A second USD billionaire is made in Vietnam as a direct result of the property market.
Vietnam welcomes another dollar billionaire according to the Vietnam stock market. The chairman of the FLC Group’s management board, Trinh Van Quyet, has become the second dollar billionaire behind the chairman of Vingroup, Pham Nhat Vuong, who was the first to claim this status.
Quyet’s total assets tallies up to an impressive VND 22.6 trillion or USD 1.01 billion. He has 65 percent of the capital for the construction firm Faro making Quyet the largest shareholder. News was released when his shares climbed to VND 79,100 for every share resulting in a rise of asset value to VND 2.1 billion.
Additionally Quyet has in excess of 93 million shares at FLC. Each share is valued at over VND 6,000, accumulating to a total of VND 562 billion. Quyet has been dubbed as the influencing factor to the success of FLC. Tran Dac Sinh, chairman of the HCM Securities Exchange commented, “FLC has been one of 30 companies with the largest scale and liquidity in the market thanks to Quyet’s leadership”.
With resorts in Hanoi, Thanh Hoa and Quy Nhon all with five-star ratings, FLC is thought to be one the largest developers in Vietnam. Their recent partnership agreement with Navireal of Quy Nhon Beach and Golf Resort, is just one of the many strings to their bow.
This paints a rather rosy picture and outlook for property in Vietnam. It illustrates the strength of the market and should continue to pave the way for a positive future.