Portrait of Entrepreneur Cao Tien Doan
Mr. Cao Tien Doan, born in 1957 in Sam Son, Thanh Hoa, is a well-known businessman. He is the Chairman of the Members’ Council and Director of Dong A Real Estate Group Joint Stock Company (referred to as Dong A Group). In addition to his business career, Mr. Doan was also a member of the Executive Committee of the Vietnam Chamber of Commerce and Industry (VCCI) for the term 2015-2020, Chairman of the Thanh Hoa Business Association, a member of the Economic and Budget Committee of the Provincial Assembly of Thanh Hoa, and a member of the Executive Committee of the Vietnam Football Federation, term IX.
Chairman of Dong A Group, Cao Tien Doan
Famous for his vast wealth, Mr. Doan once caused a stir on social media when he announced his purchase of a helicopter to use as a taxi service. In addition, the Dinh Dau businessman also owns a grand mansion, “Bach Dinh,” located on a 50,000 m2 plot of land in Quang Chau, Sam Son, Thanh Hoa Province.
Within the mansion’s grounds, Mr. Doan has dedicated a portion of the land to constructing a private airport and an eco-resort with walking paths, electric car roads, a swimming pool, a tennis court, and traditional wooden houses, including a temple dedicated to Princess My Chau.
He is also known for his passion for antique cars and owns a collection of 13 vehicles, mostly Mercedes-Benz. His collection ranges from a 1950s Mercedes-Benz 190 to the luxurious S55 AMG.
According to PV data recorded in April 2023, Mr. Doan and his wife pledged a Mercedes-Benz car with Thanh Hoa license plates at Vietcombank’s Thanh Hoa branch.
Apart from the Dong A Group, Mr. Doan is also the standing owner of Thanh Hoa Businessman Joint Stock Company. This enterprise was established in March 2018, with its head office located in the Dong A Building, 11A1 Tan Huong, Thanh Hoa City.
Additionally, the tycoon has a burning passion for football. In 2020, Mr. Doan took over the management of the Thanh Hoa Football Club by establishing Dong A Thanh Hoa Football Joint Stock Company with a charter capital of 36 billion VND. As a result, the team was renamed the Dong A Thanh Hoa Football Club, with Mr. Doan as Chairman and his son, Cao Hoang Duc, as the Executive Director.
A Large Proportion of Shares Pledged at Banks
Regarding the Dong A Group, this enterprise was established in October 1996 under the name Dong A Real Estate Corporation. In 2017, the company was reissued a tax code with its current name, and most of the shares are owned by Mr. Doan and his wife.
Before 2017, Mr. Cao Tien Doan held 66.9% of the shares in the Dong A Group. According to PV data recorded in January 2017, Mr. Doan pledged a large proportion of the shares in the Dong A Group, owned by several individuals, at Vietcombank’s Thanh Hoa branch. These shares included 53.71% of the Dong A Group’s shares owned by Mr. Doan (valued at 135.3 billion VND, according to the enterprise registration as of May 30, 2012); 8.79% of the shares owned by Mrs. Nguyen Thi Diep (valued at 22.15 billion VND according to the enterprise registration as of May 30, 2012); 12.71% of the shares owned by Mr. Cao Duc Thien (valued at 32 billion VND according to the enterprise registration as of May 30, 2012); 12.36% of the shares owned by Mr. Cao Hoan Duc (valued at 31.13 billion VND according to the enterprise registration as of May 30, 2012); 0.53% of the shares owned by Cao Van Phu (valued at 1.35 billion VND according to the enterprise registration as of May 30, 2012); and 11.9% of the shares owned by Dong Au Corporation (valued at 30 billion VND according to the enterprise registration as of May 30, 2012).
In March 2017, when the Dong A Group increased its charter capital from 262 billion to 583 billion VND, Mr. Doan’s ownership decreased to 57.6%. The remaining shareholders included Mr. Doan’s wife, Mrs. Nguyen Thi Diep, with 13.59%, Cao Duc Thien with 22.82%, and Cao Van Phu with 5.95%.
According to PV data from September 2019, Mr. Cao Tien Doan pledged 57.64% of the Dong A Group’s shares (valued at over 336 billion VND) at Vietcombank’s Thanh Hoa branch. At the same time, Mrs. Nguyen Thi Diep also pledged 13.59% of the Dong A Group’s shares (valued at over 79.2 billion VND at the time of capital contribution) at Vietcombank’s Thanh Hoa branch.
In April 2020, the company again increased its capital to 689 billion VND. At this time, Mr. Cao Tien Doan owned 57.77%, Cao Duc Thien 21.77%, Mrs. Nguyen Thi Diep 13.67%, and Cao Van Phu 6.77%.
In April 2021, the Dong A Group increased its charter capital to 1,269 billion VND, with Mr. Cao Tien Doan owning 58.36%, Cao Duc Thien 17.84%, Mrs. Nguyen Thi Diep 15.86%, and Cao Van Phu 7.9%.
The most recent change occurred in December 2021, when the Dong A Group increased its charter capital to 1,869 billion VND. At this time, Mr. Cao Tien Doan’s ownership decreased to 48.5%, Mrs. Nguyen Thi Diep’s ownership increased to 24.5%, Cao Duc Thien’s ownership was 21.5%, and Cao Van Phu’s ownership was 5.5%.
Dong A Group’s Billion-Dollar Projects
The Dong A Group owns several key projects in Thanh Hoa Province, with a total investment of approximately 10,000 billion VND. These projects include the New Urban Area along Hạc River (37 ha in size and a total investment of 1,980 billion VND); Dong A Riverside Apartment Project (2 ha in size and a total investment of 650 billion VND); Dong A Office Building and Hotel Project (1,600 m2 in size and a total investment of 250 billion VND); Dong A Sầm Sơn Sea Eco-Urban Area Project (60.46 ha in size and a total investment of 5,000 billion VND); Trường Lệ Mountain Eco-Tourism and Cultural Project (146 ha in size and a total investment of 3,000 billion VND); and the Quảng Tân New Urban Area Project (15 ha in size and a total investment of 350 billion VND).
In early 2024, the Dong A Group filed a lawsuit against the People’s Committee of Thanh Hoa City regarding the implementation of the New Urban Area along Hạc River Project.
Specifically, the Dong A Group requested the court to compel the People’s Committee of Thanh Hoa City to comply with the directions of the People’s Committee of Thanh Hoa Province as stated in Conclusion Notice No. 69/TB-UBND dated April 9, 2019, and Notice No. 133/TB-UBND dated June 24, 2019. They also requested the completion of site clearance and infrastructure improvement as per the approved plan No. 731/QD-UBND dated January 22, 2020.
Additionally, the Dong A Group demanded that the People’s Committee of Thanh Hoa City hand over 196 resettlement land lots, equivalent to 3.5 ha of land in the approved plan No. 731, related to the New Urban Area along Hạc River Project in Thanh Hoa City.
It is important to note that on January 11, 2006, the People’s Committee of Thanh Hoa Province issued Decision No. 151/QD-UBND, approving the detailed planning for the improvement of Hạc River and the residential area along the river (from the railway bridge to the Bon Voi bridge) in Thanh Hoa City.
Project concept for the New Urban Area along Hạc River
Since then, the project has undergone several adjustments, as outlined in Decisions No. 2109/QD-UBND dated July 8, 2009, No. 1717/QD-UBND dated May 24, 2010, and No. 3037/QD-UBND dated September 14, 2012.
The reason for these adjustments was to ensure alignment with the detailed planning of the North Hạc Bridge Urban Area in Thanh Hoa City, improve the residential area along Hạc River, and create a complete urban area with enhanced technical and social infrastructure, as well as improved environmental landscape and living conditions for the urban population.
According to Decision No. 3538/QD-UBND dated October 6, 2010, issued by the People’s Committee of Thanh Hoa Province, the New Urban Area along Hạc River Project, implemented by the Dong A Group, covers an area of 37 ha and involves more than 1,000 households from three wards: Dong Tho, Truong Thi, and Nam Ngạn. The total compensation cost for site clearance is estimated to be over 550 billion VND.
On July 19, 2018, the Dong A Group handed over 194 business land lots (belonging to the approved plan 3037) to the People’s Committee of Thanh Hoa City for use in resettlement for projects in the city. These land lots are urban land with complete technical infrastructure.
In 2019, the Chairman of the People’s Committee of Thanh Hoa Province directed the People’s Committee of Thanh Hoa City to supplement the land fund for the New Urban Area along Hạc River Project (approved plan 371) using the state budget. They also requested the People’s Committee of Thanh Hoa City to hand over the land to the Dong A Group before November 30, 2019.
On November 14, 2023, the Dong A Group sent an official dispatch requesting the People’s Committee of Thanh Hoa City to hand over the residential land fund belonging to the approved plan 371, in accordance with the direction of the Chairman of the People’s Committee of Thanh Hoa Province. However, the People’s Committee of Thanh Hoa City has not yet provided a written response, leading to the Dong A Group’s lawsuit. The case was later temporarily suspended.
Meanwhile, the Dong A Group’s largest-scale project, the Dong A Sầm Sơn Sea Eco-Urban Area, encountered delays in implementation. This project was approved for adjusted detailed planning at a scale of 1/500 by the People’s Committee of Thanh Hoa Province on April 8, 2017.
The project is located in Truong Son and Quang Vinh wards, Sam Son City, Thanh Hoa Province, with a land area of approximately 60.46 ha. The construction includes approximately 256 villas, 1,000 hotel rooms, commercial services, and entertainment facilities to serve nearly 10,000 people, contributing to the socio-economic development of Sam Son City.
With a total investment of 3,800 billion VND, the project’s construction is divided into two phases: Phase 1 involves site clearance and infrastructure development, lasting from the first quarter of 2018 to the fourth quarter of 2021, with an estimated investment of 1,200 billion VND. Phase 2 involves architectural construction, lasting from 2020 to 2026, with an estimated investment of 2,600 billion VND.
On July 25, 2018, the People’s Committee of Thanh Hoa Province handed over 125,577 m2 of land in the first phase, and on November 27, 2018, they handed over an additional 45,151.5 m2 of land in the second phase to the Dong A Group for the implementation of this project.
However, as of early 2024, the project has only reached the stage of land filling and sea embankment piling.
Among the Dong A Group’s projects, PV data recorded in December 2023 indicates that the group has used the “high-class eco-tourism area of Trường Lệ Mountain, Truong Son Ward, Sam Son Town” as collateral for a loan from Vietcombank’s Thanh Hoa branch.
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