Vu Van Tien: Tycoon gives car to Xuan Son, owns billion-dollar real estate

In his first time participating in the ASEAN Cup (formerly the AFF Cup), player Nguyen Xuan Son left a strong impression with the double individual titles of Top Scorer and Best Player of the tournament.

In the second leg of the 2024 ASEAN Cup final in Bangkok (Thailand), Nguyen Xuan Son suffered a serious injury and could not play the entire match. However, the Nam Dinh Club striker's dedication to the national flag has received much praise from domestic fans.

Recently, the automobile joint venture between Chery Group (China) - Omoda & Jaecoo Vietnam and Geleximco Group presented the male player with a Jaecoo J7 PHEV electric car for the 27-year-old striker's contributions to the journey to conquer the 2024 ASEAN Cup championship. In addition to the leadership of the Chinese automobile group, the presentation ceremony also had the presence of Chairman of Geleximco Group Vu Van Tien, one of the famous tycoons in Vietnam.

Mr. Vu Van Tien was born in 1959 in Tien Hai district, Thai Binh province. He is one of the famous tycoons in the Vietnamese market. Although there are no public statistics, Mr. Tien is predicted by the domestic business community to have enough potential to be in the group of USD billionaires in Vietnam.

According to research, Mr. Vu Van Tien graduated with a bachelor's degree in Economics from the National Economics University and an engineer degree from the Military Technical Academy.

During the period 1986-1992, he was an officer at Hanoi Agricultural Materials Corporation. In January 1993, he founded Hanoi General Import-Export Joint Stock Company, the predecessor of Geleximco Group, with an initial charter capital of 3 billion VND. At Geleximco, Mr. Vu Van Tien held the position of Chairman of the Board of Directors and General Director.

Initially, the company mainly operated in the field of importing and exporting consumer goods and production materials from Russia and Eastern Europe. Later, businessman Vu Van Tien directed Geleximco to shift to a multi-industry development model, prioritizing industrial production.

In 2001, this enterprise increased its charter capital to 50 billion VND, cooperating with Lilama Group to invest in the Thang Long Cement Factory project with a total investment of up to 350 million USD. By 2004, the company increased its charter capital to 150 billion VND.

In 2007, Geleximco converted from a limited liability company to a joint stock company, and increased its charter capital to VND1,230 billion. Two years later, the company's charter capital was increased to VND2,000 billion and continued to increase to VND6,000 billion in 2011. According to data on HNX, Geleximco Group's current charter capital is VND9,600 billion.

Since switching to operating as a joint stock company, Geleximco has also begun to build a multi-industry ecosystem, focusing on four main areas including industrial production, banking and finance, real estate and trade services.

In the industrial sector, Geleximco's outstanding projects include An Hoa Pulp Factory and An Hoa Paper Factory (total investment of 450 million USD), Thang Long Thermal Power Plant (total investment of 900 million USD, capacity of 620 MW)...

In the real estate sector, the Geleximco brand is associated with projects such as the City of Exchange Urban Area on Pham Van Dong Street, Gelexia Riverside Urban Area, Le Trong Tan Urban Area, Trung Minh Geleximco Ecological Urban Area in Hoa Binh, most recently the Geleximco Southern Star project. Geleximco is also the owner of the Dragon Hill International Tourist Area project (Dragon Ocean Do Son) in Do Son, Hai Phong with a total area of over 480 hectares and an investment capital of over VND 30,000 billion.

In the field of trade and services, Geleximco has put into operation the Geleximco Hoa Binh - Hilltop Valley Golf Club golf course, invested in large-scale golf course and resort villa projects in Lao Cai, Hai Phong...

In the financial sector, Geleximco Group is the founding shareholder and co-owner of units such as: An Binh Commercial Joint Stock Bank, An Binh Securities Joint Stock Company, An Binh Securities Investment Fund Management Joint Stock Company, An Binh Financial Investment Group Joint Stock Company...

In the domestic market, Geleximco is currently one of the largest private economic groups with total assets of more than VND 80,000 billion and annual revenue of over VND 20,000 billion. In the periodic financial information disclosure in 2023, Geleximco recorded a profit after tax of nearly VND 74 billion. Owner's equity as of December 31, 2023 reached VND 12,295 billion.

In addition to the above four areas, Mr. Vu Van Tien's group also participates in joint ventures with automobile manufacturers around the world. Since 1996, Geleximco has cooperated in producing spare parts for Honda cars and motorbikes through Vietnam Automobile and Motorcycle Parts Manufacturing Company Limited (VAP), one of the first successful joint ventures between Vietnam and Japan.

Most recently, in early 2024, Geleximco Group and Omoda & Jaecoo Automobile Co., Ltd. (under the Chinese Chery Group) signed a joint venture contract to invest in building an automobile manufacturing plant in Hung Phu Industrial Park (Tien Hai District, Thai Binh) with an investment capital of more than 800 million USD and a capacity of 200,000 vehicles/year. Mr. Tien said that this is the project with the largest total investment in the automobile industry between Vietnam and China.

At the end of October 2024, the Chairman of Thai Binh Provincial People's Committee granted the investment registration and business registration certificates to the joint venture between Geleximco and Chery. According to the plan, in the first phase, Chery Group will focus on distributing gasoline vehicles before expanding to PHEV (mixed gasoline-electric) vehicles, in line with global trends.

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