2024-03-01 01:08:00
Get rich through real estate
CNBC recently cited a report by global asset intelligence company New World Wealth (South Africa) and investment migration consulting firm Henley & Partners (Switzerland) showing that Vietnam will witness asset growth. the world’s biggest mutation, up to 125% in the next 10 years. According to information released, Vietnam currently has 19,400 millionaires with assets of more than 1 million USD and 58 people with total assets of 100 million USD or more. Andrew Amoils, analyst at New World Wealth, estimates that 125% is the fastest growth rate of any country.
According to the World Bank (WB), in the past 10 years, what country’s GDP per capita is, in terms of GDP per capita and number of millionaires. Vietnam has doubled, from 2,190 USD to 4,100 USD.
Observing the stock market, the group of 10 richest people in Vietnam today mostly come from activities in the real estate sector. The first position is Mr. Pham Nhat Vuong, Chairman of the Board of Directors of Vingroup Joint Stock Company (94,052 billion VND). Mr. Do Anh Tuan, Chairman of the Board of Directors of Sunshines Homes Development Joint Stock Company ranked third (23,418 billion VND). Ms. Nguyen Thi Phuong Thao, Chairwoman of the Board of Directors of Sovico Joint Stock Company ranked 4th (23,095 billion VND).
Many leaders of other real estate businesses have large asset values on the stock market such as Mr. Bui Thanh Nhon (Novaland), Mr. Nguyen Van Dat (Phat Dat), Ms. Nguyen Thi Nga (BRG), Mr. Dang Thanh Tam (Kinh Bac), Mr. Nguyen Van Tuan (Gelex)…
The richest people on the stock exchange (order from left to right: Mr. Pham Nhat Vuong, Mr. Tran Dinh Long, Mr. Do Anh Tuan, Ms. Nguyen Thi Phuong Thao and Mr. Ho Hung Anh)
Next are the bankers with huge assets such as Mr. Ho Hung Anh (Techcombank) and his family, Mr. Ngo Chi Dung (VPBank), Mr. Dang Khac Vy (VIB)… Giants from the manufacturing industries Export and technology are somewhat inferior in quantity, recording some prominent names such as Mr. Tran Dinh Long (Hoa Phat), Mr. Nguyen Dang Quang (Masan), Mr. Truong Gia Binh (FPT)…
A large proportion of people are rich from real estate, according to experts, a common phenomenon in developing countries. Associate Professor, Dr. Nguyen Huu Huan (Ho Chi Minh City University of Economics) said that in emerging countries, the economy grows mainly thanks to the foreign direct investment (FDI) sector, exchanging land for infrastructure. Vietnam is also in a similar context, and does not have strong industrial sectors, mainly outsourcing. “Not many people who get rich from production and business actually get rich. We are famous in the international market for textiles and leather shoes, but we mainly do processing and do not have a famous brand,” Mr. Huan analyzed.
Vietnam currently has 19,400 millionaires with assets of more than 1 million USD and 58 people with more than 100 million USD. Photo: Nhu Y
Economic expert Nguyen Tri Hieu said that in Vietnam today, wealth originates from trade (including real estate business), more than production and business. Currently, our country’s economic growth is among the highest in the world, but GDP per capita is among the lowest 25% of countries, a long distance compared to developed countries; Not to mention labor productivity is not high. Mr. Hieu said that it is predicted that Vietnamese people can be the fastest rich in the world, but there are still factors that must be monitored in the coming time. There is still a long way to go to prosperity and wealth.
Control of assets, gap between rich and poor
According to expert Nguyen Tri Hieu, along with export activities, Vietnam also has many people who have become rich thanks to the large influx of FDI capital in recent years. With that comes risks. “If we only rely on exports and forget the domestic market, growth will face difficulties like what happens in 2023. With FDI, Vietnam attracts good capital, but does not have access to technology, there is no transformation. deliver. These issues show that, if we want sustainable growth, we must focus more on domestic demand and production of goods – the pillar of an economy, the foundation that creates prosperity for the country.” , Mr. Hieu pointed out.
Mr. Huynh Hoang Phuong, Director of Research and Analysis, FIDT Investment Consulting and Asset Management Joint Stock Company, said that in the next 10 years, industries with room for growth will recognize many rich people with assets. The fastest growth is still banking and real estate. However, in the future, Vietnam will have an economic restructuring, a diverse class of rich people will appear from many different professions. New industries will arise, such as trade, import-export, technology….
Mr. Huynh Hoang Phuong commented that asset growth of 125% in the next 10 years in Vietnam is feasible. Forecasts of major organizations show that from 2025, Vietnam will grow strongly once more.
In addition, the golden population structure will strongly support asset growth. “Looking at neighboring countries, we can see that Vietnam’s story today is very similar to China’s in the 2008-2009 period. Not only Vietnam and China, but also countries in the golden population period, with GDP per capita at 3,000 – 4,000 USD, will enter a period of very rapid growth. Golden population, rapidly growing GDP, infrastructure… create momentum to attract FDI, continuing to support growth,” Mr. Phuong analyzed.
Associate Professor. Dr. Nguyen Huu Huan also said that in the next 10 years, Vietnam will witness strong growth in the middle class, a part of middle-income people moving to upper-middle income. The increase in assets is mainly in this group, and the group of rich people. The problem that arises when the number of rich people increases too quickly is the control of assets, the gap between rich and poor, class stratification, and the need for socio-economic management by the Government.
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