How rich are the Vietnamese millionaires?

Posted on August 14, 2012


Having private aircraft, possessing islands, traveling in a Rolls & Royce, owning yachts and attracting the media like the portraits of the showbiz world – this is the common portrait of the Vietnamese millionaires.

The villas in West Lake area
Hanoi is the city which has the highest land price in the world, comparable with that in Tokyo, Hong Kong or Paris. Meanwhile, the land price in the West Lake area is considered the most expensive in Hanoi, which is called the golden land.

Leon Lai, a Hong Kong’s actor, could buy a villa with an area of 1000 square meters in Ruby Hill – San Francisco, with swimming pool and golf course, at five million US dollars.

However, he would not be able to buy a land plot with the same area in Hanoi with the same sum of money. A real estate expert said that the land plots in the area are priced at no less than 40,000 square meters. However, even if accepting the sky high prices, one would still not be able to buy a land plot here, because of no seller.

As such, if Leon Lai wants to live in the West Lake area in Vietnam, with five million dollars, he can only buy a house with the area of 125 square meters.

In the West Lake area, there are the villas with hundreds of square meters in area, which have the sky high and logically enigmatic prices.

There is also a golden land area in HCM City – the Dong Khoi area in district 1. However, the land plots here have been reserved to do business, not for accommodation. Therefore, the West Lake area is considered the most wonderful area for people to live.

Hollywood’s stars like Tom Cruise, Taylor Swift and Mariah Carey are living in the villas worth 2.6-30 million dollars. However, if they want to live on the golden land in Vietnam, they would have to pay much higher for the same area of accommodations.

Private aircraft, yachts and luxurious cars
Doan Nguyen Duc, Chair of the Hoang Anh Gia Lai was recognized as the first Vietnamese person who owns a private airline, after he bought a Beechcraft King Air 350 in 2008 at 7 million dollars.

In fact, in Vietnam, there are many people rich enough to buy private aircrafts. Just two years later, local newspapers reported that Tran Dinh Long, Chair of the Hoa Phat group bought an aircraft at 5 million dollars.

In 2009, Diem My, a well-known actress in Vietnam, said on local newspapers that her husband was possessing a 2 million dollar yacht.

In fact, a lot of businessmen have luxurious yachts, including Dao Hong Tuyen, who is called the “King of the Tuan Chau Island”.

Meanwhile, nearly all the most luxurious car models have been present in Vietnam, from Bugatti Veyron, Ferrari 599 Fiorano GTB to Lamborghini Aventador, from Rolls-Royce Phantom Year of the Dragon, Maybach 62S, Audi R8 to Aston Martin Vanquish.

The rich people whisper in each others’ ears that the remaining luxurious models with Koenigsegg or Pagani have not been present in Vietnam not because Vietnamese millionaires cannot afford them, but because they do not fit the taste of the rich people.

Only very rich people can possess luxurious cars in Vietnam. They not only have to pay high for the luxurious cars, which would be much more expensive in Vietnam than in the manufacturers’ countries because of the high tax, but also pay high to run the cars.

Analysts believe that in Vietnam, the expenses to run a car is triple that in other countries in the world. A Bugatti Vevron, which is sold at one million dollars in the US, would be priced at 3 million dollars in Vietnam, or 60 billion dong.

Mobile phones, watches or the “toys” on the hands of millionaires can show their upper class in an unspoken way. And of course, they are not less expensive than the multi-billion dong luxurious cars.

The pastimes of the rich

Most of the luxurious mobile phone brands can be found in Vietnam, from Vertu to Goldvish.

In 2009, Golvish introduced a Goldvish White gold platina D61 worth one million Euro in Vietnam.

Meanwhile, the mobile phones or watches worth hundreds of thousands of dollars bearing Rolex or Vacheron Constantin are not rarely seen in Vietnam.

Especially, the rich are always the superstitious people, who believe in the significance of the numerals. For example, a rich man, who possesses a luxurious car, would try to have a register number plate with the numerals 6789, which is believed to bring luck to the owner. Of course, he would have to pay much money, up to tens of millions of dong to obtain such a number plate with wonderful numerals.

The rich in Vietnam have been described as the “people, who spend money like there was no tomorrow.” They would not regret to spend big money on the things they like, provided that things can satisfy them.

The owner of the simcard with the lucky numbers 0988888888 said some people are ready to spend tens of billions of dong to buy the super simcard, but he does not intend to sell. Meanwhile, a lot of other simcards worth of billions of dong still have been traded on the market, even though the actual value of the simcard is no more than 65,000 dong.

The hobby of collecting lucky phone numbers and car number plates seems to be similar to the pastimes of the Arab oil kings.

Like western millionaires, Vietnamese millionaires like original products. Most recently, one of the 500 Leica MP Hermes has been present in the Vietnamese market at the price of roughly 500 million dong.

Big guys escorted by beautiful girls

Ha Dung, a well-known musician and businessman, is one of the famous men in Vietnam whose names have been associated with famous beautiful girls. Though Dung recently met problems with his business, when his Indochina Airlines was forced to stop operation after one year of joining the market, he still has been surrounded by a lot of beautiful girls, who are models, singers, actresses.

However, if considering the fame, Ha Dung may be less famous than Nguyen Quoc Cuong, Deputy General Director of Quoc Cuong Gia Lai Group.

In fact, Cuong, whose nick name is “Cuong dollar,” had been famous as the boyfriend of some beautiful girls before he turned up in the public as a businessman. Especially, Cuong has become more famous in the world after he appeared on international magazines. Cuong has been introduced in the articles as a young Vietnamese rich businessman who has a collection of luxurious cars, a beautiful girlfriend and a habit of spending money like water.

However, the image of Cuong dollar has changed recently in the eyes of the public. He turned up at the important events of the company as a member of the board of management. He arranged the donation trips, or organized the events for the club of people who love cars.

Analysts believe that a lot of Vietnamese people are in no way less rich than foreign millionaires. However, the names of the Vietnamese rich people still have not been added into Forbe’s list of the world’s billionaires.

The problem is that though affirming that Vietnamese people are really very rich, it’s still unclear about the value of their assets.

Posted in: Corruption