Billionaires from East Europe operating in major business fields in VN

Nguyen Canh Son, the founder and president of Eurowindow.

A report found that four out of six Vietnamese dollar billionaires have East European origin. They run profitable businesses which operate in important business fields of the national economy.

Vingroup, Masterise, Sun Group, EuroWindow, MIK Group, TNR Holdings and Phu Long are well-known names in the real estate sector. VPBank, OCB, VIB, MSB and Techcombank are well known in the banking sector, while Masan is famous in consumer goods manufacturing and Vietjet in the aviation industry.

Nguyen Canh Son and Eurowindow empire

Eurowindow Holding, established in 2007, is managing direct and portfolio investment capital in subsidiaries in building materials, interior furnishing to real estate, construction, finance and banking.

In recent years, Eurowindow has developed in the real estate sector through their businesses, with a huge land bank throughout the country.

The huge projects of Eurowindow River Park, Eurowindow Garden City, Eurowindow Twin Parks, Nghia Do Urban Area, Movenpick Resort Cam Ranh and Radisson Blu Resort Cam Ranh show the great ambitions of the founder – Nguyen Canh Son.

Eurowindow reported stockholder equity of VND7.834 trillion June 30, total assets of VND15.276 trillion and post-tax profit of VND24 billion.

Son is described as an influential businessman. He also holds the post of vice president of Techcombank.

In Techcombank’s administration report, one can read that relatives include Nguyen Thi Phuong Hoa, his wife, and Nguyen Canh Son Tung, his son.

Tung is a well known figure who has high posts at many companies. He is a member of the board of directors and finance director of Eurowindow Holding; a member of the board of directors of Hanoi Investment and Construction No 1 (HICC1); chair of EuroFinance; and member of the board of directors at Vincentra which is running a shopping center. He is also president of Eurowindow Quang Binh Five Star, and member of the board of directors at Moscow-Hanoi Housing Investment.

Tung is also holding 10 percent of charter capital of Hanoi-Moscow Trade Center Investment (Incentra), 21 million TCB shares, worth VND713 billion.

Nguyen Canh Son Tung is the son-in-law of Chair of VPBank president Ngo Chi Dung.

Nguyen Chi Dung – a well known banker

Before becoming the president of VPBank, he once held the post of deputy chair of Techcombank in 2006-2010.

One of the members of the board of directors of Techcombank is also a businessman with ‘East European origin’ – Nguyen Dang Quang, who is now the president of Masan, a consumer goods manufacturer. Son from Eurowindow is also a member of Techcombank’s board of directors.

Dung and his family members are holding 1.044 billion VPBank shares. Of these, 328.6 million shares are being held by Dung, 326.8 million shares by his wife Hoang Anh Minh and 325.9 million shares by his mother Vu Thi Quyen.

Dang Khac Vy, the owner of one of most profitable banks

While other businessmen with East European origin have become famous among the public, others stay secretive. Vy, the owner of VIBBank, is one of them.

VIB has released its third quarter financial report showing accumulated profits of VND8.3 trillion for the first three quarters of the year, an increase of 7 percent compared with the same period last year. The bank is listed among the 10 most profitable banks with the ROE (return on equity) of 27 percent.

VIBBank is listed among top 10 banks with highest profits in the first three quarters out of the 28 banks which have publicized financial reports.

Analysts noted that commercial banks account for half of the top 20 listed businesses with highest profits.

Vy and his family members hold VIB shares worth VND7 trillion.

Over the last decade, except for Commonwealth Bank of Australia, an institutional shareholder, Vy has had the highest ownership ratio at VIBBank.

Vy is also the founder and president of Mareven Food Holding Ltd, a food and consumer goods manufacturer in East and West European markets.

Pham Nhat Vuong, Nguyen Thi Phuong Thao and Ho Hung Anh are dollar billionaires recognized by Forbes.

Manh Ha