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Viewing cable 07HANOI152, PRESS REVEALS VIETNAM'S RICHEST PEOPLE

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Reference ID Created Released Classification Origin
07HANOI152 2007-01-26 07:27 2011-08-26 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Hanoi
VZCZCXRO9103
RR RUEHCHI RUEHDT RUEHHM
DE RUEHHI #0152 0260727
ZNR UUUUU ZZH
R 260727Z JAN 07
FM AMEMBASSY HANOI
TO RUEHC/SECSTATE WASHDC 4391
INFO RUEHHM/AMCONSUL HO CHI MINH 2428
RUEHZS/ASEAN REGIONAL FORUM COLLECTIVE
UNCLAS HANOI 000152 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR EAP/MLS and DRL/AWH 
 
E.O. 12958: N/A 
TAGS: PGOV SOCI VM
SUBJECT: PRESS REVEALS VIETNAM'S RICHEST PEOPLE 
 
Ref: 06 HCMC 1144 
 
Summary 
------- 
 
1. (SBU) Local papers recently published for the first time a list 
of the richest people in Vietnam.  The list is a hot topic in cafes 
and Internet chat rooms, and many have welcomed this as a new sign 
of transparency and a possible source of inspiration to young 
entrepreneurs.  That said, other individuals -- including some who 
made the list and some who could have, but did not, and do not want 
to -- are less comfortable with this kind of transparency.  Whether 
a draft asset declaration government decree is approved, and to what 
extent it enshrines openness and public access to information, will 
send an important signal about the GVN's commitment to transparency. 
 End Summary. 
 
2. (SBU) Local papers such as Great Unity ("Dai Doan Ket") and Youth 
("Tuoi Tre") recently published for the first time ever a list of 
the richest people in Vietnam.  For the most part, the individuals 
made their fortunes in the banking, telecommunications, securities 
and construction industries.  Truong Gia Binh, Chairman of FPT, 
Vietnam's largest IT company, ranks first with an estimated fortune 
of USD 146 million.  The rankings are a hot topic in cafes and 
Internet chat rooms because of their unprecedented nature, and many 
have welcomed the listing as a new sign of transparency and a 
possible source of inspiration to young entrepreneurs.  Vo Quoc 
Thang, general director of a tile company and one of those making 
the list, said publicly that the rankings are a good way to "honor 
successful people." 
 
3. (SBU) The two newspapers based their rankings only on the value 
of the individuals' stock holdings and not on any other assets they 
may hold.  According to Le Thanh Kinh, a member of a local lawyers' 
association, Vietnam's laws do not prohibit publishing information 
collected on stock holdings or transactions.  In fact, adding up 
stock holdings is the only way to calculate Vietnam's richest 
because freedom of information or asset declaration regulations are 
non-existent, contacts at the Ministry of Information and Culture 
(MOCI) told us.  As a result, many Vietnamese citizens have 
concluded that there are many, including probably some Communist 
Party or GVN officials, who are even richer than FPT's Binh and the 
others on the list because of their extensive land and property 
holdings.  However, the media has not investigated these stories 
"out of fear and concern," these MOCI contacts add. 
 
4. (SBU) The fear and concern may be mutual.  Anonymous "listees" 
have expressed misgivings about the rankings, telling the press that 
recognition as one of Vietnam's wealthiest may bring them trouble in 
their private and professional lives.  As one MOCI official told us, 
a number of GVN and State-owned enterprise officials may be 
concerned that the media will try in the future to scrutinize their 
land, property and share holdings.  "It would be difficult for these 
officials to explain how they obtained their assets," this contact 
added. 
 
Comment 
------- 
 
5. (SBU) Vietnam's Government Inspectorate has finished a draft 
asset declaration decree, but awaits guidance from the Office of the 
Government (the Prime Minister's office) on next steps.  Whether 
this decree is approved, and to what extent it enshrines openness 
and public access to information, will send an important signal 
about the GVN's commitment to transparency.  While the public no 
doubt would welcome more openness, those in leadership positions may 
be less enthusiastic about the kind of increased transparency that 
the asset declaration decree would promote.  End Comment. 
 
MARINE