Selling Luxury Apartments to Frugal Vietnamese

Vingroup’s aggressive plans rely on moving investors out of gold
Artist’s rendering of Times City

Pham Nhat Vuong, the billionaire chairman and founder of Vietnam’s largest property developer, Vingroup, is spending more than $4 billion to develop luxury apartments in Ho Chi Minh City, Hanoi, and several of Vietnam’s coastal and provincial cities. “If you give me $10 billion now, I would spend it all on construction because there’s so much more to build,” says Vuong, who with his wife owns about 50 percent of Vingroup, the country’s fifth-largest company by market value, $2.6 billion as of Oct. 29. “There is tremendous demand in Vietnam.”

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