A newly launched project in Thai Nguyen province has caught the attention of investors. The Thanh Luong Residential Area in Tan Hoa, Phu Binh district, spans almost 30.2 hectares and boasts a total investment of nearly VND643 billion (including over VND112 billion in compensation and resettlement support costs).
The project will offer high-quality real estate products to the Thai Nguyen market, including detached houses, villas, commercial land plots, and residential land plots that can be transferred to individuals for self-construction. It will also provide commercial and resettlement land and develop technical infrastructure to support a population of approximately 3,500 people.
Smartthings Vietnam JSC is a wholesale company (industry code 4690) established on April 16, 2021, with its headquarters located at 206 Tam Trinh, Yen So Ward, Hoang Mai District, Hanoi.
The Thanh Luong Residential Area in Tan Hoa, Phu Binh, is expected to have a lifespan of 50 years, with the project implementation period starting from mid-2024 and ending in late 2027.
The preliminary requirements for investors’ financial capacity and experience are quite stringent and comprehensive. The Thai Nguyen provincial government expects the prospective company to arrange a minimum of over VND96 billion in equity capital (equivalent to 15% of the total investment) and have experience in at least one similar project as a main investor, main contractor, or member contributing capital to the investor consortium.
For projects in the field of urban areas, commercial housing, office headquarters, commercial and service constructions, or civil constructions with one or more functions, the investor must have participated as a capital-contributing investor. These projects must have been completed or substantially completed within the last 7 years, with a total investment of nearly VND386 billion, and the investor must have contributed a minimum capital of nearly VND58 billion.
In the case of projects in the same fields, if the investor has participated as a main construction contractor, the project must have been completed or substantially completed within the last 5 years, with a minimum value of over VND265 billion.
Similarly, for projects with a partner participating as a main construction contractor, the project must also have been completed or substantially completed within the last 5 years and have a minimum value of over VND265 billion.
When the deadline for submitting applications to implement the project arrived at 9:00 am on July 8, the Thai Nguyen Department of Planning and Investment recently announced that only one investor had expressed interest: Smartthings Vietnam JSC.
While the lack of competition may seem advantageous for Smartthings Vietnam JSC, it is not enough to guarantee the desired outcome for the company.
According to the Cong Thuong Newspaper, Smartthings Vietnam JSC is a wholesale company (industry code 4690) that was established on April 16, 2021, and is headquartered at 206 Tam Trinh, Yen So Ward, Hoang Mai District, Hanoi. Its founding capital was modest at VND2 billion, with the East Asia Trading and Construction Chemicals Company contributing 51% (equivalent to VND1.02 billion). Mr. Nguyen Tat Long (DOB: 1979) holds 48%, and the remaining 1% belongs to Mr. Do Van Khanh (DOB: 1973), who is also the director and legal representative of the company.
Interestingly, for over three years, Smartthings Vietnam JSC maintained its charter capital at VND2 billion. However, on June 19, the company’s shareholders enthusiastically contributed an additional VND118 billion, raising the charter capital to VND120 billion, a 60-fold increase. This move occurred just before the Thai Nguyen province finalized the results of the application submission for the nearly VND643 billion Thanh Luong Residential Area project.
With this increase in capital, Smartthings Vietnam JSC has likely passed the preliminary selection for financial capacity. However, the company’s leadership will face a challenge when it comes to demonstrating their experience in similar projects. The initial capital of VND2 billion denies the possibility of the company’s involvement in projects worth hundreds of billions of VND, whether as an investor, main contractor, or capital contributor in a consortium.
Regarding the East Asia Trading and Construction Chemicals Company (East Asia Company), it was established in October 2016, with Mr. Tran Quang Tuan (DOB: 1979) as its General Director. In addition to Mr. Tran Quang Tuan, the list of founding shareholders of the East Asia Company includes Mr. Do Van Khanh, director of Smartthings Vietnam, who owns 33.33% of the charter capital, and Mr. Nguyen Dang Dung (DOB: 1978).
The parent company of Smartthings Vietnam has also undergone a recent transformation. Instead of maintaining its founding capital of VND3 billion, in December 2018, they increased it to VND5 billion. More than five years later, in January 2024, the East Asia Company registered a charter capital of VND50 billion, which is the last capital adjustment up to the present.
It can be assessed that the financial strength of this group is not as solid as expected. Meanwhile, most of the representative projects that the East Asia Company showcases on its website (“https://dongatrade.vn/”), such as the Quang Ninh inter-sector office area project, the Mipec Kien Hung urban area project, and the Imperial Plaza apartment building (360 Giai Phong, Hanoi)… the company only participates as a supplier of materials and contractor for waterproofing.
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