The Billion-Dollar Housing Project: Unveiling the Mastermind Behind the Massive Worker’s Residence Initiative in Bac Ninh

In October 2018, Bac Ninh Province’s People’s Committee Chairman issued Decision No. 1729/QD-UBND, approving the selection of Bac Chuong Duong Joint Stock Company as the investor for the construction of a housing project for industrial park workers in Yen Trung commune, Yen Phong district. With a total investment of nearly VND 1,546 billion, the project encompasses an area of approximately 9 hectares and is slated for completion within three years from the effective date of the contract.

The project’s primary objective is to build social housing for workers employed in the industrial parks of Yen Phong district. Despite being chosen as the investor nearly five years ago, Bac Chuong Duong has yet to commence construction on this billion-dollar venture.

Diving into the history of Bac Chuong Duong, the company was established in October 2016 with a focus on real estate and land-related business activities. Its initial chartered capital was VND 60 billion, with three founding shareholders: Nguyen Ngoc Son (70%), Dang Anh Tuan (7%), and Nguyen Thai An (23%). Mr. Nguyen Ngoc Son, born in 1976, serves as the Chairman of the Board of Directors and legal representative of the company.

In August 2017, the company increased its capital to VND 250 billion, introducing a new shareholder, Mr. Vu Hong Son, who holds a 10% stake. Subsequently, in December 2017, the company doubled its capital to VND 500 billion, with the following shareholder structure: Dang Tuan Anh (7%), Nguyen Thai An (23%), and Nguyen Ngoc Son (60%).

As of March 2022, Bac Chuong Duong’s chartered capital stands at VND 950 billion, with the contributing shareholders remaining undisclosed. The most recent registration change, dated March 23, 2022, still lists Mr. Nguyen Ngoc Son as the Chairman and legal representative of the company.

In addition to the aforementioned housing project, Bac Chuong Duong also ventured into a business cooperation contract with Hong Ha Import-Export Construction Materials Joint Stock Company (Hong Ha Import-Export). This company, a former subsidiary of UDIC, was granted temporary management and usage rights to four prime land lots in Hanoi by the Hanoi People’s Committee.

Through their joint establishment of Tan Hong Ha Joint Stock Company, with a chartered capital of VND 150 billion, Bac Chuong Duong and Hong Ha Import-Export aimed to manage and develop these land lots. Notably, shareholder Nguyen Thai An, with connections to Bac Chuong Duong, holds a 10% stake in Tan Hong Ha, while the latter possesses a dominant 80% ownership, granting them significant control over the land originally intended for Hong Ha Import-Export’s temporary use.

Beyond his involvement with Bac Chuong Duong, entrepreneur Nguyen Ngoc Son also serves as the legal representative of Hanoi Silk Joint Stock Company, a former state-owned enterprise established in June 2007. In October 2020, Hanoi Silk increased its chartered capital from VND 3 billion to VND 21 billion, with Mr. Son assuming the role of legal representative from Mr. Vu Van Thanh.

Hanoi Silk was once known for its Vietnam-Italy Silk Incubation Factory project in Vinh Phuc province, which received investment incentives from the provincial People’s Committee. However, in 2006, the project was terminated due to the investor’s failure to initiate the planned development.