On August 19, PDR disclosed on its official fanpage that it had received inquiries from investors during its biannual investor meeting livestream regarding the Vinh Xuan Dai project (also known as the New Urban Area in Vinh Xuan Dai or the New Urban Area in Bac Luc Khau (Area A)) in Phu Yen Province.
PDR clarified in a fanpage announcement that it has “no relation to this project and has not invested in the project’s location.”
 PDR’s announcement on its fanpage on 08/19/2024. Screenshot
|
What makes the Vinh Xuan Dai project so special?
According to the Phu Yen Province Construction Department, the New Urban Area in Bac Luc Khau is developed by Private Enterprise Viet Long Phu Yen with a total area of 16.9 hectares, located in Xuan Phu Ward, Song Cau Town, Phu Yen Province.
Several websites promote the project, including a commercial center, schools, and 466 land plots for building houses and villas… with a total investment of over VND 240 billion. The project was scheduled to be implemented from December 2016 to December 2018. However, in a recent report (July 2024), the Construction Department stated that the project has not yet been permitted for commercial operations.
According to the Cong An Nhan Dan newspaper, on September 9, 2022, Mr. Nguyen Xuan Chau – Director of Viet Long Phu Yen Company, the investor of the New Urban Area in Bac Luc Khau, was prosecuted and detained by the Phu Yen Provincial Police Investigation Agency for “fraudulently appropriating more than VND 41.2 billion from 59 customers who contributed capital to purchase land plots” in the Oriana Residences real estate project on Le Duan Street, An Phu Ward, Tuy Hoa City, by Viet Thanh Joint Stock Company, where Mr. Chau also served as General Director. Since then, customers who contributed capital to Viet Long Phu Yen Company to purchase land plots in the New Urban Area in Bac Luc Khau have faced the risk of losing their investment.
Vinh Xuan Dai is a seaside land project in Phu Yen.
|
Who is behind Viet Long Phu Yen?
| Mr. Chau is also the Chairman of the Board of Directors and legal representative of Viet Long Saigon. This company was established in April 2006, headquartered in District 8, Ho Chi Minh City. As of April 26, 2024, Viet Long Saigon has changed its Chairman and legal representative from Mr. Chau to Mr. Le Hoang Van. |
According to the author’s research, Viet Long Phu Yen was established in November 2015, headquartered in Dong Hoa District, Phu Yen Province, with the main business line of “repair and maintenance of means of transport (excluding cars, motorcycles, and other motor vehicles).”
Its charter capital is VND 20 billion, and the owner is Viet Long Saigon Joint Stock Company. Mr. Nguyen Xuan Chau is the Director and legal representative of Viet Phu Long. In 2016, Viet Long Phu Yen increased its charter capital to VND 50 billion. In 2017, the owner of Viet Long Phu Yen changed frequently from Viet Long Saigon to Ms. Ha My Hanh (April 2017) and then to Mr. Nguyen Tran Bich Khe (May 2017), who has remained the owner until now.
Since its establishment and through multiple ownership changes, Mr. Chau has maintained his position as Director and legal representative. It was not until August 2022, before his arrest, that Mr. Chau was no longer the legal representative of Viet Long Phu Yen.
According to our information, Mr. Nguyen Tran Bich Khe – the current owner and Director and legal representative of Viet Long Phu Yen, worked at PDR from February 18, 2008, as an investment staff and was later appointed as a member of the Supervisory Board until April 16, 2021.
Source: PDR‘s 2010 Annual Report
|
In addition to his roles at Viet Long Phu Yen and PDR, Mr. Khe is currently the General Director of Synergy Nha Trang Investment Joint Stock Company. This company was formerly known as Phat Dat Nha Trang Investment Joint Stock Company, established in September 2015, with the main business line of real estate business. Its initial charter capital was VND 168 billion, with shareholders including Phat Dat Real Estate Development Joint Stock Company (HOSE: PDR) holding 97%, T.A.M Trading and Service Investment Joint Stock Company holding 2%, and Mr. Nguyen Huu Le holding 1%. At that time, the company was directed by Mr. Nguyen Van Dat (Chairman of the Board of Directors of PDR) as its Director.
On June 7, 2017, PDR divested, and the company reduced its charter capital to VND 143 billion, with two shareholders: T.A.M Company holding 99.5% and Mr. Le holding 0.5%. On February 14, 2020, the company changed its name to Synergy Nha Trang Investment Joint Stock Company, as it is known today, with Mr. Nguyen Dang Khoi (a Singaporean national) as the Chairman of the Board of Directors.
On December 30, 2020, Synergy Nha Trang increased its charter capital to VND 779 billion, with Ms. Nguyen Thi Minh Thu as the General Director. Subsequently, on May 12, 2023, Mr. Khe replaced Ms. Thu. It is worth noting that Ms. Thu is currently the Chairman of the Board of Directors of AKYN Trading and Service Investment Joint Stock Company (formerly known as T.A.M Trading and Service Investment Joint Stock Company) and the daughter of the Chairman of the Board of Directors of PDR.
Mount A Company, owned by a 90s businesswoman, proposes a 5-star hotel next to Ho Xuan Huong
Recommending Party Discipline for Former Chairman of Phu Yen Provincial People’s Committee
On February 2, the Provincial Party Committee of Phu Yen held a meeting and proposed the competent authorities to consider disciplinary actions against Mr. Pham Dinh Cu, former Chairman of the Provincial People’s Committee of Phu Yen, and decided to implement disciplinary measures by expelling Mr. Do Duy Vinh, former Director of the Provincial Department of Finance of Phu Yen from the Party.
Phát Đạt Announces New “Move,” Updates Plan to Sell Over 134 Million Shares to Existing Shareholders
Phat Dat Real Estate Development Corporation (HOSE: PDR) has announced its plan to relocate its headquarters from the 8th and 9th floors of Tower B, Viettel Building, 285 Cach Mang Thang Tam, Ward 12, District 10 to the Phat Dat Office Building at 39 Pham Ngoc Thach, Vo Thi Sau Ward, District 3, Ho Chi Minh City.
Hòa Phát invests over 120 trillion VND in coastal province: How is the economic development going?
Recently, the province of Phu Yen has held a conference to announce the Planning and Investment Promotion of Phu Yen province for the year 2024. During the conference, the Provincial People’s Committee has issued Investment Decision and Adjusted Investment Decision for 14 investors of 14 projects with a total registered capital of nearly 10,500 billion VND.
