A one year-old has recently become the richest child in Vietnam following the wishes of his father, Huynh Uy Dung, a well-known Vietnamese tycoon, to pass over his fortune worth thousands of billions of Vietnamese dong to his son.

On September 21, Huynh Uy Dung announced his testament in which he is giving his whole fortune, including a Binh Duong-based resort, two industrial parks and three residential areas, to his one-year-old son Huynh Hang Huu.

Since then, his child has also officially become chairman of the board of directors of Dai Nam Joint Stock Co, which currently has more than 2,000 workers.

Regarding his decision, Dung said he has spent more than 50 years working hard in his business ventures. It is now the right time for him to take a break as he has finally found the meaning of life in his one-year-old son.

Mistaken?

These days, Huynh Uy Dung’s testament has caused controversy among the community as it means the one-year-old child is the richest kid in Vietnam.

On September 26, lawyer Pham Thi Thanh Tam, a member of the supervisory board assistant committee of the Huynh Hang Huu charity fund, re-confirmed that Huynh Uy Dung only talked about giving his son the fortune and the conditions in which to execute the testament; the position that Huu would hold in the board of directors of Dai Nam Joint Stock Co had not yet been mentioned.

According to the regulation titled 01/2013/HĐGS issued by Dung, Huu would be the chairman of the company’s supervisory board, while his father would hold the position of director of the supervisory board.

All joint stock companies in Vietnam are asked to have a supervisory board, in charge of overseeing the board of directors.

By law, in case the chairman is underage or absent for a long time, the director will be responsible for managing the supervisory board.

Thus, 1 year-old Huynh Hang Huu only holds the position of chairman of Dai Nam Co’s supervisory board as a formal title.

Lawful or not?

The testament only takes effect when the testator dies, said Co Hiep, a lawyer from Ho Chi Minh City’s Co Hiep law firm.

Dung only has the right to choose the inheritor of his assets and company shares, and cannot elect his son as the new chairman, the lawyer asserted.

According to Vietnamese law, only members of the board, can be elected as chairman.

Accordingly, the law also states that any civil transactions of people who are under 6 years old must be confirmed and executed by their legal representatives as they do not have full civil act capacity.