r/VinFastComm

This is an old post about three years ago, but many in this sub have not seen this so I repost.

It is a visualization of the entangled web of Vuong Pham's companies with lots of interdependence. Some entities no longer exists, some new entities emerge, such as VinES, VinSpeed, VGreen, etc... the data is outdated, but the principle is still the same as three years ago: Vuong Pham uses lots of companies cross owning each others, in order to cook the book: not listed shells taking in debt to make the listed one looks better. Shells taking loans the giving to Vin because Vin cannot borrow themselves or sells taking in Vin debt to cook the book. And there is the largest black hole with billions dollar in debt that is completely hidden from the public: VIG, Vietnam Investment Group. You rarely hear about VIG in the Vietnamese media if not at all. And VIG is just one, there are many billion dollars debt entities in Vuong Pham's web of companies that are completely hidden from the public. GSM is now another billions dollar debt and loss entity. VGreen is a billion dollar debt too.

Vuong Pham is the biggest financial fraud in Vietnam history but he is covered up by the communist government with the complete censoring of news about the truth about Vuong Pham, the bad truth about how much debt he owned and how shady he is with all shady financial tricks.

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In the series:

How Vuong Pham used a shell company to pump money into Vinfast : VinFastCommunity (reddit.com)

Part 1: How Vuong Pham move companies ownership around like wood blocks : VinFastCommunity (reddit.com)

Here in Part 2, I present you a complete visualization of the entangled web of Vingroup as of 5/31/2023, where companies are owning each other in a complicated way. Cross owning happens in many other Vietnamese conglomerates (say, FLC, Van Thinh Phat, etc…), and even around the world, but there are more on the Vingroup ecosystem, at a different level, read on.

The entangled web of Vingroup

https://preview.redd.it/1tm8rtjz6jah1.png?width=5000&format=png&auto=webp&s=dc73f4efd0d8d4496f836f286a55ccfb58fa02ed

Click this link for a full scale picture:

Isn’t the picture "beautiful"?

Vuong Pham is a “great artist”, isn’t he?

Legends:

- Green border: company child level 1 with respecting to Vingroup, where Vingroup directly owns a portion of it

- Red border: company child level 2, reaching Vingroup through 1 company up.

- Blue border: company child level 3, reaching Vingroup through 2 company up.

- Yellow border: company child level 4, reaching Vingroup through 3 company up.

- Boxes with color-filled background (the color is the same as the border but lighter for visualization): those with 3 or more children. These are hub companies, important companies in the network.

- The percentage inside the box is the % owned (controlled) by Vingroup, directly owned plus sum of all indirectly owned through other companies in the network.

- The gray arrows indicate the relationship from the parent to the child.

Note that the company child level 1 to 4 is to help you visualize the network and the relationship among the companies (nodes in the network), but since Vingroup controls more than 50% in each of the node, Vingroup is in full control of the entire network: it can directly influence any of these node as it wants. And since Vingroup is controlled by Vuong Pham, Vuong Pham is in control of every node and the entire network.

Interesting insights from the data

Once having mapped out the network, we can draw many interesting insights never been seen before. See the full stats at the end of the post. Here are the medals:

Can Gio company has the most parent, 5 parents. Then Sado, Sai Dong Urban Development, Delta has the distinguish of having 4 parents. 19 other companies have 3 parents. See the full list at the end of the post. Having more than 1 parents from the same network is shady, it could mean fake capital contribution (not always but could be).

https://preview.redd.it/xxa9ma637jah1.png?width=453&format=png&auto=webp&s=f6f0acdbeb08708d3c56c356a529672cfa9da5ca

Vingroup has the most children, 26. Next come Vinhomes with 22. Vinpearl and Metropolis Hanoi each has 11 children.

Here is the kicker for fun: Vincom Security has 10 children. Though the percentage of owning by Vincom Security in each company is small, less than 1% in each case, it is just for fun: now you know why Vincom Security is really powerful! /snark See the full list at the end of the post.

https://preview.redd.it/j62vqs857jah1.png?width=453&format=png&auto=webp&s=81fae89419a736ddbc58a5304219716469fee86e

These are companies with the distinguished of being owned 100% by Vingroup: VT Vinbus, Vincom Security, VinFa, Vinpro, World Academy. Even though VinPro has no activies, the VinPro shops have been closed years ago, and there is no activities for VinPro, Vuong Pham still keeps VinPro on the book, probably as a shell for later use. See the full list at the end of the post for those that are owned by more than 70% by Vingroup.

Do you know that Vingroup has 7 companies in the Mineral mining / Stone industry?

The Vinfast tree

The Vinfast tree is on the right in the Vingroup’s web picture. It is pretty clean, compared to the portion on the left in real estate. It is really auto industry. Vuong Pham takes money from the left portion of the picture to pump into the right portion of the picture, so to speak.

The red arrows in the below pictures indicates money lending from which entities in the network to Vinfast in the past. At June 2023, the debt to these companies and VIC is $1.546B.

https://preview.redd.it/2nngs7xa7jah1.png?width=1106&format=png&auto=webp&s=f2bc4517127597e91b7318994e730c633c56bd64

GSM

Why don’t we see GSM in the network? Because GSM is directly owned by Vuong Pham 100%, not through VIC so it does not show up in the network or in Vingroup report.

The black hole VIG (Vietnam Investment Group)

Vuong Pham has another huge financial vehicle: VIG (Vietnam Investment Group). This is a private company, escaping from the public filings endured by Vinfast, Vingroup, Vinhomes. So, this is virtually a black hole, controlled by Vuong Pham. This one does not show up in the network.

Even without having the money, VIG took in Vinfast ICE plant at $1B at the stroke of a pen. Isn’t this “marvelous”? No question on how VIG gets the money (it doesn’t have, 100% sure, it is just an accounting trick).

Many companies in the network shows Vingroup’s ownership at 69-70%. We know this because Vingroup has to file reports. The other 30% will likely be owned by VIG, but since VIG is private, it does not have to report this figure. How do we know this? Look at the case of Lang Van, where Vuong Pham inadvertently showed his hand. Vingroup owned about 70% of Lang Van at the end of Dec 2022, and at the end of May, it now owns 99% of Lang Van. Clearly, Vuong Pham moved the 30% from VIG back to Vingroup. He is in short of cash (this is 100% sure), in control of Lang Van already, no need and no money to buy 30% from outsiders. It must had been transferred from VIG. Read more on this Lang Van in Part 1: Part 1: How Vuong Pham move companies ownership around like wood blocks : VinFastCommunity (reddit.com)

He has also unloaded many of the companies in VIC to 0%. He may have closed those, sold them, or he may have transferred them back to VIG (VIG is a group), recording some profit on the VIC side! VIG can take all the loss and debt as much as possible. No limit.

VIG is a black hole aka a mysterious and a huge object in the universe of companies by Vuong Pham. As the real black hole in physics, where nothing can escape from, VIG is the financial black hole with no information coming out.

If I have to bet, and I can bet the house, VIG sits on a huge loss to the tune of billions of dollars, but no one knows. Of course, I am not Vuong Pham, VIG is a the best kept secret of Vuong Pham, but base on my analysis shown above, base on what I have seen in many other cases in my past experiences, I guess / predict that VIG is at a huge loss. Proof? Just look at how VIG took in the $1B ICE plant as an evidence! VIG clearly did not have that amount of free money on hand, 100% sure, but it took the ICE plant in anyway because Vuong Pham could, at a huge debt and loss. And that is just one example. For the full company VIG, it won’t be surprise if the debt and loss are in the billions of dollars.

VIG’s role is to carry the loss for VIC and other Vuong Pham’s companies and pump fake profit into VIC when needed (for example, VIC was pumped with “financial gain” a few quarter back to turn red operating loss to a small profit, avoiding stock margin cut by the Vietnamese SEC). At astronomical levels, hundreds to billions of dollars. For example, in 2020, VIC recorded 28,600 Billion VND (about $1.2B) in financial profits just from transferring companies.

If you have friends working in fiance on wall street with 10+ years of experience at senior levels (junior level won’t know), send this post to them and ask them for opinions if I am right.

If you are not in finance and still don’t get how shady and serious this is, let’s this section sink in for a while. Come back tomorrow to re-read this.

Some of you have heard about VIG, but how many of you are aware of the ramification as outlined above?

For illustration: the two universes:

https://preview.redd.it/jgudwoyc7jah1.png?width=1681&format=png&auto=webp&s=592e7d6c2c2737a40aef54989ad0b628cb4bb82c

Summary

I have given you the visualization of the full network of Vingroup. Look at the network picture at the top of the post and you may find some patterns there yourself. May be you can find out something that I have missed.

Isn’t the entangled web of Vingroup “incredible”? Have you known about this before? Or have seen anything like this before?

And I have also unveiled the hidden black hole VIG for all of you to see.

Vingroup is a house of cards, building upon debts taken from shell companies. It will never be able to repay all the debts, just borrowing new debt to pay old debt. If the economy is good, it can still flip the debt when the debt matures and just pay the interest and keep going for 10 20 years or more, just kicking the debt down the road. When the economy gone bad and business gone bad, the debt will increase at a faster rate. Since the debt are borrowed again shell companies without real business using inflated values in real estate and mining and services, there is no cure. It was money out of emptiness.

The house of cards destines to crumble under the gravity of debt, i.e. the laws of business. Unless Vuong Pham can create his own universe with different laws of business, can’t he?

Exhibitions

Parents

Companies has 5 parents (1): Can Gio Urban

Companies has 4 parents (3): Sado, Sai Dong Urban Development, Delta

Companies has 3 parents (19): Vinpearl, Dai An Construction, Green City Development, DT PT Sinh thai, Thai Son Investment and Construction, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Cam Ranh Salt, DL Ca Tam, DT Hiep Thanh Cong, VinFa, Vingroup Investment Vietnam, Vin3S, Stone Doc Thang, Mineral Phan Thanh, DT Van Khoa, KD PT Sinh thai

Companies has 2 parents (16): Vincom Retail, Vinhomes, Hoang Gia Urban Development, Xavinco Real Estate Development, Thang Long Real Estate, Trung tam hoi cho trien lam, Vinitis, TV DT Vietnam, PT Lang Van, Vinpearl Landmark 81, Vinmec, Vinschool, SX KD Vinfast, VinHSM, DT Bao Lai, Stone An Phu

Companies has 1 parents (67): Vincom Retail Operation, Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Central Park development, Xalivico, Metropolis Hanoi, Vietnam book, Thien Nien Ky, BDS Tay Tang Long, Gia Lam Urban Development, Berjaya University Urban, VT Vinbus, Vincom Security, Berjaya Financial Vietnam, PT TM SDI, Vincons2, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, Nha Trang Port, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, VMC Holding, DT PT VS, VinAcademy, VinMedTech, Vinfast Auto Pte, TM DV Vinfast, Vinfast Germany, Vinfast Engineering Australia, NC SX Vinsmart, Vingroup Global, Vingroup Investment, Vingroup USA, Vinfast Auto LLC, Vinfast USA Distribution, Vinfast Auto Canada, Vinfast France, Vintech, VINCSS, White Stone Bao Lai, Mineral Bao Lai Luc Yen, Vinpro, VinDFS, Vinfast Netherlands, VinAI, VinES, VinES USA, VinBigdata, Son Thai Investment, VinES Ha Tinh, World Academy, Vinsmart Trading and Investment, Vinfast OEM US, Vinfast Manufacturing US, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Childrens

Companies has 26 children (1): Vingroup

Companies has 22 children (1): Vinhomes

Companies has 11 children (2): Vinpearl, Metropolis Hanoi

Companies has 10 children (1): Vincom Security

Companies has 8 children (2): Green City Development, Can Gio Urban

Companies has 7 children (1): Thai Son Investment and Construction

Companies has 6 children (1): DT Bao Lai

Companies has 5 children (2): Sado, Thien Nien Ky

Companies has 4 children (3): VT Vinbus, SX KD Vinfast, Vingroup Investment Vietnam

Companies has 3 children (3): Vincom Retail, Central Park development, DT PT Sinh thai

Companies has 2 children (8): Hoang Gia Urban Development, Sai Dong Urban Development, BDS Tay Tang Long, VinAcademy, Vinfast Auto Pte, NC SX Vinsmart, Vingroup USA, VinES

Companies has 1 children (17): Vincom Retail Operation, Dai An Construction, Delta, Xavinco Real Estate Development, Vinitis, PT TM SDI, Vinpearl Australia, VMC Holding, Vinschool, DT PT VS, TM DV Vinfast, Vingroup Global, Vingroup Investment, Vintech, White Stone Bao Lai, Stone An Phu, Vinfast OEM US

Companies has 0 children (65): Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Xalivico, Thang Long Real Estate, Trung tam hoi cho trien lam, Vietnam book, Gia Lam Urban Development, TV DT Vietnam, Berjaya University Urban, PT Lang Van, Berjaya Financial Vietnam, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Vincons2, Cam Ranh Salt, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, DL Ca Tam, DT Hiep Thanh Cong, Nha Trang Port, DT PT DL Phuc An, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, Vinmec, VinFa, VinMedTech, Vinfast Germany, Vinfast Engineering Australia, Vinfast Auto LLC, Vinfast USA Distribution, Vinfast Auto Canada, Vinfast France, VINCSS, VinHSM, Vin3S, Stone Doc Thang, Mineral Bao Lai Luc Yen, Mineral Phan Thanh, DT Van Khoa, Vinpro, KD PT Sinh thai, VinDFS, Vinfast Netherlands, VinAI, VinES USA, VinBigdata, Son Thai Investment, VinES Ha Tinh, World Academy, Vinsmart Trading and Investment, Vinfast Manufacturing US, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Companies owned 100% by Vingroup: VT Vinbus, Vincom Security, VinFa, Vinpro, World Academy, Vietnam Grandprix

Companies owned 70% or more by Vingroup: Sado, Vinpearl, Green City Development, Xavinco Real Estate Development, Xalivico, Trung tam hoi cho trien lam, PT Lang Van, VT Vinbus, Vincom Security, PT TM SDI, NVY, Nha Trang Port, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, VMC Holding, Vinmec, Vinschool, DT PT VS, VinAcademy, VinFa, VinMedTech, SX KD Vinfast, Vingroup Global, Vingroup Investment, Vintech, Vin3S, Vinpro, VinDFS, World Academy, Vinsmart Trading and Investment, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Companies in Real Estate (43): Vincom Retail, Vincom Retail Operation, Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Vinhomes, Hoang Gia Urban Development, Central Park development, Sai Dong Urban Development, Dai An Construction, Green City Development, Delta, Xavinco Real Estate Development, Xalivico, Thang Long Real Estate, Trung tam hoi cho trien lam, Metropolis Hanoi, Vietnam book, Can Gio Urban, DT PT Sinh thai, Thien Nien Ky, BDS Tay Tang Long, Gia Lam Urban Development, TV DT Vietnam, Thai Son Investment and Construction, Berjaya University Urban, PT Lang Van, Berjaya Financial Vietnam, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Vincons2, Cam Ranh Salt, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, DL Ca Tam, DT Hiep Thanh Cong, Nha Trang Port, VinFa, KD PT Sinh thai, Son Thai Investment

Ownership percentage

Companies owned 100% by Vingroup: VT Vinbus, Vincom Security, VinFa, Vinpro, World Academy, Vietnam Grandprix

Companies owned 70% or more by Vingroup: Sado, Vinpearl, Green City Development, Xavinco Real Estate Development, Xalivico, Trung tam hoi cho trien lam, PT Lang Van, VT Vinbus, Vincom Security, PT TM SDI, NVY, Nha Trang Port, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, VMC Holding, Vinmec, Vinschool, DT PT VS, VinAcademy, VinFa, VinMedTech, SX KD Vinfast, Vingroup Global, Vingroup Investment, Vintech, Vin3S, Vinpro, VinDFS, World Academy, Vinsmart Trading and Investment, Vinpearl Travel, Vietnam Grandprix, Vinsmart Ukraine

Companies by industries

Companies in Real Estate (43): Vincom Retail, Vincom Retail Operation, Suoi Hoa Urban Development, Vincom Retail Landmark 81, Vincom Retail Investment, Vinhomes, Hoang Gia Urban Development, Central Park development, Sai Dong Urban Development, Dai An Construction, Green City Development, Delta, Xavinco Real Estate Development, Xalivico, Thang Long Real Estate, Trung tam hoi cho trien lam, Metropolis Hanoi, Vietnam book, Can Gio Urban, DT PT Sinh thai, Thien Nien Ky, BDS Tay Tang Long, Gia Lam Urban Development, TV DT Vietnam, Thai Son Investment and Construction, Berjaya University Urban, PT Lang Van, Berjaya Financial Vietnam, GS Cu Chi, KCN Vinhomes, BDS SV Tay Hanoi, Vincons Construction, Vincons2, Cam Ranh Salt, NVY, S-VIN2 Vietnam, DT PT BDS Truong Thinh, DL Ca Tam, DT Hiep Thanh Cong, Nha Trang Port, VinFa, KD PT Sinh thai, Son Thai Investment

Companies in Consulting (5): Sado, PT TM SDI, VMC Holding, DT PT VS, Vinsmart Trading and Investment

Companies in Hospitality (14): Vinpearl, DT PT DL Phuc An, Vinpearl Australia, Cape Wickham Golflinks, Vinpearl Landmark 81, Vinpearl Thanh Hoa, Vinpearl Hue, Vinpearl Lang Son, Vinpearl Tay Ninh, Vinpearl Quang Binh, Vinpearl Hotel Can Tho, Vinpearl Ha Nam, Vinpearl Travel, Vietnam Grandprix

Companies in Tech (7): Vinitis, Vintech, VINCSS, VinHSM, Vin3S, VinAI, VinBigdata

Companies in Transportation (1): VT Vinbus

Companies in Security (1): Vincom Security

Companies in Healthcare (2): Vinmec, VinMedTech

Companies in Education (3): Vinschool, VinAcademy, World Academy

Companies in Auto (16): SX KD Vinfast, Vinfast Auto Pte, TM DV Vinfast, Vinfast Germany, Vinfast Engineering Australia, Vingroup USA, Vinfast Auto LLC, Vinfast USA Distribution, Vinfast Auto Canada, Vinfast France, Vinfast Netherlands, VinES, VinES USA, VinES Ha Tinh, Vinfast OEM US, Vinfast Manufacturing US

Companies in Telecom (1): NC SX Vinsmart

Companies in Investing (1): Vingroup Investment Vietnam

Companies in Logistics (1): Vingroup Global

Companies in Market research (2): Vingroup Investment, Vinsmart Ukraine

Companies in Mineral (7): DT Bao Lai, White Stone Bao Lai, Stone Doc Thang, Stone An Phu, Mineral Bao Lai Luc Yen, Mineral Phan Thanh, DT Van Khoa

Companies in Retail (2): Vinpro, VinDFS

Like cancer, they are harmful to the host. Like cancer, they proliferate unchecked.

Vuong Pham is a failed business man: failed Vinfast, failed VinSmart, failed VinPro, .... of which Vinfast is the biggest failure, with accumulating loss at a staggering $14B after 5 years. It is technically bankrupt, with tiny cash on hand, being propped up by Vuong Pham with numerous financial tricks. Vuong Pham's only successful business is real estate, which is heavily relied on getting dirt cheap lands through favourism and bribery and then fueling a real estate bubble with inflated house prices at so so quality and value through real estate tricks (automatically increasing sale price and agents pumping up prices creating false stories to lure people in through FOMO)

Vuong Pham is in collusion with the communist government, suppressing and controlling the Vietnamese media at large, so no truth, the real truth and bad truth, about Vin that it is a house of cards can reach the mass population.

Vuong Pham has zero chance, absolutely zero chance, to payoff the debt of Vinfast and Vingroup. It is a huge house of cards.

What Vuong Pham does is racking up humongous debt for projects that have little business senses in terms of PnL, the latest is the five metro projects, so that he become too big to fail in Vietnam. Some stupid Vinfans only see the metro projects as a way to sell inflated real estate projects along the way which is so shortsighted and economically illiterate.

Vuong Pham continues to use revenue as a sole justification for growth but underneath more sale means more loss from core business activities, whereas profits are achieved through financial transactions, to himself (cooking the book) or some other buyers (Hung Anh Ho). A large sale of Vinfast is stuffing to taxi company, his own GSM and other affiliates, for example GSM promises to take in 1 million vehicles. Of course, this is great if GSM is an unrelated company. In reality, GSM is 90% owned by Vuong Pham, so the 90% Vuong Pham owned Vinfast selling to 90% Vuong Pham owned GSM, a classic Vuong Pham selling to Vuong Pham trick. This is the whole foundation of Vuong Pham's economy: Vuong Pham selling to Vuong Pham, which is of course a trick and not healthy.

Like a cancer, Vuong Pham will continue to grow and eventually the debt will balloon and the interest will become unbearable. Total debt still is on its way to cross $50B soon, and debt interest payment will cross $2B per year soon. Total Vinfast accumulating loss will cross $20B, even with the trick of Vuong Pham spinning off its manufacturing to be a private entity.

And all of this is a direct consequence of the communist Vietnam headed by Lam To going all in Vuong Pham, a failed and shady business man with no bound for shame.

https://preview.redd.it/sy5kwsqaukah1.png?width=1520&format=png&auto=webp&s=b124d5184690c780a27ca807bc91a1f0882f696e

This job is hard so I cant do it lol

https://preview.redd.it/ayt7apglf5ah1.png?width=756&format=png&auto=webp&s=a6dcb45f95d61bb63e333e40d2677be759d32aed

100% sure Vinfast cars are all have problems, big and small. Vinfast EVs have tones of problems that are reported in closed Vinfast taxi drivers groups in Vietnam. Of course, no public info because Vuong Pham in collusion with the communist government censor all.

Stupid Vinfans reasons are always like this: Vinfast is a new comer so some problems are OK. Not.

And by the way, a family of four in Pleasanton killed by a faulty ADAS VF8 and the relatives are suing Vinfast already.

Vinfast owners are afraid to say the truth about Vinfast because that make them look stupid buying the car in the first place. This is the biggest reason why Vinfast owners never admit their cars have problem. Nobody wants to appear to be a fool.

The stupid Miguel Colon once was vocal for Vinfast. Darlene Hoang once was chief promoter for Vinfast. All gone.

In fact, past Vinfast owners, if they admit they make a mistake buying Vinfast and how buggy the cars are, are brave and have more integrity than 90% of Vinfans out there.

So don't be afraid. Speak the truth.

Hi, i got offered an Exterior Lead Engineer role at VinFast in Hanoi and I'm currently trying to figure out if it's worth uprooting my family from the UK. I have a background in established automotive OEMs, but I know this is a totally different beast.

​I'm hoping to get some honest, unfiltered advice from current or former expats about a few things:

​1. Realistic Salary & Expat Package: What is the going rate for an Exterior Lead Engineer expat right now? I know packages generally cover housing (Vinhomes) and flights, but what about international school fees? Are those typically fully covered or strictly capped? Also, is it standard practice to negotiate a 'Net' salary rather than 'Gross' to avoid getting hammered by the local income tax?

​2. The "Toxic" Environment: I've done a bit of research and have seen a lot of rumors about the working culture being incredibly toxic and chaotic. I've read about insane deadlines, working every Saturday, massive turnover, and constantly changing organizational structures. Is it really that brutal for foreign experts, or is it manageable if you keep your head down?

​3. Job Security: Given the high pressure and restructuring, is job security basically non-existent?

​I want to make sure I know exactly what I'm walking into and what I should be negotiating hard for. Any insights or warnings would be massively appreciated!

It has been reported that Vuong Pham personally bought 4.89% stake in LPBank for about 7700B VND in value (146M in LPB shares). Well, this is interesting worth analysis.

First, we in this sub know that Vuong Pham is drowning in debt up to his nose, maybe his head as well, with astronomical debt, ~$30B in total, ~$10B in Vinfast, he needs to pay interest on the debt at more than $1.5B per year and constantly in need of cash, so there is no way he fork out the huge cash to buy LPB shares. No free cash. Plain and simple. 100% sure. 1000% sure. Secondly, he is in bed with Techcombank and Hung Anh Ho, getting all the favors he needs from Hung Anh Ho, with Techcombank and TCBS hold many billions $ of Vin debt and loans.

The clueless Vietnamese public of course takes the news as it is and has no idea why Vuong Pham has done so.

So why Vuong Pham spend money to buy LPB shares?

Let's analyze.

1/ First off, it is not that Vuong Pham spend 7700B VND to buy LPB shares on the open stock market. No way. 1000% sure. What happened was that Vuong Pham got 146M shares of LPB through off market transferring from some entities, and these entities are likely related to Thuy Duc Nguyen, a tycoon who is well known for stock financial deals and stock pumping in Vietnam.

2/ Thuy Duc Nguyen bought Vincom Security Company (VIX) from Vuong Pham back in 2011, 15 years ago so the two did cross path a long time ago. They did not have business deals since then.

3/ Now, as Vuong Pham is in need of cash, he finds Thuy Nguyen again. It is probably that Vuong Pham gives Thuy Nguyen some assets and in return Thuy Nguyen gives him 146M shares of LPB. It is reported that Thuy Duc Nguyen did not hold LPB shares since he moved to STB, but if you don't know, in Vietnam, tycoons use shells all the times, and it is very likely that Thuy Nguyen transfers his LPB shares to his shells and acquaintances that are off the book.

Now what Vuong Pham gave Thuy Nguyen in exchange for LPB shares? I don't know. It could be some real estate projects. Or it could be VIC shares. Only the two guys know and very few people know, even the authority does not know.

4/ Notice the number 4.89%? It is below 5%, and as such, Vuong Pham can freely sell those shares at will without filing a report, getting cash. By getting his name on the news, LPB shares pop and Vuong Pham can sell at a higher price than that Thuy Nguyen gave him. So Vuong Pham gave Thuy Nguyen some assets at X price, Thuy Nguyen gave Vuong Pham 146M shares of LPB, probably below current price, and when it pops, Vuong Pham gets even more money.

Here are the logic and the foundations to analyze:

1/ Vuong Pham has no cash, he is desperately in need of more cash, and therefore, there is 0% chance he spend 7700B in cash just to buy LPB shares to gain nothing, as he has already been in bed with Hung Anh Ho. No money. Zero chance.

2/ As such, Vuong Pham get 146M shares of LPB, likely from Thuy Duc Nguyen, another tycoon who has a deep relationship to LPB. In exchange for something, could be real estate, could be VIC shares.

3/ Vuong has zero intention to let 7700B sitting in LPB shares, so he will dump LPB shares to get the cash.

Vuong Pham has no gain in buying LPB shares whatsoever, he does not gain anything from LPBank with the shares, he can get the all loans he wants with TCB and with the government help, he does not have free cash, in short no benefit + no cash, so there is one and only one reason he got LPB shares, and that is to dump the stock to get cash. And the 4.89% is not coincident, it is deliberately so, so Vuong Pham can sell the shares from day one without having to report to the Vietnam SEC.

LPB shares holder should be worry, but as it has been proved in the past, stock driving teams can drive stock up while unloading on retail investors going in due to FOMO. Only when they finish, stock will drop.

This story is another example of the shadiness and craziness of the so called tycoons in Vietnam, Vuong Pham and Thuy Duc Nguyen, who could do anything to milk money from ordinary Vietnamese stock traders.

Every thing Vuong Pham does is to get cash because he desperately in need of cash, without daily infusion of cash, he will be bankrupt.

Here you go, analysis of the event. First on the web, and probably the only place where the truth about the shady Vuong Pham be known.