return icon Vietnamnet.vn

The billionaire who wants to acquire Phu Quoc Airport

Do Quang Hien’s T&T Group appears to be the leading candidate for the new developer of Phu Quoc Airport, thanks to the company’s huge assets and commitments.

VietNamNet Bridge - Do Quang Hien’s T&T Group appears to be the leading candidate for the new developer of Phu Quoc Airport, thanks to the company’s huge assets and commitments.


 

{keywords}

 

 


Hien is now the chair of T&T Group and the Saigon – Hanoi Commercial Bank (SHB). He once traded electronics and motorbikes and later poured money into the banking sector and real estate projects. He rarely fails in his investment projects. 

Hien, who was not trained to become a businessman, initially worked as a physicist at the National Technology Research Institute and started up in 1993.

Hien established T&T Hung Yen Company in 1999, making motorbike parts, with capital of VND300 billion.

But the company was actually larger than the public imagined. It controlled the China-made motorbike market in the north. For a long time, Chinese motorbikes with Lifan, Hongda, Loncin and Lisohaka brands flooded Hanoi’s streets.

Chinese motorbikes helped Hien get rich quickly, but they did not bring fame to Hien and T&T. People knew about Lifan and Hongda, but did not know about T&T.

However, the name became better known when Hien set up T&T Hanoi, a football club. Hien, with his powerful financial capability and good management, developed T&T, an unknown club, into a major player in Vietnam’s Premier League (V-League).

Since then, Hien has continued to pour money into football, because though the football club does not bring big money, it can help polish the image of T&T.

However, the capital Hien has poured into football is far less compared with the money he has put into real estate and banking projects.

In 2007, T&T became a strategic shareholder of SHB. A report shows that T&T has contributed VND620 billion to the bank.

Also in 2007, T&T became a strategic shareholder of SHS, a securities company with VND123 billion worth of contributed capital.

T&T teamed up with the Vietnam Coal and Minerals Industries Group and other partners to set up SHB-Vinacom insurance company (SVIC) which has chartered capital of VND300 billion.

T&T has also injected money into other fields, including mining, beverage and plastics. Its chartered capital had reached VND2.4 trillion by 2014.

Hien has said either he will buy the airport, or will get concessions to develop the airport for a definite time with existing staff.

Hien has committed to develop Phu Quoc into a regional leading airport. T&T would continue pouring money into the airport to upgrade its infrastructure to make Phu Quoc better a key port in the southern part that links the south and the rest of Vietnam and international markets.

T&T has committed to not transfer the airport to other investors for five years after it gets the license to develop the airport. 

With Hien’s power, analysts say, there are reasons to believe his promises are not empty.

Manh Ha

MORE NEWS

Vietnam weighs electricity price hikes in 2023

Vietnam is considering hiking electricity tariffs this year as the last adjustment took place almost four years ago while input costs of power generation have soared since.

Biggest spring blood donation event to kick off on February 6

The Xuan hong (red spring) festival – the biggest annual blood donation campaign of the season – will begin on February 6, expecting 6,000 units of the vitality liquid.

Vietnam-Asia trade reaches nearly 475.3 billion USD in 2022

Vietnam’s merchandise trade with Asia reached 475.29 billion USD in 2022, increasing by 9.6% compared to 2021 and accounting for the highest proportion (65.1%) in the country's total import-export value.

Revised Law on Medical Examination and Treatment promulgated

The Presidential Office on February 3 announced the Acting President’s order to promulgate the Law on Medical Examination and Treatment that was adopted by the 15th National Assembly at its second extraordinary session.

Volatile real estate market puts pressure on business results

Volatile real estate market caused revenue and profit of realty businesses to decrease sharply in the fourth quarter of 2022.

VIETNAM NEWS HEADLINES FEBRUARY 3/2023

CNTraveler picks Con Dao one of best island vacations globally

Six businesses lose fuel distribution licenses

The Ministry of Industry and Trade has revoked the fuel distribution licenses from six local businesses, with effect on February 27.

ChatGPT and AI booms in Vietnam

AI and ChatGPT technologies are forecasted to explode, creating a new wave of technology this year.

Fruit exports to China increase sharply

The recovery of exports to China will contribute to boosting Vietnam's fruit and vegetable industry in 2023.

Former chairs, vice chairs of Thai Nguyen disciplined

Prime Minister Pham Minh Chinh has taken disciplinary measures against two former chairmen, two former vice chairmen and one vice chairman of the People’s Committee of Thai Nguyen Province.

Hotel in Da Lat fined for discriminating against foreign tourists

The People's Committee of Da Lat City in the Central Highlands province of Lam Dong on Wednesday fined Nguyen Thi Kim Thoa, director of Dream Flower Hotel Ltd. Co, for discriminating against tourists.

State Treasury to auction VND400 trillion G-bonds this year

The Vietnam State Treasury (VST) has announced a plan to auction VND400 trillion worth of government bonds on the Hanoi Stock Exchange this year.

Ministry proposes adjusting fuel prices every Thursday

According to MoIT, shorter price cycles are better at keeping domestic prices closer to the global oil prices, even during holidays (except Tet) to minimise the risk of market disruptions.

Indian journalist impressed by Ha Long Bay cruise

Aatreyee Mohanta, an Indian journalist of Telegraph India, enjoyed plenty of quintessential experiences in Vietnam as she travelled on the Aspira Cruise around Vietnam’s Ha Long Bay,

VIETNAM BUSINESS NEWS FEBRUARY 3/2023

Heavyweight shares help stop market from a fall
back_to_top