Vietnamese tycoons who own supercars throughout history.

Over the past 10 years, wealthy Vietnamese individuals have imported hundreds of expensive supercars of all types. The most expensive model costs nearly $4 million.

Supercars are a luxury hobby for the wealthy. These vehicles, equipped with powerful engines and expensive materials, began appearing in the early 20th century. However, the term "supercar" only began to be used after World War II. This concept is used to describe very expensive, fast cars with mid-mounted engines.

Early period

Supercars arrived in Vietnam relatively late. In August 2006, the first supercar to arrive in Vietnam was the Aston Martin Vanquish. The Vanquish's arrival at that time surprised many car enthusiasts because its price in the UK was as high as $230,000. With white license plates and all taxes paid, its value reached $700,000. The Vanquish's arrival in Vietnam was quite discreet; no one knew the true owner of the car.

Aston Martin Vanquish, the first supercar in Vietnam. Photo: Otofun.

Following the Vanquish, the supercar craze in Vietnam began to heat up in 2007, when Cuong Do La publicly announced his ownership of the first Lamborghini Gallardo in Vietnam.

On May 7, 2007, the yellow Gallardo was transiting between Hanoi and Ho Chi Minh City and parked in the hotel's basement because Quoc Cuong's villa on Tran Quoc Thao Street had a basement that was too deep and unsuitable for a supercar.

Cuong's Gallardo was a used car, so it was subject to a relatively low tax rate, only about 1.1 billion VND. After Cuong Do La's Gallardo, a series of other tycoons also rushed to import expensive supercars and luxury cars into Vietnam.

Cuong Do La owns the first Lamborghini Gallardo in Vietnam.

2007 was a memorable year for car enthusiasts in Vietnam. It was a time of booming stock markets and a real estate frenzy, resulting in many people becoming wealthy overnight. This rapid increase in wealth led many to seek ways to spend lavishly, and supercars were among the first luxury items they considered.

Besides rapid economic growth, low taxes are also a reason why supercars are flocking to Vietnam. If importing used cars, buyers only have to pay an absolute tax based on engine displacement, which is usually quite low compared to the supercar's value. The special consumption tax is only 50%.

At that time, besides Cuong Do La, another top car enthusiast in Saigon was Chi Vy (nicknamed Cu Way). Born into a wealthy family with a tradition of plastics trading, Chi Vy easily acquired trendy cars like the Ferrari F430 and Lamborghini Gallardo SE.

Besides the young heirs associated with high-speed supercars, Vietnamese tycoons at that time favored Rolls-Royce, Maybach, and Bentley. However, the most impressive figure in the car collecting world at that time was undoubtedly businesswoman Duong Thi Bach Diep, the first person to own a bespoke Rolls-Royce in Vietnam.

Businesswoman Duong Thi Bach Diep with her first genuine Rolls-Royce.

Ms. Diep's blue Rolls-Royce Phantom was imported into Vietnam in January 2008. The air freight alone cost $10,000. The total value of the car in Vietnam was approximately $1.3 million (about 26 billion VND in 2008), including the factory price of $496,360 and import tax and registration fees of $882,092.

The Rolls-Royce owned by tycoon Bach Diep held the record for the most expensive car in Vietnam for a long time, before young tycoon Pham Tran Nhat Minh (Minh Nhua) splurged on two supercars: a Lamborghini Mucielago LP670 SV in 2010 and a Bugatti Veyron in 2012.

Before 2010, not many people knew Minh Nhựa, but now, very few people are unaware of this young tycoon. His extravagant purchases of million-dollar supercars have gradually surpassed those of Cường Đô La.

The collection of supercars owned by young tycoon Minh Nhựa. Photo: TNTBros.

Minh Nhựa is the second person in Vietnam to own a Lamborghini Aventador, estimated to be worth over $1 million, the only person in Vietnam to own a Lamborghini Mucielago LP670 SV worth $1.3 million, and also the owner of a Bugatti Veyron worth $1.3 million before tax. The total value of this young tycoon's car collection amounts to hundreds of billions of Vietnamese dong.

In mid-2016, car enthusiasts were abuzz with rumors that Minh Nhựa would acquire a Pagani Huayra worth up to 78 billion VND in Vietnam. However, to this day, the purchase has not been publicly announced, and there is no further information about the car.

The car collecting style of Vietnamese tycoons

After 2013, as the economy began to recover, supercars started to make a sporadical return to Vietnam. This period marked the beginning of new records in the Vietnamese automotive world. Vietnamese tycoons seemed to have become more discerning and sophisticated in their car choices. A prime example is the emergence of several authorized supercar dealerships such as Rolls-Royce Motor Cars Hanoi, Bentley, and Lamborghini.

A Rolls-Royce Phantom "Sacred Fire" on the streets of Hanoi. Photo: ICTNews.

The second Rolls-Royce Phantom ordered in Vietnam, named "Eastern Sun," worth 43 billion VND, went to "cigarette tycoon" Le Thanh Than, owner of the Muong Thanh chain of affordable hotels and apartments.

At the end of 2015, the Rolls-Royce "Sacred Fire," priced at 50 billion VND, was acquired by a Hanoi tycoon, and most recently, the Rolls-Royce Phantom "Peace and Glory," valued at 83 billion VND, has also been ordered by a Vietnamese tycoon.

Among the famous supercar enthusiasts in Vietnam, there is a wealthy businessman in the coffee industry who commands respect even the region's top collectors. This tycoon has a peculiar hobby: buying supercars and painting them all white. Currently, his collection includes dozens of supercars of various types, with Ferraris being the most numerous (around 6 cars).

A supercar gathering of Saigon's tycoons. Photo:Minh Anh.

Supercars in times of crisis

The supercar craze in Vietnam is considered a barometer of the country's economy. During periods of economic prosperity, the number of supercars arriving is countless. However, there have also been periods when supercars were rarely mentioned.

In 2008, the global economic and financial crisis began to affect Vietnam. Between 2009 and 2013, the real estate bubble burst, causing real estate companies to struggle. Even Quoc Cuong, once a famous tycoon, had to temporarily abandon his expensive supercar hobby due to continuously declining business results.

Many tycoons are hastily selling their supercars to pay off debts. A prime example is seafood tycoon Dieu Hien, who had to sell her Rolls-Royce Phantom with a four-digit license plate. At the end of 2015, the Rolls-Royce, once a symbol of the female tycoon's power, was put up for sale at a used car market along National Highway 13 (Ho Chi Minh City).

The luxurious Rolls-Royce Phantom belonging to wealthy businesswoman Dieu Hien sits next to her used car dealership.

The period from late 2015 to early 2016 was considered the golden age of supercar ownership in Vietnam. The concept of "buying cars to avoid taxes" was widely used. Starting from July 1st, the special consumption tax applied to large-engine vehicles increased sharply, from 65% to 90% for vehicles with engines from 3.0 to under 4.0 liters, 110% for vehicles with engines from 4.0 to under 5.0 liters, 130% for vehicles with engines from 5.0 to under 6.0 liters, and finally, supercars with engines over 6.0 liters were subject to a tax rate of 150%.

Tariff barriers couldn't stop the Vietnamese tycoons' passion for supercars, but they did cause the trend to decline.

Prior to July 1st, thousands of supercars and expensive luxury cars were imported into Vietnam, including seven Aventadors, most notably the Lamborghini Aventador LP750 SV worth over $500,000 in the US and the DMC-tuned Aventador.

In addition, brands that had never appeared in Vietnam before, such as McLaren, were imported with nearly 10 units, and Ferrari 488 GTB and Lamborghini Huracan were also imported with around 10 units each.

However, compared to other countries in the region such as Singapore, Thailand, Malaysia, and even Laos and Cambodia, the number of supercars in Vietnam is still quite small.

With the current tax system, supercars in Vietnam are the most expensive in the world, even surpassing Singapore, a country that uses taxes to restrict car ownership. Many predict that imported supercars will become as rare as autumn leaves in the near future.

According to Zing