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Vietnamese real estate tycoon 'shows off wealth'
16 May 2008
In a sign of growing wealth in the real estate sector Doan Nguyen Duc, chairman of the Hoang Anh Gia Lai conglomerate, has purchased a used Beechcraft King Air 350 for $7 million (£3.5 million).
Mr Duc, whose company expects profits of up to $150 million (£75 million) during 2008, said: "I think it's normal to own a plane, it's not a big deal,"
"It's just a means of transport. I will use it for business trips," he added.
According to Vietnam aviation laws, anyone in the country can own a private plane as long as they possess the requisite paperwork and registration details.
Vietnam has seen growth rates of up to seven per cent since 2001 with many business leaders recently purchasing cars such as Lamborghini and Ferrari models to show off their wealth.
Mr Duc is the first private plane owners in Vietnam since the Communist Hanoi government absorbed the former South Vietnam in 1975.
Source: Adfero
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