The birth of Vietnam’s richest man: 53 years old, worth 48.3 billion yuan, to build the largest private enterprise in the region

2022-04-30 0 By

On the first day of the lunar New Year, China lost to Vietnam for the first time, 3-1, in the eighth round of the Asian World Cup qualifying tournament to bid an early farewell to the 2022 Qatar World Cup.Nine years ago, famous fan Zhiyi said in an interview that “China will lose its football face if it loses to Vietnam”, which came true.When it comes to the country, many people probably think of “Vietnamese brides” and “motorcycles”.Originally poor and backward, Vietnam has become one of the fastest growing countries in Southeast Asia and the world.Vietnam’s richest man is Pham Nhat Vuong, 53, with a net worth of $7.6 billion, or 48.3 billion yuan, according to Forbes real-time Rich List.As the first Vietnamese billionaire to make Forbes’ rich list, he is known as the “Li Ka-shing of Vietnam”.”Entrepreneurship is about attack, not defense,” he said, but he kept a low profile and rarely appeared in media reports.Born in the 1960s in Ha Tinh province in central Vietnam, Phan Rih Wang grew up in an ordinary family, with three children surviving on their mother’s roadside tea business.Despite the difficult conditions, he did not fall behind in his studies and went to Moscow to study at Hanoi University of Mining and Geology.After graduation, he scraped together $10,000 to open a Vietnamese restaurant in Kharkiv, Ukraine, and started his own business.While opening the shop, Mr. Pan found that demand for cheap, satisfying instant noodles was particularly strong in Ukraine.With a few friends, he co-founded a food company called Technocom, launched a fast-food brand called Divina, and made his first fortune.Since then, it has grown to produce hundreds of food products and expanded into dehydrated ingredients, which are exported to dozens of countries around the world.In 2001, Mr. Phan returned to Vietnam and the following year founded Vincom in Hanoi, a development of shopping malls, high-end office buildings and apartments.Keenly aware of the untapped tourism industry in the region, he founded Vinpear, which creates tourism and entertainment properties such as five-star hotels, luxury resorts, beach villas, water parks and golf courses.He merged the two companies a decade ago and Vingroup was born.The 461.3m Landmark 81, the tallest building in Southeast Asia, is a $1.4bn hotel, luxury apartment and retail complex in Ho Chi Minh City’s busiest Central Park district.The largest private enterprise in Vietnam, its business in addition to real estate, hotels, tourism and entertainment, but also covering retail, automobile, education, agriculture and so on.It has more than 10 well-known sub-brands, including Vinfast, Vietnam’s first local car brand, Vinsmart, the first “Made in Vietnam” mobile phone, etc.For a long time, Local car manufacturing in Vietnam was done on contract and all parts were imported.Determined to break that, Mr Pan brought in Jim de Luca, a former GM executive, to run VinFas and signed up suppliers such as ABB, Bosch, Magna Steyr and Siemens.In 2018, sedan LUX SA2.0 and SUV LUX A2.0 were officially launched, which are the first independent brand cars in Vietnam, designed by Bininfarina (used to design for Ferrari, Lamborghini sports car styling).Now new energy vehicles are the trend of The Times.VinFast plans to stop producing gasoline cars within this year and turn itself into a pure electric vehicle company.At present, five models of pure electric SUVs have been disclosed, among which the large SUV “VF8” and “VF9” have begun to obtain orders in Vietnam, Europe and the United States, and the annual sales are expected to be 40,000-50,000 units.They sell the same battery class at about half the price of Tesla’s by offering high-priced batteries for rent.The company also plans to list in the United States, the success of which will determine the development of its pure electric vehicle business.