From the owner of the dog and horse racing series
When it comes to horse and dog racing in Lam Dong, some people will immediately think of some billion-dollar projects such as: Thien Ma – Madagui Horse and Dog Racing Project – Polo Club and the performance horses of Thien Ma – Madagui Horse Racing Joint Stock Company; Lam Son Greyhound Racetrack Project (at Lam Son Stadium, Vung Tau City) by Sports Service Company SES. .
These are two of the “popular” projects of overseas Vietnamese businessman Nguyen Ngoc My (born in 1950) originally from Huong Khe, Ha Tinh province. In the early years of the 2000s, My was known as the first person to bring dog racing to Vietnam by establishing the Sports Competition and Entertainment Services Company (SES) and building the Lam Son Greyhound Racetrack (at Lam Son Stadium, Vung Tau City).
Performing horses at Thien Ma – Madagui Horse Racing Project
This is also the largest greyhound racetrack in Southeast Asia. However, since March 10, 2023, the racetrack has been closed due to the expiration of the project’s license. Before closing, this dog racetrack organized nearly 1,500 races, attracting millions of visitors to buy tickets to watch the races.
Not only investing in dog racing tracks, this businessman also owns a series of horse racing tracks in many provinces and cities. Before building the two projects in Lam Dong as mentioned above, My was the owner of Phu Tho Horse Racetrack (HCMC) which was forced to close.
From a project of a racehorse breeding and training center and tourism in Da Huoai, My divided it into 3 projects, in which the Thien Ma – Madagui Horse and Dog Racing Project has an area of 70 hectares in Dao Oai commune, Da Huoai district.
The project has been invested since 2011 but has not been completed for over 10 years due to many difficulties related to legal procedures and land clearance compensation.
In January 2024, Lam Dong Provincial People’s Committee issued Decision No. 139 / QD-UBND on permitting Thien Ma – Madagui Horse and Dog Racing Company to convert land use purposes to implement Thien Ma – Madagui Horse and Dog Racing Project – Polo Club and the performance horses.
Specifically, Thien Ma – Madagui Horse and Dog Racing Company is allowed to convert the purpose of using over 6,570 m2 of agricultural land to commercial land, service land, with a term of use until September 5, 2056.
Before approving the conversion of land use purposes, in November 2023, Lam Dong Provincial People’s Committee had a decision to accept the adjustment of the investment of Thien Ma – Madagui Horse Racetrack Project. In addition to adding the goal of building a dog racing track, this project has its progress extended for another 24 months, until November 2025.
The total investment of the project is also adjusted to increase to 1,548.6 billion VND, including 233.6 billion VND from the company’s own capital and 1,315 billion VND from mobilized capital and loans.
2,000m2 horse racing track under construction at Thien Ma Madagui Horse Racing Project. Photo: Vietnamnet
Prior to being allowed to change the land use purpose, in August 2023, Thien Ma – Madagui Horse Racing Company was fined for administrative violations in the field of land according to Decision No. 613 / QD-XPHC of the People’s Committee of Da Huoai district.
The company was fined 80 million VND. The reason is that the company has used agricultural land for other purposes without the permission of the competent state agency.
Through inspection, Thien Ma – Madagui Horse Racing Company has invested in the construction of 16 works and construction items, with a total construction area of 6,460m2, all implemented on the part of the land that has not been converted land use and has not been granted a construction permit.
According to the decision, the functional agency forced this enterprise to restore the original state before the violation, within 30 days from the date of receiving the Decision to impose administrative sanctions.
To build and operate horse racing projects, businessman Nguyen Ngoc My is the founder and chairman of the board of directors of Thien Ma – Madagui Horse Racing Joint Stock Company (established in October 2012). According to the updated business registration as of 1/2021, the company has a charter capital of 265 billion VND, and the shareholder structure includes: Mr. Nguyen Ngoc My holds 67.925%; Hong Lam – Madagui Limited Liability Company holds 20.755%; Thien Ma Entertainment Joint Stock Company holds 11.320%.
Thien Ma and Hong Lam are also both undertakings of the Thien Ma – Madagui Horse Racing Joint Stock Company. Nguyen Ngoc My also holds the position of general director and legal representative at both Thien Ma Entertainment Joint Stock Company and Hong Lam – Madagui Limited Liability Company. Thien Ma Entertainment Joint Stock Company was established in November 2001. As for Hong Lam – Madagui Limited Liability Company, it was established in April 2005, at December 2022, its charter capital reached 177 billion VND, and My contributed 99.6%.
In addition to racetracks in HCMC and Lam Dong, My also built the Xuan Thanh Greyhound Racetrack in his hometown of Ha Tinh. Xuan Thanh Greyhound Racetrack has the full name of the International Sports Service Entertainment Greyhound Racetrack Xuan Thanh. It was granted an investment certificate by Ha Tinh Provincial People’s Committee to Hong Lam – Xuan Thanh Joint Stock Company on May 10, 2007.
On December 25, 2014, the project received a Certificate of Investment Adjustment to a new legal entity (separated from Hong Lam – Xuan Thanh Joint Stock Company) which is Xuan Thanh Greyhound Racing Joint Stock Company. According to updated business registration as of June 2023, Xuan Thanh Greyhound Racing Joint Stock Company has a charter capital of over 119 billion VND. Mr. Nguyen Ngoc My is currently the chairman of the board of directors and the legal representative.
It is known that Xuan Thanh Greyhound Racetrack is located in the 5-star Xuan Thanh Golf & Resort project at Xuan Thanh beach (Ha Tinh province), covering an area of 121.2 hectares.
This project is funded by Hong Lam – Xuan Thanh Joint Stock Company. In addition to the greyhound racetrack, this complex brings together many entertainment services such as: 18-hole golf course; Hoa Tien Paradise luxury resort area; Hoa Nang Beach Camping area, Thiendieu Park, outdoor stage area, underwater play area …
Hong Lam – Xuan Thanh Joint Stock Company was established in 2007 with an initial charter capital of 30 billion VND. Among the founding shareholders, Mr. Nguyen Ngoc My holds 96% of the shares. However, My still holds the position of chairman of the board of directors until January 2022.
From March 2025 to now, Hoang Son Duong (born in 1980, living in Cau Giay, Hanoi) has held the position of chairman of the board of directors and legal representative. It is worth noting that in September 2023, Ha Tinh Tax Department announced the postponement of the exit for Hoang Son Duong due to Hong Lam – Xuan Thanh Joint Stock Company being subject to enforcement of administrative decision on tax management for failing to fulfill tax obligations.
In January 2023, Hong Lam – Xuan Thanh Joint Stock Company was issued Decision No. 23 / QD-CTHHI by the Department of Taxation of Ha Tinh Province on compulsory tax enforcement by suspending the use of invoices.
At the time of enforcement, the company owed taxes, fines, and late payment exceeding 121 days, had applied enforcement measures to deduct money from the company’s account at the bank but it was ineffective. The amount being recovered is 61.7 billion VND.
To the ecosystem of the Vabis Group
In fact, Hong Lam – Xuan Thanh Joint Stock Company is known as a member of Vabis Group (Vabis Group is a wholly foreign-owned enterprise in Vietnam) which is also chaired by businessman Nguyen Ngoc My.
Businessman Nguyen Ngoc My. Photo: Nghe An Newspaper
According to the introduction on the Vabisgroup.com website, after a long time of settling in Australia from 1978, Nguyen Ngoc My returned to Vietnam in 1992. In 1993, he established the Vietnam – Australia Technology Construction Services Co., Ltd. (predecessor of today’s Vabis Group) operates in the field of finishing construction, electrical system construction, water system construction, painting, interior decoration, …
Up to now, the group’s website introduces other operating fields such as: Project consultancy and development, resort tourism, sports and entertainment, vocational training.
Through some member companies as mentioned above, Vabis Group owns two resort projects: Hoa Tien Paradise and Thien Ma – Madagui.
In the field of sports and entertainment, besides race tracks for horses and dogs in Lam Dong and HCMC, Vabis Group also introduced owning a greyhound racetrack at Lam Son Stadium – Vung Tau which was granted a Certificate of Eligibility for Business Dog Racing according to Decree No. 06/2017 / ND-CP in June 2020.
However, the greyhound racetrack has been closed since March 10, 2023 at Lam Son Stadium, Vung Tau City due to the expiration of the project’s operation period.
In the tourism and resort industry, through Hong Lam – Vung Tau Joint Stock Company, Vabis Group owns the One Opera Complex project, a complex of 5-star hotels including types of hotel apartments (condotel), hotel apartments, and a dog racing track located at the corner of Thuy Van – Hoang Hoa Tham streets, Vung Tau City. The total investment for the project is estimated at over 3,650 billion VND. Hong Lam – Vung Tau Joint Stock Company was established in June 2009 and is also under the name of Nguyen Ngoc My as the representative.
In the tourism industry, My is also the representative at Vabis One Opera Tourism Joint Stock Company, but the company has ceased operations but has not completed the tax code closure procedures.
In terms of vocational training, Vabis Group operates the Vabis Hong Lam International Vocational College. According to the introduction, the predecessor of the school is the Hong Lam Vocational College established in 2007.
By 2011, the school was upgraded to the Vabis Hong Lam International Vocational College according to Decision No. 1310 / QD-LDTBXH by the Minister of the Ministry of Labor, Invalids and Social Affairs, on October 20, 2011. The strategic training partner of the school is Box Hill Vocational College (Australia).
According to ANTT’s research, businessman Nguyen Ngoc My still holds the names of many other companies such as: Thiên Mỹ Communication and Entertainment Technology Joint Stock Company (established in October 2015); Vabis Vietnam Construction Investment Co., Ltd. (established in May 2023); Lâm Đồng Branch of Vabis Vietnam Construction Investment Co., Ltd.; Hong Ma Construction Joint Stock Company (established in February 2006); Hong Lam Nguyen Kiem Joint Stock Company (established in November 2017); Gia Lai Abattooir Limited Liability Company established in March 2016 but not operating at the registered address.
However, in the 30 years of business in Vietnam, a series of companies belonging to Chairman Nguyen Ngoc My had to close. These include IFB Joint Stock Company established in June 2017, closing its tax code in June 2020; Nano Hành Giả Technology Joint Stock Company, established in August 2018, closed its tax code in September 2022; Vietnamese Entrepreneurs Club – Branch of Nhat Du Tourism Company Limited established in July 2015, closed its tax code in December 2023; Hong Lam Tourism Joint Stock Company – Da Nang, established in June 2016, closed its tax code in August 2022; SMS Vietnam Information Technology Services Joint Stock Company, established in August 2016, closed its tax code in September 2022; Vietnamese-Australian Industry Joint Stock Company established in May 2010, closed its tax code in December 2017 and many branches of the company.
In addition to his business career, Nguyen Ngoc My is also known as the Vice Chairman of the Association of Foreign Invested Enterprises (VAFIE), Chairman of the Vietnam Business Council – Northern Territory.
