As previously reported, the People’s Committee of Thanh Hoa province recently made a decision to recognize the results of land use rights auction for a “golden land” area of over 2.8 hectares in Quang Hung commune, Sam Son city, in order to implement a hotel, commercial, and beach square complex project. Hung Son Investment Member Company is the winning bidder.
The auction area: 28,038.0 square meters; including: The area of land subject to land use fees (Commercial and service land) is 10,204 square meters. The area of land not subject to land use fees is 17,834 square meters; including: 6,888 square meters of greenery area and 10,946.0 square meters of technical infrastructure
The auction took place at 8 a.m. on January 18, 2024, at the People’s Committee Hall of Quang Hung commune, Sam Son city, Thanh Hoa province. After 5 rounds of bidding, Hung Son Investment Member Company (headquartered in Quang Hung commune, Sam Son city) successfully won the auction with a price of 20 billion VND, equivalent to an average price for the entire land area of over 700,000 VND/m2.
Hung Son Investment Member Company (Hung Son) used to be a subsidiary of Van Phu – Invest Joint Stock Company (Van Phu Invest, code: VPI) and was known as the investor of Vlasta Sam Son urban and resort complex project (Vlasta Sam Son project) in Quang Hung commune and Quang Dai commune, Sam Son city, Thanh Hoa province.
Hung Son Investment Company is known as the investor of Vlasta Sam Son project.
Van Phu Invest has sold its subsidiaries multiple times from 2019 to the present. Most recently, Van Phu Invest transferred Hung Son Investment Company to a familiar partner in January 2024.
The partner receiving the transfer of Hung Son Investment Company is Hung Phu Real Estate Investment Company (Hung Phu Real Estate). This company was established in April 2017, formerly known as Phuong Dong International Technology Company, with its main business of trading in foodstuffs.
Since October 2018, the company changed its name to Hung Phu Real Estate Investment Company and started operating in the investment consulting sector.
In February 2020, Hung Phu Real Estate increased its charter capital from 1.8 billion VND to 20 billion VND. In June of the same year, the company changed its Director and legal representative from Mr. Nguyen Trung Hieu (born in 1979) to Mr. Bui Tran Duc Thai (born in 1987).
In October 2020, the company further increased its charter capital to 40 billion VND and then increased it to 610 billion VND in March 2021. It was not until July 2021 that the company officially registered its business in the real estate sector.
Since September 2023, Mr. Pham Chi Son became the owner of Hung Phu Real Estate. At the end of last year, Hung Phu Real Estate moved its headquarters from Minh Khai ward, Bac Tu Liem district to Floor 5, Fafim A Office Building, 19 Nguyen Trai, Thanh Xuan district, Hanoi.
Familiar partner of Van Phu Invest
According to research, Hung Phu Real Estate and Van Phu Invest are familiar business partners. Both contributed capital to establish Hung Phu Residence Investment Limited Liability Company with a charter capital of 790 billion VND in October 2018. Specifically, Van Phu Invest contributed 10% and Hung Phu Real Estate contributed 90%.
At that time, the Chairman of the Board of Directors and legal representative of Hung Phu Residence Investment Limited Liability Company was Mr. Nguyen Trung Hieu. Mr. Hieu also served as the Chairman of the Board of Directors and legal representative of Hung Phu Real Estate from April 2017 to June 2020.
In May 2019, Hung Phu Residence Investment Limited Liability Company changed its name to REQ Company. At this time, the shareholder structure changed when Van Phu Invest withdrew and Mr. Nguyen Trung Hieu, the replacement, held 10% of the shares, while Hung Phu Real Estate still held 90%.
In August 2020, Mr. Nguyen Trung Hieu resigned as General Director and withdrew capital. The replacement was Mr. Nguyen Huy Luong (born in 1992), who held the position of General Director and 10% of the shares.
At the end of December 2023, REQ Company moved its headquarters to the same location as Hung Phu Real Estate at Floor 5, Fafim A Office Building, 19 Nguyen Trai, Thanh Xuan District, Hanoi.
In early February 2024, the shareholder structure of REQ Company was reshuffled when Hung Phu Real Estate reduced its ownership to 57%, and 33% of the shares were transferred to shareholder Nguyen Kien Cuong. Mr. Nguyen Huy Luong still held 10% of the shares.
Since December 28, 2023, Mr. Pham Chi Son, the owner of Hung Phu Real Estate, has been authorized to represent 57% of the shares of Hung Phu Real Estate at REQ Company.
About Mr. Pham Chi Son, he is a male entrepreneur born in 1977 from Hai Phong. He has a Master’s degree in Law and Master’s degree in Business Administration. Mr. Son joined Vietnam Construction and Import-Export Corporation (Vinaconex, code: VCG, HoSE) as a specialist in Foreign Affairs and Legal Affairs in 2002. After years of work, he became a member of the Inspection Committee and Director of Foreign Affairs and Legal Affairs at Vinaconex from April 2013 to November 2015.
In addition, Mr. Pham Chi Son was also a member of the Board of Directors of Xuân Mai Investment and Construction Company, a member of the Board of Directors of Vinaconex Xuân Mai Concrete and Construction Joint Stock Company, a member of the Board of Directors of Vietnam Urban Investment and Services Joint Stock Company (Vinasinco)…
Currently, in addition to being the owner of Hung Phu Real Estate and REQ, Mr. Pham Chi Son also serves as the representative at Lilas Hotel Business and Management Joint Stock Company (Lilas Company). Remarkably, this company used to be a subsidiary of Van Phu Invest, established in April 2018 with an initial charter capital of 6 billion VND.
The founding shareholder of Lilas Company at that time included: Phu My Group Joint Stock Company with 10%, Van Phu Invest with 60%, and Do Thi Thanh Huyen with 30%.
On February 24, 2021, the Board of Directors of VPI passed a resolution to transfer all 360,000 shares, equivalent to 60% of the charter capital in Lilas Company. The recipient of these shares was Mr. Pham Chi Son. Therefore, he officially assumed the position of General Director and legal representative of Lilas Company from the beginning of March 2021. As of the latest update in December 2021, Lilas Company has a charter capital of 111 billion VND.
PV’s data shows that businesses in the hands of Mr. Pham Chi Son have had many transactions and cooperations with Van Phu Invest. Specifically, in the consolidated financial statements for the fourth quarter of 2023 of VPI, it was recorded that Hung Phu Real Estate had a loan of 584 billion VND, an increase of 11% compared to the year-end 2022. Conversely, Van Phu Invest had a short-term payable of over 2 billion VND to Hung Phu Real Estate.
Or, in 2020, VPI and REQ Company cooperated to invest in the new urban area project in Con Khuong, Can Tho city. In 2023, REQ Company deposited 250 billion VND for VPI to invest in a real estate project in Bac Ninh.
