A recent World Bank report proclaimed Vietnam among the most dynamic emerging countries in Southeast Asia. Today, having successfully transitioned from a centrally-planned economy to a socialist-oriented market economy, the private sector is the main driving force behind the country’s dynamic economic growth
HANOI, Vietnam, Dec. 9, 2019 /PRNewswire/ — Vietnam’s private sector now contributes 43 per cent of the country’s GDP and has created 12 million jobs; extraordinary figures in a jurisdiction that once almost exclusively relied on State-owned Enterprises (SOEs).
In early November this year, US Secretary of Commerce Wilbur Ross visited Vietnam and met for a workshop with a number of key local enterprises, 80 per cent of whom are considered the leaders in their respective fields. During the workshop, Secretary Ross openly acknowledged that Vietnam’s private enterprises have posted outstanding growth figures in recent times.
One of the co-hosts of the business leader’s workshop was the BRG Group, a leading multi-sector private corporation known for its “Going Global” strategy.
BRG Group – A Shining Example of Modern Vietnamese Private Enterprise
BRG is an acronym of the group’s three original sectors of Banking & Finance, Real Estate and Golf. Established in 1993 the business has expanded to comprise of 15 different sectors woven together to create a self-supporting, self-perpetuating business ecosystem. The large portfolio of leading companies has strengths in hospitality, production, retail and imports and exports and also drives several major property development projects that contribute significantly to Vietnam’s ongoing development.
A breaking ground ceremony held in early October was for one such project, Vietnam’s very first hi-tech city located north of the capital Hanoi named “Smart City.” This major development project is a joint venture between BRG Group and Japan’s Sumitomo Corporation. It spreads over a 272 hectare site in a prime location and has total estimated investment of USD4.2 billion. This smart city will become the new gateway for Vietnam to the world and the fact that this vision is driven by private enterprise is proof of just how much Vietnam now values its private sector.
Through such efforts, BRG has earned the respect and trust of the State and is developing master plans for several other major economic zones to help improve the domestic economic landscape and upgrade living standards. These extensive projects cover over 11 million sqm of land and require estimated capital investment of circa USD16 billion.
Internationally, the BRG Group is now a familiar name for a number of prestigious multinational corporations.
In hospitality, hotel management brands Hilton, Marriott, Intercontinental and Four Seasons are all cooperating with BRG in 16 premium business hotels and tourist destination resorts throughout Vietnam.
In golf, Jack Nicklaus and Greg Norman, the world’s two leading golf course design firms, are both design partners with BRG and have helped develop 17 courses for the Group; 7 in operation and 10 courses in various phases of construction and design. In fact it can be said that the prolific growth of golf and golf tourism in Vietnam has been widely driven by BRG as a pioneer in the sport.
In entertainment, Hello Kitty, Sanrio Japan’s globally famous character, will soon be available to children and fans in Vietnam and from overseas when BRG opens Southeast Asia’s largest indoor park (30,000sqm) to be located in central Hanoi.
In import and export, BRG-Hapro has established trade links with 80 countries around the world, is the country’s leading exporter of cashew nuts attracting international attention and is beginning to influence the way Vietnam trades in the region.
In addition BRG also cooperates with other top Japanese conglomerates in banking, finance, fin-tech, high-tech agriculture, pharmaceuticals and retail.
Dynamic Ecosystem Drives Big Data
BRGOne is the Group’s “Big Data” system that collates a huge database of 10 million people through an automated funnel that feeds information from all of BRG Group and partner companies into a cross-selling platform that is farmed to perpetuate and grow complimenting sectors and services.
A big chunk of data comes through BRG Real Estate with over 3 million buyer enquiries and residents that seek and occupy the 10,000 villas and luxury apartments developed and being developed by BRG Group.
Banking & Finance is also a strong foundation within BRG’s ecosystem and a significant BRGOne contributor adding 2 million customers from SeABank, a member company recognized as a leading bank in Vietnam with 165 transaction centers and total assets of USD6.5 billion.
In future BRGOne is projected to grow in tandem with the Group’s ecosystem as it expands with both domestic and international partners.
Over the past three decades of BRG rapid change and expansion the country’s economy has also changed significantly and it is now evident that Vietnam’s private sector has boldly stamped its value onto the country’s broad socio-economic landscape. Today in this golden private sector era more and more Vietnamese businesses are “Going Global” and offering compelling, platinum-standard opportunities for international companies to join in and help maximize the potential of the vibrant, emerging market.
Nguyen Duc Quang
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SOURCE BRG Group
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