Approved investment of over 1.4 trillion VND in Thinh Phat Industrial Park by former LHG Board Member

The Thinh Phat Industrial Park Expansion project is a construction and infrastructure investment venture with a land area of 112.87 hectares. With a total investment capital of over 1,443 billion VND, it aims to enhance the technical infrastructure of the industrial zone and drive economic growth.

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On March 12th, Deputy Prime Minister Le Minh Khai signed Decision 226/QD-TTg on the investment policy for the construction and operation of technical infrastructure for the expanded Thinh Phat Industrial Zone. At the same time, the investor was approved as Thinh Phat General Investment and Business Joint Stock Company.

The project is located in Luong Binh Commune, Ben Luc District, Long An Province, with a land area of 112.87 hectares. The total investment capital is over VND 1.443 trillion, of which the investor’s contribution is VND 268.5 billion (accounting for nearly 19%).

The project’s operating period is from March 11th, 2024, to November 28th, 2055 (almost 32 years).

The Long An People’s Committee directed the Long An Economic Zone Management Board and related agencies to review, guide, inspect, and supervise the investor’s compliance with the approved expanded Thinh Phat Industrial Zone zoning plan.

Regarding the investor, Thinh Phat Company must take legal responsibility for the legality, accuracy, and honesty of the project dossier and documents submitted to competent state authorities. The company must use the shareholder’s contributed capital in accordance with the commitments to implement the project and comply with the regulations of land and other relevant laws; fully satisfy the conditions stipulated in Clause 2, Article 4 of Decree No. 02/2022/ND-CP when conducting business activities related to industrial infrastructure.

The project can only be implemented after meeting all the legal conditions, including obtaining permission from competent authorities to convert land for rice cultivation purposes and being responsible for paying an amount to protect and develop rice cultivation land.

Thinh Phat General Investment and Business Joint Stock Company was established on January 14th, 2016, with its headquarters in Thu Duc City, Ho Chi Minh City. The company is currently led by Mr. Vo Tan Nhut as the Director and legal representative. According to the amendment registration in December 2020, Thinh Phat increased its capital from VND 167 billion to VND 315 billion.

The leaders of Thinh Phat Company have a connection with Long Hau Corporation (HOSE: LHG). Specifically, Mr. Vo Tan Thinh – a member of the LHG Board of Directors (from June 2021 to April 2022) was Chairman of the Board of Directors and Director of Thinh Phat Company during this time.

Source: LHG’s 2021 annual report

During the same period of Mr. Thinh’s appointment and dismissal, Ms. Do Thi Kim Thi – Former member of LHG’s Control Board and Chief Accountant at Thinh Phat Company.

Mr. Vo Tan Thinh and Vo Tan Nhut became famous in 2020 with the sale of Thinh Phat Cable Joint Stock Company to Stark Group of Thailand for USD 240 million (equivalent to VND 5,600 billion at that time).

Thinh Phat Cable (ThiPha Cable) was established in 1987 and is one of the leading brands in the production of wires and cables in the country. The legal entity Thinh Phat Cable Joint Stock Company was established in 2019 with an initial capital of VND 170 billion, including the founding shareholders Mr. Thinh holding 99.98% of the capital, Mr. Nhut holding 0.01%, and Mr. Nguyen Thanh Tam holding 0.01%. At the time of the Thai acquisition, Thinh Phat Cable had a charter capital of VND 560 billion.

Thanh Tu

SOURCEvietstock
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