CONTINUING THE CONSERVATION OF THE ANCIENT MANSION NO. 110-112 VO VAN TAN STREET
Previously, on March 15, at the trial, Ms. Truong My Lan requested the council to lift the seizure of the ancient mansion No. 110-112 Vo Van Tan Street (District 3, Ho Chi Minh City) and hand it over to her family for further repair.
According to Tuoi Tre Newspaper, Ms. Lan said that this ancient villa, owned by Minerva Company, was actually bought by her mother for 700 billion VND. In addition, her daughter is in the process of renovating it, which is still unfinished and ongoing.
“Please, the Council should not seize the house because it cannot be bought or sold but must be preserved. It is a relic of Vietnam,” the accused Lan requested.
Regarding Ms. Lan’s above request, according to Tuoi Tre, the first-instance verdict stated that the ancient villa at 110-112 Vo Van Tan Street is currently owned by Minerva Company (the red book has not been confiscated), and Ms. Chu Duyet Phan (Ms. Lan’s daughter) has a petition requesting consideration for the cancellation of the seizure measure and stating that the purchase money was contributed by the shareholders of Minerva Company.
However, the council considered that the shareholders of Minerva Company are actually the children and grandchildren of Ms. Truong My Lan. The council determined that this is essentially Ms. Truong My Lan’s asset, so it needs to continue to be seized to ensure Ms. Lan’s compensation obligations in the entire case (this asset is only allowed to be renovated by the Ho Chi Minh City People’s Committee, and its current state must not be changed).
THE 3,000 SQM ANCIENT VILLA WORTH 700 BILLION VND
According to the press, the ancient villa at No. 110-112 Vo Van Tan Street is nearly 3,000 sqm in area and used to be named Phuong Nam Villa. At that time, the owners of this property were Ms. Dang Kim Chi (born in 1938) and Ms. Nguyen Kim Sa Dang (American citizen, born in 1934).
The villa is located at the intersection of three main roads: Vo Van Tan, Ba Huyen Thanh Quan, and Nguyen Thi Dieu. In 2013, this villa was offered for sale at a price of 47 million USD.
In 2015, Ms. Truong My Lan, through Minerva Joint Stock Company, bought this villa for 35 million USD (equivalent to more than 700 billion VND at that time). 
This ancient villa was built in a French colonial style and is a 2-3-storey building. The usable space includes two floors with a total construction floor area of more than 2,500 sqm, designed in a North-South direction following the sequence of each block of works. The main part of the house is 990 sqm in area and consists of 16 rooms.
According to long-time Saigon residents, this villa used to be considered one of the most beautiful houses in the city and was owned by a major landlord. The architecture of Phuong Nam Villa is said to be no less impressive than the Governor-General of Indochina’s Palace (now the City Museum) or the Ho Chi Minh City People’s Committee Headquarters.
According to historical records, the materials for constructing this villa were transported from France by sea. The highlights of the villa include the arched gateway, balcony, pillars, windows, and main door, all crafted from Western iron imported directly from France.
The building has three entrances: two main gates on Vo Van Tan Street and a side gate on Ba Huyen Thanh Quan Street. The main entrance has two layers of doors, with wooden doors inside and exterior iron roller doors. The roof is tiled with red tiles. Lightning rods are designed at the joints of the roof. It took dozens of highly skilled workers nearly a year to complete this villa.
After purchasing this villa, Ms. Truong My Lan had it renovated to its original state in 2019. Ho Chi Minh City Department of Construction granted a construction permit to Stonewest Limited, a Singaporean contractor for this project. The renovation team was led by French architect Nicolas Viste.
However, this renovation had to be halted in October 2022. At that time, the exterior of the villa was almost complete, and the surrounding walls and auxiliary works were also nearly finished.
THE VILLA OWNER – MINERVA COMPANY
Minerva Joint Stock Company was established on July 28, 2015, with an initial charter capital of 200 billion VND. The company has three founding shareholders: Truong Hue Van holding 10% of the shares; Truong Lap Hung holding 10% of the shares, and the largest shareholder is Mary Chu Yuet Fan (Chu Duyet Phấn, Truong My Lan’s daughter) with 80% of the shares. Chu Duyet Phấn also used to be the Chairman of the Board of Directors of Minerva.
After several capital increases, Minerva now has a charter capital of 1,700 billion VND.
According to Tuoi Tre, the council stated that the shareholders of Minerva Company include: Horizon Group Joint Stock Company (represented by Ms. Chu Duyet Phấn) holding 48% of the charter capital; Luminance Limited Company (represented by Mr. Truong Lap Hung, Truong My Lan’s grandson) holding 26% of the charter capital; and Radiance Limited Company (represented by Mr. Truong Lap Hung’s wife) holding 26% of the charter capital.
The main business lines, according to the business registration, are conservation and museum activities. The company’s head office is located at the ancient villa at No. 110-112 Vo Van Tan Street. The General Director and legal representative is Mr. Nguyen Vu Anh Thi, born in 1982.
