Vietnamese Tycoon Gets Caught Up in Nation's Debt Boom – The Wall Street Journal

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http://www.wsj.com/articles/vietnamese-tycoon-gets-caught-up-in-nations-debt-boom-1478705933
HANOI—A decade ago, Doan Nguyen Duc was the poster child for the new, capitalist Vietnam. Today his holding company is scrambling to rearrange some $1.2 billion in debt after being hit by a property slump and a collapse in commodity prices.
A stocky man with a thick mustache, Mr. Duc was the first Vietnamese tycoon to buy a private plane. He nurtured rubber plantations across the border in Laos and Cambodia and bought stud farms. His furniture factories filled the condominiums his property business was building. One morning while slurping noodles in Ho Chi Minh City in 2009, he told a visiting reporter he was eyeing a 20% stake in famous English soccer club Arsenal FC.
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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

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