The year 2017 witnessed a strong rise of the private sector. Which company in Vietnam do you impress with?
Ph.D Nguyen Si Dung: In essence, the economic strength of the country will depend more and more on private sectors. TH True Milk has good quality and reliable agricultural products. Sungroup is strong in the entertainment and tourism. Masan practically and successfully chose its market segment.
In terms of technology, FPT, CMC and even small MISA are the ones which have good impressions. However, Vingroup is still the most impressive company to me.
Vingroup can really utilize the talents
What are Vingroup’s contributions to society?
Ph.D Nguyen Si Dung: Firstly, Vingroup is a part of the economic strength of Vietnam. Business capacity and the ability to create high-quality products are indispensable if we want to have a strong economy and high competitiveness. I believe this is Vingroup's most remarkable contribution.
Secondly, it also contributes significantly to the infrastructure of Vietnam with such projects as Royal City, Times City and Vinhomes Riverside, which are high-quality urban areas with synchronous facilities.
These urban areas would be beneficial to the growing middle class in Vietnam. However, the benefits can also be attributed to others thanks to the diffusion effect.
Thirdly, Vingroup has been able to make the most of talented people which are the country's most valuable resources.
These people include Vietnamese and foreigners that Vingroup is hiring such as former vice chairman of GM Group who is currently general director of VinFast.
In my opinion, this is very important. The key point here is not only attracting talented people but also creating an environment for them to develop their talents.
Each of Vingroup's staff is contributing an average of VND1.6 billion (roughly US$70,407) to the company’s revenue per year. What do you think about this?
Ph.D Nguyen Si Dung: It is clear that Vingroup has contributed to increasing labor productivity, generating jobs and paying well for nearly 50 thousand workers. With its large ecosystem and value chain, Vingroup is likely to indirectly create jobs for tens of thousands of others.
The group also contributes to creating a competitive driving force among large enterprises and corporations. Since Vingroup has been actively creating new standards in its operating areas, benefiting its customers and enhancing the effectiveness of the country’s economy.
If you are the Secretary of the provincial Party Committee, which enterprise would you invite to invest in your locality?
Ph.D Nguyen Si Dung: It seems that every locality is trying to attract Vingroup’s investment. if VinFast operates at 100 per cent of its capacity, Hai Phong could gain more than VND20 trillion (roughly US$880 million) in taxes each year from this project.
The boycott of the rich has led our society into a dead end
There are also some people saying that Vingroup’s business mostly serves the rich while the poor benefit nothing from the wealth of CEO Pham Nhat Vuong, owner of Vingroup. What do you think about that?
Ph.D Nguyen Si Dung: Business problems forced people to target the most effective market segment. Vingroup has the right strategy as the middle class is developing very fast in Vietnam. Moreover, home prices can only be cheap if the needs of the middle class are not the affordable housing segment.
Vingroup is the largest private taxpayer in Vietnam. The taxes would be used to care for the poor and ensure social security as well as invest in infrastructure.
In addition, I learned that Vingroup has extracted huge amounts of money from its profits to invest in social welfare services.
Aren’t you afraid of being wrongly judged when highly appreciating Vingroup?
Ph.D Nguyen Si Dung: I have no relationship with Vuong or Vingroup. Excepting for a free ticket for a water show in the Times City, I do not receive any of their favor.
For more than half a century, the boycott of the rich has led our society into a dead end. It is the time for us to change our behavior. The talented and conscientious should be supported. Only by doing that could our country soon become rich and prosperous.
Thank you very much!