Two New Vietnamese Billionaires On Forbes List

Both Tran Dinh Long and Tran Ba Duong have invested in agriculture

Four Vietnamese are included in Forbes’ recently released list of billionaires. These include Pham Nhat Vuong, president of VinGroup, and Nguyen Thi Phuong Thao, CEO of Vietjet Air. 

The new names, Long of Hoa Phat Group and Duong of Truong Hai Automobile, have stock assets of $1.3 billion and $1.8 billion, respectively.

Hoa Phat and Truong Hai have emerged as leading corporations in heavy industry with annual revenue of tens of trillion of dong. 

Its 2017 finance report showed that Hoa Phat’s steel sales reached a record high of 3 million tons, an increase of 25 percent. It holds 24 percent of market share for structural steel and 27 percent for steel pipes.

With steel sales increasing sharply in 2017, Hoa Phat’s revenue soared by 39 percent, reaching VND46.162 trillion, while post-tax profit increased by 22 percent to VND8.007 trillion.

As for Truong Hai, in 2017, the automobile manufacturer sold 89,602 products, a decrease of 21 percent from the year before, but it still holds 36 percent of market share.

The drop in car sales affected most automobile manufacturers in 2017, because buyers postponed purchases, hoping cars would be cheaper in 2018, thanks to the tax cuts.

Both Hoa Phat and Truong Hai are big players in their industries, leaving their rivals far behind. Hoa Phat’s revenue in 2017 was equal to total revenue of both Hoa Sen and Nam Kim Groups, the two listed steel corporations.

Regarding total assets, the figure reported by Hoa Phat was VND53 trillion as of the end of 2017, while Truong Hai had VND55 trillion by the end of September 2017. 

Both corporations have made serious investments in real estate and agriculture. Hoa Phat, for example, has poured money into Mandarin Garden 1 and Mandarin Garden 2, and industrial zone projects.

Its agriculture projects have brought initial achievements. Hoa Phat plans to provide 20 million poultry eggs this year and increase Australian cow output. It hopes to produce 300 million eggs, 75,000 cows, 650,000 pigs and 1 million TONNES OF animal feed a year in the next five years.

As for Truong Hai, it joined the real estate market, taking over control of Dai Quang Minh Real Estate JSC. It also built an agricultural engineering factory in Quang Nam, capitalized at VND500 billion.

US$1=VND22,000

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