https://www.reddit.com/r/VinFastComm/comments/1ciwq9n/there_are_many_billions_dollar_scams_by_vuong/

1/

In essence, the Granworld Phu Quoc is about Vuong Pham uses the land pinksheet as collateral to borrow money from bank (Techcombank, partner in crime) and sell houses on commercial land with limited ownership time as if it has unlimited ownership time. The contract actualy only sells the house not the land but Vietnamese people often do not read contracts.

For those readers not familiar with Vietnamese real estate, land in Vietnam is owned by the general public (all people), no individual ownership, Vietnam is a communist country. What people own is a pink sheet of "the right to use the land" and there is limited time (50 years for commericial land) and unlimited / nospecified time (for residential land). Of course, the way it say "own the right to use the land but not own the land itself" is a communist thing but for practicality, Vietnamese people have live with this ever since. Just for the content.

What Vuong Pham / Vinhomes do is NOT unusual in Vietnam nor the first time Vuong Pham does so.

Before Grandworld Phu Quoc, Vuong Pham sold Vinperal Nha Trang to people with a pink sheet saying unlimited time on commerical land by bribing the Khanh Hoa's officials (these people are in jail now). These acts violated the law and there is on going litigation in Vinpearl Nha Trang, the same as Grandworld Phu Quoc.

Before Grandworld Phu Quoc, Vuong Pham sold Vinhomes Oceanpakr 2/3 shophouses on commercial land as well while promising pinksheet with unlimited time. There are litigations on these projects as well.

Vuong Pham's security had beaten up people when they staged a march to protest the cases of Vinpearl and Vinhomes Ocean Park 2/3.

Now, Grandworld Phu Quoc is a repeat, not a new phenomena, and the victims in Grandworld Phu Quoc use the billion scam to get attention, and it is rightly so. I just say this is not the first. For the readers to know. Vinpearl Nha Trang and Vinhomes Ocean Park 2/3 are another billions dollar scams.

2/

Real estate companies use land pink sheet as collateral before the house delivery to borrow from banks all the time in Vietnam. Novaland is another example. This is very common in Vietnam. Not defend Vinhomes, it was wrong, I just point out that the practices are very commonn in Vietnam.

Basically, real estate companies use bribery and relationshhip to get land on the cheap, put the land title to borrow money, sell the house well before when they finish (usually 2-3 years before completion date) and at inflated price (like x2 or x3 nearby house), thanks to real estate pumping by sales person hired by the developers.

Real estate reap a profit like x100 times the money they have to put out. That is why Vinhomes can reap billions dollar profits, selling so so house at inflated price with little money upfront.

3/

But the biggest billion scam of all is Vinfast. Vinfast is $9.3B scam, bigger than any Vinhomes's project.

And Vinfast is what will take down the shady Vuong Pham, not Vinhomes Grandworld, Vinpearl Nha Trang, or Vinhomes Ocean Park.

But we need to spread the truth about Vuong Pham, Vinfast, and Vinhomes so people will not be duped by Vuong Pham in the future.

Do not do business with Vuong Pham: do not buy his buggy cars and do not buy his inflated houses with questionable legality.

The last time I check, Vin sales people are touting they have sold thousand VInhomes Vu Yen units. The last time I check, people still buy 3000 Vinfast cars in a quarter.