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Seven out of 10 of the richest stock millionaires are real estate developers, though their rankings change at times. They include Pham Nhat Vuong, president of Vingroup, with stock asset value of VND30.406 trillion, Trinh Van Quyet VND27.326 trillion and Bui Thanh Nhon VND9.821 trillion.
Some economists have pointed out that while the richest billionaires in the US are owners of technology firms such as Bill Gates and Mark Zuckerberg, the richest Vietnamese stock millionaires are real estate developers.
Truong Gia Binh, president of FPT, the largest information technology Vietnamese group, is not in the top 10.
Real estate billionaires are sometimes known as ‘disgraced heroes’ because they do not make big contributions to the knowledge-based economy and the fourth industrial revolution.
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Seven out of 10 of the richest stock millionaires are real estate developers, though their rankings change at times. They include Pham Nhat Vuong, president of Vingroup, with stock asset value of VND30.406 trillion, Trinh Van Quyet VND27.326 trillion and Bui Thanh Nhon VND9.821 trillion. |
Pham Chi Lan, an economist, said: “In Vietnam, land belongs to all the population. Therefore, when some individuals exploit the business field and get rich, they raise questions about their wealth.”
However, Nguyen Minh Phong, also an economist, said though there is no quantitative tool to measure the contribution by real estate billionaires to the national economy, great contributions are undeniable.
The real estate projects developed by billionaires, which are all large and professional, have helped change the face of cities and provinces and create a well-organized market.
Some economists think that real estate is not the industry on which the economy can be based in the long run, because it does not contribute much to overall growth, and is land and credit-resource intensive.
Meanwhile, others think the real estate sector contributes a lot to the economy. Real estate is a business chain of many links, from construction and installation to materials and tourism.
The European Public Real Estate Association (EPRA) in 2016 said that real estate provides the basis for most other business fields, enabling them to develop fully.
According to Do Cao Bao, FPT’s deputy CEO, the fact that Vietnam has more real estate billionaires than technology billionaires is understandable because this is in line with the development of the economy.
“It is true that the world has entered the 4.0 industrial revolution, but Vietnam economy, Vietnamese consumers and Vietnam businesses are just at the level of a 1.5-1.6 industry,” he said.
To have many wealthy people in technology, Vietnam needs to have more enterprises pioneering in the 4.0 industrial revolution, which create solutions and services, and have a global market.
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