Vietnam’s ‘Red Offsprings': Ms.Tô Linh Hương, 24, becomes CEO of state-running real estate company Vinaconex – PVC (PVV)

As there are princelings in the Red China, Vietnam has its own Red Offsprings, who are the children of the senior national and provincial communist leaders. The Red Offsprings are the new princes and princesses of the current communist regime. In the   so-called socialist-oriented market economy, these young princes and princesses without much experience move up to the top of the state-owned companies or big private corporations at the speed of light.

Recently, Ms. Tô Linh Hương, 24, has recently been selected to become the chairwoman and CEO of  state-running real estate company Vinaconex – PVC (PVV), a construction investment joint stock company. The revenue of the company is estimated to be $ 50 million and employs more than 2,000 workers.

Her formal training was specialized in Vietnam’s Institute of Press and Propaganda. Then, she obtained her Master degree “International Business” at University of Birminghams, U.K. Her only qualification to reach to the top post of a big corporation is that she  is the daughter of Tô Huy Rứa, Chief of Central Committee of the Communist Party of Vietnam. He is also among the most ten powerful members of the Standing Committee of the Vietnam’s Politburo.

Here is the alleged wealth accumulated by PM NGUYỄN TẤN DŨNG

Another rising star business woman and princess, Ms. Nguyễn Thanh Phượng, 32, chairs or sits on  the boards of directors of 4 companies: VietCapital Bank, Vietcombank, Vietnam Holding and Holcim (Việt Nam). Her qualification is the daughter of the current PM Nguyễn Tấn Dũng.

Ms. Nguyễn Thanh Phượng, 32. estimated worth of $150 million

Nguyễn Thanh Nghị,PhD, 36, deputy minister of Construction and alternate member of Central committee of Communist Party of Vietnam;

PM Nguyễn Tấn Dũng has two sons pursuing a political careers; the oldest son Nguyễn Thanh Nghị, 36, was recently appointed vice-minister of Construction and alternate member of Central committee of Communist Party of Vietnam; Nguyễn Minh Triết, 24, is Vietnamese Communist Youth leader.

Nông Quốc Tuấn, 49, party chief of province Bắc Giang

Other red offsprings do also enjoy fast ascension in their career. For instance, Nông Quốc Tuấn, 49, son of former Party Secretary General  Nông Đức Mạnh, is serving as party chief of province Bắc Giang and a member of the Party Central Committee.

Nguyễn Xuân Anh and his wife Bùi Thị Diễm, former Miss

Nguyễn Xuân Anh, 36, made directly to the Party Central Committee and Vice-mayor of Đà Nẵng upon the retirement of his father, Nguyễn Văn Chi, from the politburo of the party.

The provincial positions seem to be mid-level, but they wield absolute power and access to wealth. For instance, illegal and low-compensation land seizures, which have been the main complaints of ordinary citizens, about 70%, of the courts, are the main source of making money for these officials. The court rarely sides with the plaintiffs because the court system is a kangaroo court system, receiving orders from the party’s directives. This year has marked with popular revolts against forced evictions by the local authorities. Đoàn Văn Vươn has been a national hero even though he is facing charges of attempt murder.

Recently, 4,000 police and security agents were used to evict 4,000 families from their farm lands to make place for Ecopark construct a new urban area by Việt Hưng company. Ironically, VietCapital of Ms. Nguyễn Thanh Phượng is the main shareholder of Việt Hưng; she will become the chairwoman of the company unless there is change in the management.

VietCapital's order of buying shares of Viet Hung, signed by Ms. Nguyễn Thanh Phượng

The communists have become a governing class above the citizens. They practice nepotism to enrich their families and transmit power to their own to preserve their social class.

  • The communists do not protect the peasants or workers anymore. They actually robbed the lands from farmers because of their success and force workers to stop the strikes at factories so that they can maintain favorable business environment for foreign investors.
  • The minimum wage has just been raised this month, VND 2,000,000 ($100) per month and the highest salary for the country leaders is supposed to be only $600 per month. Simple logic can deduct how these officials have obtained such wealth.
  • For instance, mid-level provincial officials in charge of department of motor vehicles have the money to gamble $100,000 per chess game. If these mid-level officials can find ways to make such money, the provincial, state and party leaders have more opportunity to accumulate more wealth. It has been rumored that Ms. Nguyễn Thanh Phượng’s asset is worth at least $150 million.

Communists preach the practice of socialist-oriented market economy. They are practicing a crony capitalism accumulating as much wealth as possible and oppress and neglect the welfare of its citizens. Vietnamese people are industrious and fast learning people.

The success of overseas Vietnamese has proven that point, given the opportunity, Vietnamese can achieve their fully potential. Unfortunately, Vietnam’s economy is growing at a slower pace, about 6%, even though it get infused $9 billion per year from overseas remittance. Vietnam is still a developing country and has more room to grow at least 15% per year just like China for the past 3 decades. Nepotism and crony capitalism or socialism have prevented Vietnam from achieving is full potential. Real economic and political reforms are needed to allow Vietnam to catch up with its regional neighbors and the rest of the world.

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