Who are the giants in Vietnam?

.vn – American billionaires are mostly giants of technology industry such as Bill Gates, Mark Zuckerberg, etc. So who are the giants in Vietnam?


In the list of the 10 richest people in Vietnam on stock market in 2011, there is none from technology industry. Most of them are giants of real estate and banking, which have the highest rate of return in the market.

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Mr. Nguyen Ngoc Diep, Director of Vietnam Price Joint Stock Company, says Vietnam can be 50 years behind the developed countries in term of mechanical engineering industry but it is only 3 or 4 years behind in science and technology sector.


However, the two sectors always suffer most whenever economic recession happens. In 2011, many real estate giants went bankrupt or lost trillions of VND when the market froze and banks distrained, etc. The question is how to achieve high and sustainable growth or, in other words, how to enhance the growth’s quality. Prof. Dr. Le Van Doanh said it in the seminar on Technology Incubation on Feb 22.

 

According to Prof. Dr. Doanh, in mid of 1990s, 40-60% of Vietnam’s GDP came from TFP (Total Factor Productivity) but the figure has been decreasing dramatically since 2006, which is less than 10%. Until 2010 and 2011, it reached 3-4%. It is such a paradox that the contribution of productivity and management creativity were supposed to increase in difficult times yet it decreased.

 

Meanwhile, the contribution of capital has climbed from 52% to 85% which means the enterprises’ main motivation is not science and technology.

 

Mr. Doanh noted that in Vietnam, only silly ones would invest in technology sector while the wise ones would invest in real estate to become rich in a night.

 

If American billionaires are mostly giants of technology industry such as Bill Gates (the founder of Microsoft), Mark Zuckerberg (the founder of Facebook), etc., most Vietnam’s giants are people exploiting natural resources and only a few works in technology sector.

 

Mr. Doanh also suggested there should be a mechanism changes the dynamics of enterprise development. He said creativeness and technology should be encouraged and heavy tax should be imposed on revenue from real estate. If there is no policy like that, there is still a long way for people succeeding in technology to become rich.

 

Agreed with Dr. Le Dang Doanh, a technology bussiness’ representative said if people didn’t become rich because of their intelligence instead of the natural resources, we and our successors would have nothing left once all natural resources exhausted.

 

In Vietnam’s current market, our products are in fierce competition, especially with China. The only sector that survives is technology. Mr. Nguyen Ngoc Diep, Director of Vietnam Price Joint Stock Company, says Vietnam can be 50 years behind the developed countries in term of mechanical engineering industry but it is only 3 or 4 years behind in science and technology sector.

 

Exportation of technology can become a new direction for enterprises. And only technology can become the cure-all for Vietnam’s economy as well as help realize the youth’s ambition.

 

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