thousands of workers, and beautifying landscapes. This is such a positive strategy that I highly appreciate," Sinh said.

PV