Vietnamese property developer Dang Thanh Tam, one of the country’s richest men, is trying to lure companies from China to his industrial parks with the promise of cheap labor costs.

Tam’s Kinh Bac City Development Share Holding, Vietnam’s third-biggest publicly traded property developer, has attracted companies including units of Japan’s Canon and Sanyo Electric. Tam was one of Vietnam’s richest men at the end of 2009 based on his stock holdings, according to Thanh Nien newspaper.