“Pioneering” Business Launch Event
In late September 2023, CT Group announced the launch of CCTPA Carbon Credit Exchange Joint Stock Company, declaring it the first business in Vietnam to initiate a carbon credit exchange, proactively adapting to international environmental trade policies.
At the launch event, Ms. Hoang Bach Duong – Vice Chairman of CT Group stated that “The activation of CCTPA in Vietnam will encourage businesses to transition to cleaner, less carbon-intensive, and more efficient technologies. In addition to the goal of reducing carbon emissions and helping achieve the Net Zero commitment by 2050 that Vietnam has joined under the UN Framework Convention on Climate Change, CCTPA also invests in blockchain applications for the carbon market, ensuring the highest level of transparency, reliability, and efficiency in carbon credit management, issuance, transfer, calculation, and monitoring.”
CCTPA will provide information and advice to businesses, organizations, and individuals in Vietnam on how to develop carbon credits, how to register, verify, confirm, and exchange them, as well as the mechanisms for carbon credit compensation, credit financing, and carbon taxation. CCTPA is also researching and proposing blockchain and crypto solutions for the carbon market.
The announced information indicates that CCTPA leads in many new and innovative technologies and nearly serves the entire process of carbon credit issuance in Vietnam, which is considered neither simple nor financially and intellectually costly.
What is the starting point of CCTPA?
Before becoming a unit in the carbon credit field, CCTPA originated in the construction, architecture, and real estate industries.
Initially named Song Khue Design Company Limited, established in 2009. According to information as of January 2020, the company was chaired by Mr. Le Hoai Thanh and legally represented by him. At that time, the charter capital was VND 20 billion, with 2 shareholders, each contributing 50%: Song Khue International Joint Stock Company and Mr. Thanh. Before that, Mr. Thanh’s shares were held by Ms. Le Thi Mai Tam.
In March 2020, the chairman and legal representative, along with 50% charter capital of the company, were transferred to Mr. Duong Duc Huy. In May, the company increased its capital to VND 100 billion, with changes in shareholders: Song Khue International Joint Stock Company increased its ownership to 66%, and Mr. Huy reduced his ownership to 34%. In October, the company was renamed Green City Design Company Limited. In December, it changed to Green City Investment and Development Company Limited.
In February 2023, Ms. Huynh Thi Anh Hong held the position of Director cum legal representative and maintained the 34% capital previously registered under Mr. Huy’s name.
In the middle of September that year, the company experienced significant changes, changing its name to CCTPA Carbon Credit Exchange Joint Stock Company. The shareholder structure included CT Group Joint Stock Company holding 95% of the capital, Ms. Hong decreasing to 3%, and Mr. Le Minh Truong holding 2%. In addition, the business sector list also narrowed down from 120 to 104 sectors. The main sector remains as architectural activities and related technical consultancy.
Who are the shareholders of CCTPA?
Ms. Le Thi Mai Tam is known as the Deputy Director of the External Relations and Communication Department of CT Group. She was also involved in a real estate market event in 2017 when she was one of three employees who received a “huge” Tet bonus in the form of a car from CT Group.
Mr. Le Hoai Thanh used to be the Sales Director of CT Group. Afterwards, he held various important positions in CT Group subsidiary companies such as General Director cum legal representative of Phuong Nam Land Investment Joint Stock Company (formerly CT – Phuong Nam International Joint Stock Company), CT United Nations International Investment Joint Stock Company (formerly CT – T Joint Stock Company), Tako Holdings Joint Stock Company (formerly HT Holding Joint Stock Company).
Mr. Thanh used to represent 99% of CT United Nations International Joint Stock Company in I-Home Co., Ltd., for many years (now Metro Star Investment Joint Stock Company – the investor of the Metro Star apartment and commercial high-rise project at 360 Vo Nguyen Giap Street, Phuoc Long A Ward, Thu Duc City). Later, Mr. Thanh served as the Director cum legal representative of Metro Star Investment Co.
Mr. Thanh is also a founding shareholder holding 40% of the capital of High-Tech Design and Construction Investment Joint Stock Company (charter capital of VND 5 billion) and 25% of Vinhland Real Estate Trading Service Co., Ltd.
| Vinhland Real Estate Trading Service Co., Ltd. has a charter capital of VND 8 billion. Specifically, Mr. Tran Viet Quang (Director), Mr. Dinh Duc Lieu, Mr. Pham Anh Khoa, and Mr. Thanh each hold 25%. |
In addition, according to the website of Thang Loi Construction Investment Joint Stock Company, Song Khue International Joint Stock Company is the investor of Leman Cap Resort. in Vung Tau City.
As can be seen, most of the leaders of CCTPA, a carbon credit business, come from individuals in CT Group who have ownership and positions in construction and real estate businesses.
On September 29, 2023, just 10 days after the name change, CT Group organized an event to introduce a 15-year-old company, announcing CCTPA as the “first business in Vietnam to launch a carbon credit exchange.”
 CTCP Carbon Credit Exchange Joint Stock Company launched in Ho Chi Minh City for buying, selling, and exchanging carbon credits – Photo: CT Group. In the picture: Mr. Tran Kim Chung – Chairman of CT Group (third from left), Mr. Nguyen Vo Truong An – Deputy General Director of CCTPA (second from left)
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