Selling Luxury Apartments to Frugal Vietnamese
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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