Vietnam’s elite, including real estate mogul Doan Nguyen Duc and industrialists Tran Dinh Long and Tran Ba Duong, are diversifying their portfolios by heavily investing in agriculture, spotlighting the sector’s profitability.

Durian, a standout in Vietnam’s agricultural export, has recently seen its prices skyrocket, with the fruit’s export turnover in the last days of 2023 hitting record highs and constituting 51 percent of the country’s total fruit exports. China, holding a 97 percent market share, emerged as the largest consumer of Vietnamese durian, generating $1.9 billion in sales.

Doan Nguyen Duc, at the helm of Hoang Anh Gia Lai Group (HAGL), is optimistic about the durian market’s potential, citing the current high prices and the limited purchasing power among Chinese consumers as indicators of the fruit’s enduring popularity. HAGL is expanding its durian cultivation to 2,000 hectares, aiming for significant harvests to bolster its ambitious profit targets. This move is part of a broader shift in HAGL’s focus towards agriculture, a sector that now promises high returns after years of restructuring and strategic realignments.

Similarly, Tran Dinh Long of Hoa Phat Group sees agriculture’s allure as surpassing even that of his core steel manufacturing business. Hoa Phat’s venture into animal husbandry and the adoption of the 3F model (feed-farm-food) underscore its commitment to this sector, with notable achievements in poultry and pig farming.

Meanwhile, the acquisition of HAGL Agrico by Thaco, led by Tran Ba Duong, further exemplifies the growing trend among Vietnam’s billionaires to invest in agriculture, recognizing its potential for high profits amidst the challenges of the global market.