VietNamNet Bridge - Trinh Van Quyet, president of FLC Group, a real estate developer, is a dollar billionaire. Quyet was born into a poor family. He became a lawyer and then a billionaire. 

In late September 2016, the owner of FLC Group Trinh Van Quyet officially outstripped Tran Dinh Long, president of Hoa Phat Group, to rank second on the list of the richest stock millionaires, next to Pham Nhat Vuong, president of Vingroup.

Just one month later, on October 27 the businessman once again stirred up the stock market becoming the second dollar billionaire. The first one, recognized by Forbes, is Pham Nhat Vuong.

Trinh Van Quyet, 41, was born into a poor civil servant family in Vinh Phuc province. After finishing high school, he went to HCM City where he practiced repairing electronic products and nurtured the dream of going to university.

In 1996, Quyet decided to go to Hanoi Law University.

Quyet now holds 93 million FLC shares and 280 million ROS (Faros Construction JSC) shares, worth VND22.674 trillion in total, or over $1 billion.

The then university student always entertained the passion for business. He traded phones and opened a private tutoring service center, which not only allowed him to make a living, but also supported his younger brothers and sisters. He also saved money for investment.

In 1999, after graduating from the law school, Quyet set up SmiC, an investment consultancy firm.

SmiC gave Quyet an initial amount of capital to make investment in some other business fields, including the real estate sector.

In 2008, Truong Phu Fortune Investment Company Ltd was established with investment capital of VND18 billion, which was later changed to FLC Group. Quyet is one of three founding shareholders of the company.

FLC has become especially well known since 2011 when FLC began listing shares on the bourse.

The hallmark which helped FLC improve its fame was the FLC The Landmark Tower project, covering an area of 4,500 square meters on Le Duc Tho Road in Hanoi. 

Quyet decided to buy the land plot when it was the grassy lowlands in 2008, when investors were indifferent, because he believed in the great potential of the project.

A complex building with 32 stories for both apartments and offices has been built. The sale of apartments brought VND575 billion to the investor in 2012. When real estate suffered from the recession in 2011-2013, FLC gained great success with the project.

Within several years, FLC’s charter capital increased by 73 times from VND18 billion in 2008, while total assets increased by 112 times.

Quyet now holds 93 million FLC shares and 280 million ROS (Faros Construction JSC) shares, worth VND22.674 trillion in total, or over $1 billion.

Mai Chi