A short time after the re-election of US President Donald Trump, on the evening of November 11, Hanoi time, General Secretary To Lam had a phone call with him. The content of the conversation was related to the Vietnam-US relationship, and cooperation in many different fields between the two countries. Observers raised the question: What will Vietnam gain and lose when Trump becomes US President?
Most notable is the project invested by Trump Organization of Trump’s son in Hung Yen. This is a 54-hole golf course project, along with a system of hotels, resorts, and modern residential areas, worth $1.5 billion in the home province of the incumbent Vietnamese party chief although there is no evidence that this project has the participation of Lam’s family.
However, international analysts have assessed that Lam is a pragmatic person who likes capitalism and enjoys life, so it is unlikely that he will miss this golden opportunity.
During his visit to the United States in mid-September 2024, Hung Yen Provincial Party Secretary Nguyen Huu Nghia – who accompanied Lam on his trip to the US, witnessed the signing of a Memorandum of Understanding between representatives of the Trump Organization and Hung Yen Group-Kinh Bac Urban Development Corporation.
According to international observers, since before Lam held the highest power in Vietnam, former Minister of Public Security General Lam directed the police foces to continuously attack Vietnam’s leading private enterprises such as Van Thinh Phat Group of billionaire Truong My Lan, Phuc Son Group, Thuan An Group…, not only to defeat political opponents but also for many other purposes.
Lam uses the Ministry of Public Security to attack leading private economic groups, the backyards of his opponents, not only for the purpose of gaining political advantage. This is also an economic competition, aiming to create conditions for the Xuan Cau Group of tycoon To Dung – To Lam’s younger brother, to develop in the long term.
Moreover, Dung is the owner of the famous Xuan Cau Holding Group, with assets worth up to billions of USD. This is considered a family company, and Lam is said to be the person behind it, creating conditions for his family’s “backyard” company to grow to where it is today.
Internal sources of Thoi Bao recently revealed that currently, General Secretary Lam and his faction and relatives are trying to manipulate and establish a series of large enterprises, doing business in many different fields.
Lam wants to create conditions for the development of his family’s economic system, becoming the strongest force in Vietnam in the near future. By then, billionaire Pham Nhat Vuong’s VinGroup will be just an ant standing next to an elephant named “super” Xuan Cau Holding Group.
Meanwhile, leaders of provinces and cities across the country, fearing Lam’s authority, always have to “bow down” to serve this family.
According to insiders, Lam is currently trying to seize power in the Party, at the same time, building a strong Hung Yen force; through that, Dung’s younger brother’s Xuan Cau Company will also become increasingly stronger. When the leading private enterprises collapse under the hands of the Ministry of Public Security, Xuan Cau Holding and the new companies of Lam’s family will take their place and have the potential to become even stronger.
With such a closed process, in the future, Lam will continue to defeat the leading private enterprises of other forces, to build the most powerful political and economic power ecosystem named To Lam – General Secretary of the Communist Party of Vietnam.
Tra My – Thoibao.de
