Doan Nguyen Duc and US $7 million “toy”

Published: 26/01/2009 05:00



Doan Nguyen Duc, the boss of the Hoang Anh Gia Lai football club and the Hoang Anh Gia Lai Group, made the purchase of the first private aircraft in Vietnam the most outstanding event of 2008.

Mr. Doan Nguyen Duc.

Duc’s twelve-seat used aircraft is a Beechcraft Air 350, manufactured by the American Raytheon Aircraft, using Pratt & Whitney PT 6-60 A engine. This aircraft can fly up to 3,500km, at the highest speed of 583km/h.

It can carry over 500 litres of fuel and runs within 3,500km so it had to fly along the coast and stopped several times before it arrived in Vietnam. Specifically, it took off from Mena Airport, Arkansas, then flew to Alaska, Hawaii, Japan, Taiwan and finally arrived in Vietnam on May 14, 2008 with an American pilot hired by the Vietnam Air Service Company (Vasco).

The plane uses Jetgas petrol, which is priced between US $500-600 per tonne. In many countries, this product is subject to luxury tax.

The cost for training pilot is very high. Yet, the seller of the Beechcraft King Air 350 is responsible for this expenditure, which is US $45,000.

Duc and breakthroughs

Doan Nguyen Duc said he had planned to buy an aircraft a long time ago to serve his constant travels from the headquarters of Hoang Anh Gia Lai group in the Central Highlands province of Gia Lai to HCM City, Da Nang, Da Lat, Hanoi, Laos, Cambodia, Thailand, and Singapore. His wish came true in 2008.

Previously, Duc became famous for hiring the top footballer in Southeast Asia, Thai striker Kiatisak, at towering pay in 2002. This was considered a “fictional story” for Vietnam’s football and even Kiatisak.

Duc (right) and his friend on his aircraft.

At that time, this Thai footballer was very famous and he was on his peak of career. He never thought of coming to Vietnam to play football. However, after two months being “chased” by Doan Nguyen Duc and being impressed by Duc’s appearance at his wedding party, the Thai striker agreed to come to Vietnam.

Duc then visited the UK and signed a long-term strategic cooperation contract with the world famous football club Arsenal.

A big football training centre named Hoang Anh Gia Lai - Arsenal was built in Gia Lai province.

And now, he is the first who owns a private aircraft worth more than US $7 million.

Some said Duc showed off himself but he said: “How is it showing off? It would be showing off if my investment decisions are ineffective and I become a money squanderer. But all of my investment decisions are very effective.”

“The Kiatisak affair made the whole Thailand knew about me, about Hoang Anh Gia Lai and my business was favorable than ever. Many investors from the UK and France also invest in our group. Those who say I show off are those who don’t think deeply yet.”

“There is one thing I don’t want to repeat others. If you say that this is showing off, so somehow I show off, but with careful calculations,” Duc explained.

Duc affirmed that if he showed off but paying taxes of VND 600-800 billion (US $35.3-$48 million), his showing-off is good because it benefits the country.

He revealed that buying an aircraft was his dream for forty years. Besides, time is gold for a businessman like him and time is also business opportunity. And he decided to buy this aircraft.

How Duc is rich?

Duc stated that doing business in football is spending money but his investment in football benefits Hoang Anh Gia Lai. He cited that before the group has Hoang Anh Gia Lai football club, its turnover was VND 500 billion (US $29.5 million). The figure increased regularly, to more than VND 1 trillion last year.

“I used the permitted fund for advertising of over 10% of turnover to pay salary to footballers,” he said.

He stated to buy 10% of shares of Arsenal but he did not buy them yet because that affair was untimely, not because he couldn’t buy.

In October 2008, the Director of the Global Arsenal Football Institute came to Vietnam to check Vietnamese child footballers in Gia Lai, Duc sent his pilot to carry the Arsenal official from HCM City to Gia Lai on his own aircraft. That is one way that Duc employed to prove that Vietnam is not inferior to any country.

According to Duc, the total assets of Hoang Anh Gia Lai group are around US $1 billion in late 2007. By December 2008, the 55% of the group’s shares owned by Duc was priced at VND 6 trillion (US $352.94 million).

So it is quite easy for Duc to buy an aircraft for himself and to serve his company. “I buy that aircraft not because I’m rich but I buy it to serve my business to make more money,” Duc said.

He was proud of his business. “I always want to be the pioneer. I may buy another new, more modern aircraft,” Duc stated.

(Source: GD & XH)

Provide by Vietnam Travel

Doan Nguyen Duc and US $7 million “toy” - Profiles - In depth |  vietnam travel company

You can see more

enews & updates

Sign up to receive breaking news as well as receive other site updates!

Ads by Adonline