Public opinion across the country is focusing on Vinh Phuc - where tycoon Nguyen Van Hau (aka Hau "Phao") - was imprisoned, leading to the prosecution and temporary detention of two incumbent provincial leaders.
Also a famous tycoon at one time and from the same hometown of Vinh Phuc, Mr. Trinh Van Quyet was once ranked as the richest person in the Vietnamese stock market but also received the result of being prosecuted and temporarily detained.
Two tycoons from Vinh Phuc, Nguyen Van Hau and Trinh Van Quyet, both have something in common: they started out poor, then built a trillion-dollar enterprise, and were eventually prosecuted and temporarily detained by the Ministry of Public Security for serious violations.
From a farmer to the trillion-dollar Phuc Son empire
Nguyen Van Hau (43 years old) was born and raised in Tam Phuc commune, Vinh Tuong district, Vinh Phuc province.
Before entering the business world, the owner of Phuc Son Group did many manual labor jobs to make a living.
In August 2009, Hau established Phuc Son Group Joint Stock Company in Tam Phuc commune, Vinh Tuong district, formerly Phuc Son Trading and Construction Company Limited, operating mainly in the fields of real estate and construction business.
The development process of Phuc Son Group is considered to have "grown like a rocket" when in 2014, from a district-level enterprise, by 2015 it had become a trillion-dong corporation.
From 2015 to present, Phuc Son Group has 21 projects with a total investment of more than 40,000 billion VND.
With a successful business, tycoon Nguyen Van Hau built a magnificent and majestic mansion in his hometown in Tam Phuc commune, Vinh Tuong district.
Some of the outstanding projects of Phuc Son Group include: Phuc Son commercial center and housing project (Vinh Tuong district) with a total area of about 127 hectares (phase 1 and 2), total project investment capital of about 1,668 billion VND. The expected population size of both phases is 15,788 people. Phase 2 of the project faced many objections from the people during the site clearance process.
Also in Vinh Tuong district, another project of Phuc Son Group with a total investment of more than 2,000 billion VND is a wholesale market for agricultural products, a logistics system and a commercial urban area. Before being transferred to Phuc Son Group, this project was invested by Thang Long Real Estate and Trade Investment Joint Stock Company.
Up to now, the project has undergone a total of 4 planning adjustments but is currently still in a state of desolation.
On February 26, the Investigation Police Agency (Ministry of Public Security) issued a decision to prosecute and temporarily detain Nguyen Van Hau and a number of subordinates on charges of violating accounting regulations causing serious consequences.
Born in poverty to become the richest tycoon on the stock market
Coming from the same hometown as Hau "Phao" in Vinh Tuong district, Vinh Phuc, Mr. Trinh Van Quyet (49 years old) - former Chairman of FLC Group - also had a difficult childhood, struggling to make a living. The family's living expenses mainly depended on his mother's grocery stall.
Graduated with a bachelor's degree in law (Hanoi Law University), Mr. Quyet started his career by opening SMiC law office with the money he had saved over many years. The office was converted into SMiC Investment Consulting Company specializing in consulting on corporate law, investment law, and corporate intellectual property issues in 2008.
After working in the field of legal consulting, Mr. Quyet switched to investing in real estate projects.
When several real estate projects were successful, Mr. Quyet established Truong Phu Fortune Investment Company Limited with a capital of 18 billion VND and converted it into FLC Group Joint Stock Company 2 years later. This was a major turning point in Mr. Trinh Van Quyet's entrepreneurial journey.
FLC has launched a series of resort and golf course ecosystems such as FLC Sam Son in Thanh Hoa; FLC Quy Nhon in Binh Dinh. In addition, FLC has also implemented many projects in different market segments, in many localities across the country.
In his hometown, FLC of Chairman Trinh Van Quyet built a large-scale project with the FLC Vinh Phuc eco-tourism resort complex covering an area of up to 260 hectares, with a total investment of VND22,000 billion. The project includes the following items: resort villas, international 5-star hotel, spiritual area, golf academy, amusement park, wildlife park.
In addition, on December 16, 2022, FLC was awarded a decision by the People's Committee of Vinh Phuc province approving the results of selecting investors for Yen Lac Green City urban area and a series of projects.
At his peak, Mr. Trinh Van Quyet had assets of up to 4,789 billion VND. On the stock market, Mr. Quyet was ranked as the richest person on the Vietnamese stock market in 2017 with total assets of up to 58,852 billion VND.
On March 29, 2022, the Ministry of Public Security's Investigation Police Agency issued a decision to prosecute and temporarily detain Trinh Van Quyet to investigate the act of Stock Market Manipulation. He was then additionally prosecuted for the crime of Fraudulent Appropriation of Property.
To date, the case has been indicted and the court will soon bring the case to trial.
Close-up of the magnificent mansion of the Chairman of Phuc Son Group who was just arrested
Search at the private home of the Secretary and Chairman of the People's Committee of Vinh Phuc province
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