W.Minh Tuan

Vincom of Vietnam today, was originally an instant noodle manufacturing company in Ukraine, which prospered during the twilight period of poor Ukraine in the early 1990s, after Ukraine had just escaped from the domination of communist-dictator Russia.

During that twilight period, poor Ukraine was eager to receive all INNOVATION, all new products of the NON-SOCIALIST MARKET MECHANISM, then poor Ukrainians were eager to buy Vincom instant noodles, made in Ukraine, a very unhealthy dish.

Thanks to selling that kind of unhealthy instant noodles to the Ukrainian people, Vin Ukrainian instant noodles company earned many millions of dollars.

Then, according to Vin’s own announcement, the Ukrainian instant noodle company Vin sold the unhealthy instant noodle company to the Swiss company, earning about 150 million USD-USD in the late 1990s, and Vin bring that money back to Vietnam for the beautiful, patriotic slogan of “investing in building the country“.

Vin was warmly welcomed in our country, Vietnam, in the twilight period of Vietnam’s DOI MOI, our Vietnam has also just entered a non-socialist Market Mechanism, completely similar to the pitiful Ukraine more than 10 years ago.

Vin’s first successful project was to buy land for the Tran Hung Dao mechanical factory at the end of Ba Trieu Street, Hanoi, with the total value of the factory land purchase, and the investment in building an apartment-supermarket-office Ba Trieu, was about 600 billion VND in 2004.

With the land price in 2004, more than 44,000 m2 of land at Tran Hung Dao mechanical factory, about 2000 USD/1 m2, that 44,000 m2 of land must be worth about 88 million USD, with the exchange price at that time about 10,000 VND / 1 USD, then 88 million USD is about 800 billion VND.

So Vin’s entire investment in land purchase and construction is only about 600 billion. We can immediately calculate that after construction is completed, houses will be sold at market prices, and offices and supermarkets will be rented according to market prices, Vincom immediately made a profit of at least double the initial investment of VND 600 billion in 2004.

Vincom’s business trick, and that of other real estate giants in Vietnam, is to buy state land, factory land, offices, schools, and hospitals in the twilight period that has just begun, according to the State price, the price is dirt cheap, then build apartments, supermarkets, offices to sell, do business, rent at market prices, then how can you not “become a billionaire after 1 night?”

Furthermore, buying State land, office land, factory land, hospital land, school land will not attract any lawsuits, it is really safe.

So after Vincom successfully bought the land of Tran Hung Dao mechanical factory in 2004, people saw that, without knowing who they were, Prime Minister Nguyen Tan Dung and his advisors and associates immediate issuance of Decision 490 QD-TTg dated May 5, 2008, and subsequent legal procedures, on the relocation of facilities causing pollution, noise, and traffic congestion out of the inner Hanoi city.

After the wrong, “harmful to the country and good  interests to privates” decision of Prime Minister Nguyen Tan Dung, Vincom immediately carried out a series of campaigns to buy factory land according to Decision 490 mentioned above. New apartments were built by Vincom – now Vinhome – and sold at market prices, causing more noise, causing more traffic jams, causing more environmental pollution, completely failing to implement the beautiful policy, very disappointing is “to build a clean, beautiful capital city of Hanoi, reduce pollution, reduce noise”!!!.

In fact, if you want to reduce traffic congestion, reduce noise, and reduce environmental pollution, you must:

-First, develop public transportation, develop elevated railways, ground railways, and subways. Without railways, without subways, no country in the world can reduce traffic congestion. Moving factories, offices, schools, and hospitals out of Hanoi’s inner city makes absolutely no sense.

And now we can see clearly that the relocation of the factory according to Decision 490 mentioned above, since nearly 20 years ago, has completely failed to solve traffic congestion in Hanoi, and everyone is waiting for Ha Noi develops subways and ground trains.

-Second, to combat environmental pollution and reduce noise, we must apply advanced technology and clean technology, not move factories and hospitals that cause pollution and noise out of the inner city, so that those facilities continue to pollute the environment and cause noise pollution in new places.

Moving factories and hospitals that cause pollution to other places, without renovating the hospital, without upgrading the hospital to be more modern and reduce pollution, is just “throwing mud to the pond“, moving the hospital pollution and noise from one place to another, without addressing the source of pollution and noise.

Therefore, the above-mentioned Decision 490 of Prime Minister Nguyen Tan Dung has absolutely no effect on reducing pollution, noise, or traffic congestion, but only has one effect, which is to make Vinhome and other agents real estate agents are rich quickly, becoming a billionaire in just a few nights.

The same goes for the relocation project of Giang Vo Exhibition area in 2017, 66,000 m2 of Giang Vo exhibition land was almost sold to Vinhome to build a 50-storey apartment building, with a total value of land purchase and investment of about 17,000 billion VND.

At that time, Hanoi Chairman Nguyen Duc Chung stood on the forum of the Hanoi People’s Council meeting and loudly declared that “this project must be done, because it beautifies the capital, because it is worth up to 17,000 billions dong VND,,,”.

Now, Nguyen Duc Chung has been arrested and imprisoned for corruption, and the Vinhome Giang Vo apartment project has also been revoked, to serve as a cultural and sports project for the people of Hanoi and the people of the whole country.

In fact, the 66,000 m2 of Giang Vo Exhibition land, with the market land price at that time being about 20,000 USD/1 m2, the entire 66,000 m2 of land must be worth about 1.2 billion USD, which is nearly 30,000 billion VND in Vietnam at that time, 2017.

Yet Vinhome intends to both buy land and build a 50-storey apartment building, all worth only about 17,000 billion VND.

If successful, how much money will Vinhome make, and earn a few billion more dollars, only thanks to Prime Minister Nguyen Tan Dung’s stupid policy of “relocating offices” out of Hanoi’s inner city.

The apartment complexes that Vinhome has been building, such as Ocean Park and Smart City in Hanoi, all follow the same design, with no windows, but only small ventilation windows in the bedrooms.

Only the living room leading to the balcony has a large, airy balcony door. Therefore, all of Vinhome’s bedrooms are stuffy, uncomfortable, and polluted. If you stay for a long time, you will get sick from lack of oxygen. Therefore, many families who have bought houses from Vinhome have a situation where family members compete to sleep and live in the living room, while the dark, stuffy, and smelly bedrooms are only used as warehouses for storage, no one wants to sleep, live, or play in those prison rooms.

When I returned to Vietnam for 3 months last year 2023, I went to see about 20 Vinhome apartments in Ocean Park and Smart City, and all of them had such a mysterious situation without windows.

And in Smart city, people there jokingly call it “Stupid city”, because the smart control systems do not work well, the face, eye, and finger recognition doors sometimes do not work and are confused.

Thanks to making a lot of money from real estate projects buying cheap state land and trading at market prices mentioned above, Vinhome has a lot of money to expand its business into other fields, such as making iPhones, MART supermarket business, but all failed, and had to be sold to others.

Then Vin saw that American billionaire Elton Musk was making a lot of money by developing electric cars, so Vin also invested in an electric car factory.

Vinfast’s investment style is a bit crazy, that is, it does not develop in Vietnam’s home market first, then develops abroad, but on the contrary, develops in the US market first.

So last year, 2023, Vinfast invested more than 4 billion USD in the US to build an electric car factory in the US.

Producing electric cars requires first having a research and testing facility-R &D, with a team of good, highly paid scientists and engineers, with modern laboratories and testing facilities. Only by doing so, having your own know-how, can you compete with other competitors.

Vietnamese people are always proud of “Vietnamese people use Vietnamese goods”, but real Vietnamese goods, high quality, competitive with foreign goods, not fake Vietnamese goods, imitations, low quality, or just Vietnamese “real estate” goods, getting rich on the blood of so many compatriots and soldiers who sacrificed to win the country’s independence, and now, some of the revolutionary achievements are falling into the hands of those who real estate shark.

Making money through cunning tricks, in the twilight period of Vietnam’s new Doi Moi, thanks to stupid decisions like Nguyen Tan Dung’s decision to relocate No. 490, will have no future./ ///