The Bao Son Corporation and the Bao Son Award Council have launched the 2024 Bao Son Award. “Our fund has now reached nearly VND 600 billion. We will use the interest from this savings fund for the awards and the council,” said Mr. Nguyen Truong Son.
The Bao Son Award, established in 2010, honors scientists with inventions and research of high applicability. Notably, the award fund comes from the personal contribution of Mr. Nguyen Truong Son, Chairman of the Bao Son Corporation.
In 2010, Mr. Son donated VND 500 billion to a savings account. With an interest rate of 7.5%/year, the annual interest of VND 37.5 billion will be used for the science awards.
Mr. Son is a low-key businessman in the Vietnamese business world, but his business empire spans various sectors, including real estate, urban areas, healthcare, education, labor export consulting, aesthetics, and domestic and international tourism.
Born in 1945 in Nghe An province, Mr. Son graduated from the Trung Cao Co Dien School in 1965 and was sent to Bulgaria by the Ministry of Mechanical Metallurgy to study transformer and electrical machine design and manufacturing. He graduated as a practical engineer in 1972 and returned to Vietnam.
In 1991, Mr. Son decided to turn the state-owned company into a non-state enterprise. This marked the beginning of Nghi Tam Investment and Tourism Service Company, the predecessor of Bao Son Investment, Construction, and Tourism Group Joint Stock Company (Bao Son Corporation).
Bao Son Corporation: A Leading Business Group in Vietnam
Built the first 4-star hotel in Hanoi in 1995 and the first Safari park in Hanoi in 2017
The first landmark project of the Bao Son Corporation was the construction of the Bao Son Hotel, which met the 4-star standard earlier than any other hotel in Hanoi. Completed in 1995, the hotel is located on one of the capital’s most prominent boulevards and features 100 rooms, two conference rooms, and a European-Asian restaurant, attracting many domestic and international guests.
In 2005, the corporation became the focus of the business community again as it opened the Bao Son Paradise Park, a 20-hectare entertainment complex with a total investment of up to USD 100 million.
In 2017, the group inaugurated the first Safari park in Hanoi, a VND 300 billion project spread over 2.6 hectares within the Bao Son Paradise Park.
The corporation has also invested in numerous apartment projects, including the Bao Son High-Class Apartment and Villa Area in An Khanh, Hanoi, and the Duc Giang – Gia Lam Apartment Area. In Nghe An province, they have developed the Bao Son Complex at 126 Nguyen Sy Sach with 319 luxury apartments and the Bao Son Green Pearl at 72 Le Loi with 522 apartments.
After 29 years of establishment and development, Bao Son now has 16 member companies operating in various fields, including real estate investment and business, hotels, entertainment parks, healthcare, and education.
In the field of education, Bao Son owns the Bao Son Service Vocational College and the Bao Son Medical College, with the orientation of becoming a high-quality human resource training center.
In 2015, Bao Son made its mark in the healthcare sector by establishing the Bao Son General Hospital at 52 Nguyen Chi Thanh, Hanoi, and investing in a hospital and nursing home complex in Son Tay, Hanoi.
Made headlines in 2023 for the “VND 120,000 pork rib meal” controversy
Bao Son Paradise Park: A Popular Entertainment Destination
In 2023, Bao Son sparked a social media frenzy due to a controversy surrounding a “VND 120,000 pork rib meal” sold at the Bao Son Paradise Park in Hoai Duc, Hanoi. The park is operated by Bao Son Paradise Entertainment Tourism Company Limited, a member of the Bao Son Corporation ecosystem.
Bao Son Paradise Entertainment Tourism Company is often referred to as the “money-making machine” of the Bao Son Corporation.
From 2016 to 2019, the company’s revenue grew from VND 200 billion to VND 303 billion, with profits consistently above VND 60 billion each year.
In 2020, revenue continued to soar to VND 374 billion. After expenses, the company reported a profit of VND 36 billion.
In 2021, although revenue decreased to VND 319 billion, the company’s after-tax profit jumped to VND 117 billion. On average, the owner of Bao Son Paradise earned more than VND 300 million per day in 2021.
In 2022, Bao Son Paradise’s revenue decreased to VND 117 billion, with an after-tax profit of nearly VND 33 billion.
As of December 31, 2022, Bao Son Paradise’s total assets were VND 957 billion, with payables of VND 407 billion. Their financial borrowings were insignificant at only VND 3.1 billion, mainly consisting of internal debt. Notably, the company did not record any interest expenses in 2021 and 2022.
