Bird’s-eye view of the Hong Hac – Xuan Lam Eco-Urban Area Project (Source: KCX Bac Ninh)
Vietinbank Trade Union Investment Joint Stock Company, a subsidiary of the FDI giant in the real estate field, Phu My Hung, has just been approved for investment in the Hong Hac – Xuan Lam Eco-Urban Area Project at the Conference on Planning Announcement and Investment Promotion in 2024.
The Hong Hac – Xuan Lam Eco-Urban Area Project in Thuan Thanh town, Bac Ninh province, was approved for investment in December 2010. According to the planning, the project has a scale of nearly 200 hectares with a total capital of VND 27,000 billion, equivalent to nearly USD 1.1 billion.
According to the adjusted detailed planning design, the population scale of the project is nearly 28,000 people. The project is designed to be built with shophouse, adjacent, detached and twin-detached villa models.
The presence of the FDI giant in the real estate field, Phu My Hung, in the Hong Hac – Xuan Lam Eco-Urban Area Project is reflected through the process of shareholder transfer at the enterprise named the project investor. Accordingly, Vietinbank Trade Union Investment Joint Stock Company is a subsidiary of Vietinbank Vietnam Commercial Joint Stock Bank Trade Union (Vietinbank), holding up to 98.9% of the capital. Then, there was the appearance and takeover of shareholders related to Phu My Hung.
Specifically, according to the published information, in 2016, Phu My Hung spent VND 319 billion to buy almost 100% of the shares of Vietinbank Trade Union Investment Joint Stock Company – a unit of Vietinbank Bank, the investor of the Hong Hac – Xuan Lam Eco-urban project. Before May 20, 2015, Vietinbank Trade Union Investment Joint Stock Company had three founding shareholders: Vietinbank Vietnam Commercial Joint Stock Bank Trade Union (75% capital), Hanoi Housing Investment and Development Joint Stock Company No. 36 – Handico 36 (5% capital), Hanoi Infrastructure and Architectural Works Investment Joint Stock Company – Hateco (25% capital). However, subsequently, both Handico 36 and Hateco withdrew their capital.
From May 20, 2015, the company’s shareholder structure included Vietinbank Vietnam Commercial Joint Stock Bank Trade Union, holding 98.9% and other shareholders holding 1.1% capital. By March 23, 2016, Vietinbank Vietnam Commercial Joint Stock Bank Trade Union no longer held any shares, and other shareholders held up to 100% of the charter capital. However, the business registration of the company does not clearly show which shareholder acquired all of these shares.
Also, as of March 23, 2016, the company replaced its legal representative with Ms. Nguyen Mai Hoa, born in 1969. Ms. Hoa is currently known as one of the key leaders of Vingroup Corporation.
On April 27, 2016, the People’s Committee of Bac Ninh province agreed in principle on the transfer of shares of Vietinbank Trade Union Investment Joint Stock Company to implement the Hong Hac – Xuan Lam Urban Area Project.
On June 23, 2016, the company’s shareholder structure officially included the Phu My Hung group of companies, including Phu My Hung Development Company Limited (99.68%), Nam Sai Gon Residences Company Limited (0.16%), and Tan Thuan Company Limited (0.16%).
The company’s legal representative was also replaced by Mr. Tseng Fan Chih, born in 1967. He is also the legal representative of Phu My Hung and some member companies of Phu My Hung.
Most recently, on July 12, 24, Vietinbank Trade Union Investment Joint Stock Company registered to increase its charter capital from VND 2,620 billion to VND 4,620 billion. At this time, Nam Sai Gon Residences Company Limited held 99.98% of the capital, Phat Trien Phu The Vuong Company Limited held 0.01% of the capital, and Tan Thuan Company Limited held 0.01%.
Regarding Nam Sai Gon Residences Company Limited, the enterprise was established on November 30, 2010, and is currently headed by Mr. TANG, TOR-TSAI as General Director and legal representative. At the announcement of the change of enterprise registration information on April 19, 2022, Nam Sai Gon Residences had a charter capital of VND 6,120 billion with a shareholder structure including: Phu My Hung Company Limited contributed 99.91% of the capital, Phat Trien Phu The Vuong Company Limited contributed 0.045% of the capital, and Phat Trien Phu The An Company Limited contributed 0.045%.
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