Vạn Xuân Construction and Development Investment Joint Stock Company (abbreviated as Vạn Xuân) was established in mid-August 2023, headquartered in TDP Quan Va, Ba Hang ward, Pho Yen city, Thai Nguyen province. The main business lines are real estate consultancy, brokerage, auction, and land use right auction.
Initially, the company had a charter capital of VND 20 billion, with founding shareholders including Mr. Tran Manh Tien (holding the position of General Director and legal representative) contributing 40%, Mr. Luu Tuan Khoa contributing 30%, and Ms. Chu Thi Nguyet contributing 30%. All three individuals currently reside in Thai Nguyen province. On January 26, 2024, the Company increased its capital to VND 350 billion and on March 11, it continued to increase to VND 420 billion. The shareholding structure was not disclosed.
Nam Thai urban area project (part of 19.45ha area) was approved by Thai Nguyen Provincial People’s Committee on February 6, 2024. The project implementation location includes Nam Tien ward and Ba Hang ward, Pho Yen city, Thai Nguyen province.
The scale of land use is 194,500m2 with a population scale of about 8,600 people. The project will develop housing products and social housing development funds including: townhouses (shell and core); mixed-use condominiums (commercial services, condominium apartments). The land with completed technical infrastructure will transfer the right to use land in the form of subdivision and sale of land plots for people to build their own houses in accordance with the provisions of the law on land, housing, real estate business; resettlement land fund with an area of 8,529m2; land fund for social housing construction with an area of 15,742m2.
The project has a total investment of nearly VND 2,046 billion. In which, the preliminary implementation cost is over VND 1,700 billion; compensation, support, and resettlement costs are over VND 345 billion.
The project is allowed to operate for a period not exceeding 50 years from the date the investor is allocated land or leased land by the competent authority. The implementation progress is from the first quarter of 2024 to the end of the fourth quarter of 2028.
The project was called for investment by the province in mid-April this year. The preliminary requirement for investors to implement the project is to have equity capital of at least 20% of the total project investment capital, equivalent to VND 409 billion. Thus, Vạn Xuân has made a move to increase its charter capital to a level sufficient to implement the project about a month before Thai Nguyen announced the call for investment.
Regarding Nam Thai urban area for the area of 24.68ha in Ba Hang ward and Nam Tien ward, Pho Yen city in 2023, it was approved for the investor Fecon Pho Yen Joint Stock Company with the trade name Square City urban area, with an investment capital of VND 2,250 billion. According to the project implementation plan, the project will be completed and put into operation in 2026. The operating period is 50 years. The project invests in synchronous construction of technical infrastructure systems with products including 573 adjacent land plots, 227 shell and core houses, 33 resettlement land plots (150m2/plot)…
 Square City perspective. Source: FCN
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Fecon Pho Yen was established in March 2022 with a charter capital of VND 368 billion, a subsidiary company in which Fecon Corporation (HOSE: FCN) holds 55%, Mr. Muon Van Chien (Chairman of the Board of Directors) holds 30%, and Mr. Phung Tien Trung holds 15%. Mr. Chien is currently also the General Director of Fecon Investment Joint Stock Company (Fecon Invest), and he previously worked as Deputy General Director of FCN. Mr. Trung is currently the Deputy General Director of Vietnam Industrial and Urban Construction Consultancy Joint Stock Company (UPCoM: CCV); Mr. Trung was a member of the Board of Directors of FCN, a member of the Board of Directors of Fecon Minerals Joint Stock Company (HOSE: FCM).
