KHG has invested significantly in the massive Gò Găng project. On August 29, Vietnam’s Securities Commission (UBCKNN) requested clarification from KHG, listed on the HOSE stock exchange, regarding the master plan and relevant details of the Gò Găng urban area project in Vung Tau.
On September 5, KHG revealed that the Gò Găng project has been undertaken by Khai Hoan – Vung Tau JSC since 2016. KHG emphasized that Khai Hoan – Vung Tau is not its subsidiary. In 2019, KHG partnered and provided financial support to Khai Hoan – Vung Tau for the project. In return, KHG gained the right to purchase wholesale (if available) and develop two subdivisions once the project meets the agreed-upon legal requirements.
According to the People’s Committee of Vung Tau city, Gò Găng island is located in Vung Tau city, bordering the Rang river to the north, the Cha Va river to the west, and the Dinh river to the east and south. The Gò Găng urban area project, spanning approximately 1,389 hectares, is expected to accommodate 60,000 people. This modern urban area, including the Gò Găng airport, will seamlessly blend with the surrounding mangrove forest ecosystem. The city aims to develop a unique urban landscape, leveraging the island’s geographical features, waterways, and natural scenery. Optimizing its potential, Gò Găng is envisioned to become an international-standard coastal city.
Gò Găng super-project illustration. Image: Vung Tau City People’s Committee.
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In its annual reports and financial statements, KHG has described the Gò Găng project as comprising two subdivisions on Gò Găng and Long Son islands in Vung Tau city. Strategically located near major transport routes, including the Ho Chi Minh City-Long Thanh-Dau Giay Expressway and the expanded National Highway 51, the project aims to establish a smart city and research and development hub. According to KHG, the project covers an area of 1,509 hectares, with a total expected investment of over VND 317,000 billion. The development is planned to be implemented in multiple phases from 2018 to 2034.
Currently, the company is collaborating with relevant units to complete the 1/2000 scale subdivision plan for submission to the Provincial People’s Committee for approval. Additionally, they are working on land categorization and area statistics for the project.
KHG’s reviewed financial statements for the first six months of the year show a business cooperation contract with Khai Hoan – Vung Tau JSC. The contract involves an investment of VND 1,110 billion in the first phase of the Gò Găng island project’s subdivision 1, spanning 60 hectares. The cooperation period is set at 60 months, with project profits distributed according to the actual cooperation ratio.
Notably, KHG’s financial revenue from Khai Hoan – Vung Tau JSC for the first six months of the year amounted to VND 32.1 billion, reflecting a modest increase of over 9% compared to the previous year.
Who owns Khai Hoan – Vung Tau JSC?
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Before August 15, 2024, the contributed capital of Khai Hoan Group Joint Stock Company in Khai Hoan – Vung Tau JSC was authorized to Ms. Nguyen Thi Le Thuy. Ms. Thuy is the Director of the KHG Business Block and the sister of Chairman Nguyen Khai Hoan. From August 16 onwards, the representative of the capital contribution was changed to Ms. Nguyen Thi Thi. |
Although not a subsidiary, there is a certain relationship between KHG and Khai Hoan – Vung Tau JSC. The Chairman of the Board of Directors of KHG, Mr. Nguyen Khai Hoan, is a major shareholder of Khai Hoan Group Joint Stock Company, which is the parent company of Khai Hoan – Vung Tau JSC.
Khai Hoan – Vung Tau JSC was established in July 2012, headquartered in Phu My Hung Urban Area, District 7, Ho Chi Minh City. On September 5, 2024, the company unexpectedly reduced its charter capital from VND 3,800 billion to VND 800 billion. The ownership ratio shows that Khai Hoan Group Joint Stock Company holds 85.142%, and Mr. Vo Cong Son (General Director and legal representative) owns 14.858%.
Khai Hoan Group Joint Stock Company was established in 2016 under the initial name of Hoan Thuan Phong Limited Liability Company. In late 2017, the company changed its name to Khai Hoan Group Joint Stock Company, with a charter capital of VND 50 billion. Mr. Nguyen Khai Hoan held 90% of the shares, Ms. Tran Thi Thu Huong held 9%, and Ms. Nguyen Thi Le Thuy held 1%. In August 2019, the company changed its name to Khai Hoan Group Limited Liability Company, as it is known today.
According to an update on September 10, the company unexpectedly reduced its charter capital from VND 5,560 billion to VND 800 billion. Mr. Nguyen Khai Hoan now holds 94.2% of the shares, while Mr. Truong Minh Trung, the General Director and legal representative, holds the remaining 5.8%.
 Gò Găng seaside urban area illustration. Source: KHG’s 2023 Annual Report
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