Vietnam’s “chaebols”: The female general of Nam Cuong Group
Vietnam’s “chaebols”: The female general of Nam Cuong Group
Perhaps among the family groups in Vietnam, Nam Cuong, a big real estate firm, is the most typical case of the "family factor".
Holding the most important positions in Nam Cuong, Mrs. Le Thi Thuy Nga and her daughter Tran Thi Quynh Ngoc, own up to 99.97% shares of this corporation.
In 2010, after her husband - Tran Van Cuong - died, Nga officially took over the Chairmanship. The woman, together with her son and daughters, has developed Nam Cuong Group. Nga is known as a famous businesswoman in the real estate business.
According to the business certificate dated October 23, 2012, the charter capital of Nam Cuong Group reached VND4.500 billion. Nga alone owned shares worth approximately VND4,000 billion, accounting for 88.86% stake. However, the equity of Nam Cuong at the end of 2011 was up to VND9.800 billion, doubling the charter capital, i.e., the book value of Nga’s shares was about VND8,700 billion.
Suppose that the shares of Nam Cuong Group are listed on the stock exchange and they are traded at the book value (VND10,000/share). Then, with VND8.700 billion, Nga will pass Doan Nguyen Duc, Chairman of Hoang Anh Gia Lai Group (Duc’s assets by 4/5/2015 was VND6,546 billion) and become the second richest person on the stock market of Vietnam, just behind the boss of Vingroup Pham Nhat Vuong.
In January 2014, Forbes Vietnam announced the list of the top 20 family businesses in Vietnam. Besides Vingroup, Sacombank, ACB ..., Nam Cuong Group was also honored. This is a group with nearly 30 years of business experience in the real estate industry.
This list showed the family businesses with the greatest influence in Vietnam.
Though she is one of the richest persons in Vietnam, Nga has rarely appeared publicly. She has focused on work and philanthropy.
The second most powerful person in Nam Cuong Group is Nga’s daughter Tran Thi Quynh Ngoc (the only daughter of Nga and her husband), who currently holds the position of Deputy Chair.
Ngoc owns 11.11% shares of Nam Cuong, equivalent to VND500 billion. She is expected to be the heir of Nga to build and lead the Nam Cuong Group in the future.
But like her mother, Ngoc has rarely appeared in public, except for some special occasions or corporate events of Nam Cuong.
In addition to Nga and her daughter, an important position in this group is occupied by Nga’s brother-in-law – Mr. Tran Van Nghia, who is now the CEO of Nam Cuong Group.
Nghia is the 9th brother of Tran Van Cuong (Nga’s husband). He studied and worked in Germany in 1989 and returned to Vietnam in 2005.
The major projects of Nam Cuong Group
Nam Cuong Group is based in the northern city of Nam Dinh. It is a familiar name in the field of real estate. The group has two 4-star hotels in Hai Phong and Hai Duong, and it is also the investor of many luxury urban and housing project such as Phuc Tho 156.5 ha; Thach That 2,448.5 ha; Quoc Oai 2,841 ha; Chuong My 1,000 ha; Ung Hoa 849 ha; Thanh Oai 700 ha; My Duc 953 ha and Phu Xuyen 681 ha.
This group is implementing a series of 4-5 star hotel projects in Do Son (Hai Phong), Hoa Vuong (Nam Dinh), Duong Noi (Ha Dong), Phung Khoang ( Hanoi) and others.
The group is also implementing big transport projects such as Ha Dong road with investment capital of more than VND3,000 billion; the north - south backbone road of nearly VND7.700 billion, and others.
