PRESS REVEALS VIETNAM'S RICHEST PEOPLE

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