How real estate made Vietnam’s second billionaire
How real estate made Vietnam’s second billionaire
FLC Group chair strikes gold on Vietnam Stock Exchange
Property tycoon Trinh Van Quyet has achieved dollar billionaire status, only the second person to do so in Vietnam.
It was a stock rally that catapulted the FLC Group chairperson to the top of the Vietnamese heap. Quyet’s total assets skyrocketed to VND22.674 trillion (USD1.02 billion) on Thursday, VnEconomy reported.
Quyet now holds 93 million shares in FLC, in addition to 280 million shares in ROS (Faros Construction JSC), a frequent contractor for property projects backed by FLC. He in effect joins Vingroup president Pham Nhat Vuong, whose net worth is estimated at USD2.3 billion according to Forbes, as the country’s two richest men.
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The news comes on the heels of Quyet surpassing Tran Dinh Long, president of Hoa Phat Group, as Vietnam’s second wealthiest stock millionaire, next only to Vuong.
Quyet’s backstory would resonate with thousands in the ASEAN nation, riding an economic and property boom after decades of stagnation. Born to a poor family in Vinh Phuc province, Quyet repaired electronic products in Ho Chi Minh City after graduating from high school. He later attended Hanoi Law University.
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Source: Property Report