Billionaire Tran Dinh Long: ‘Outsourcing Expedites, But Homegrown Manufacturing Protects Our Railway Industry’

At the seminar with the Prime Minister, business associations, and enterprises to effectively implement Resolution 68 on the private economy on the morning of May 31, Mr. Tran Dinh Long, Chairman of Hoa Phat Group, considered Resolution 68 a significant step forward.

“At a meeting with large enterprises six months ago, we also wished and proposed the same. Resolution 68 has exceeded our expectations with its openness,” said Mr. Long.

However, according to the leader of Hoa Phat Group, the crucial point now is that the guiding decrees and circulars need to be constructed synchronously, specifically, and without leaving room for ambiguous interpretations. “Resolution 68 is fantastic, followed by the National Assembly’s Resolution 198. But next, there must be clear, unified, and decisive guiding documents that demonstrate the government’s stance on protecting domestic production,” emphasized Mr. Long.

He gave an example of large infrastructure projects such as the high-speed railway. The Chairman of Hoa Phat Group argued that this is a project of the millennium. If we want to expedite it, we can simply hire foreign experts. However, if we want to protect the domestic railway industry, we must protect domestic production.

“I also represent many enthusiastic business peers from the North to the South. We propose that all resolutions of the Government clearly state the ratio of using domestic products and services and that this ratio be specified in concrete documents,” he said.

At the same time, billionaire Tran Dinh Long also suggested that the Government stipulate in public investment projects, especially in transport infrastructure such as highways, a minimum ratio of 70% for domestic materials and equipment.

“This is a firm condition. The documents must clearly reflect this, avoiding cases like the current draft decree on placement, which is vaguely worded and open to broad interpretation,” Mr. Long advised.

He also suggested that the phrase “priority given to domestic products” in legal documents should be replaced with “must use domestically produced goods” to prevent legal loopholes or loose interpretations. “We hope that the leaders will use clear and consistent wording to express their unwavering support for domestic production,” he emphasized.

Mr. Tran Dinh Long was born on February 22, 1961, in Hanoi. He graduated from the National Economics University in 1986, specializing in Economics.

In 1992, he co-founded Hoa Phat Spare Parts and Equipment Limited Company with his close friend, Tran Tuan Duong, and held the position of Chairman of the Members’ Council and Director. From 1996 to 2005, he served as Chairman of the Board of Directors of companies belonging to the current Hoa Phat Group.

In 2007, Hoa Phat Group was established, with Mr. Tran Dinh Long as the Chairman of the Board of Directors. The success of Hoa Phat Group has made Mr. Tran Dinh Long the third richest person in Vietnam, with a net worth of billions of USD, following Mr. Pham Nhat Vuong and Ms. Nguyen Thi Phuong Thao.