The Land-Hungry Appetite of Malaysian Giant SkyWorld in Vietnam

3 February, 2025

SkyWorld Vietnam’s first project in the country is located in District 8, following the company’s successful acquisition of 100% of Thu Thinh JSC’s shares (1.7 million shares) in September 2023. SkyWorld Vietnam valued the acquisition at VND 350 billion.

According to SkyWorld Vietnam, Thu Thinh has the sole and legal right to use a plot of land in Ward 6, District 8, Ho Chi Minh City, with a total area of 2,060 square meters. This land is mortgaged at LPB Vietnam Joint Stock Commercial Bank – Ho Chi Minh City Branch.

Additionally, Thu Thinh is participating in the bidding for the transfer of land use rights from other individuals. Specifically, two plots of land belonging to Mr. Nguyen Vinh Tam and Mrs. Le Thi Hoang Dung, measuring 1,026 square meters and 64 square meters, respectively; and three other plots of land measuring 850 square meters, 447 square meters, and 183 square meters, belonging to Mr. Nguyen Son Hai Long and mortgaged at VietinBank – Thu Thiem. According to SkyWorld’s calculations, these plots of land have a total area of 4,630 square meters. A 24-story luxury apartment building is planned to be constructed on a 5,207 square meter area of this land. The company estimates that, given its prime location, the apartments will be sold at VND 50-70 million per square meter, with a total investment and development value of approximately VND 1,600 billion.

Background of Thu Thinh Company

SkyWorld Vietnam, established in August 2019, has a full name of SkyWorld Development (Vietnam) Limited Company and is registered solely for management consulting services. Its current charter capital is VND 238 billion (equivalent to 10.3 million USD) and is owned by SkyWorld Development Berhad (established in 2006 in Malaysia). The General Director and legal representative is Mr. Ng Hong Haw.

SkyWorld Development Berhad’s Leadership Team

Thu Thinh Company, on the other hand, was established in 2001, specializing in the production of round iron, zinc spikes, and B40 mesh. As of mid-2017, its charter capital was VND 70 billion, with Mr. Nguyen Tri Nhan holding 70% and Mrs. Nguyen Thi Bich Van (General Director) holding 30%. By mid-2022, the capital had increased to VND 170 billion, with Mr. Nhan holding 60.64%, Mrs. Van holding 12.353%, and Mr. Nguyen Vinh Tam owning 27.007%. In August 2022, these shareholders withdrew, and Mr. Nguyen Son Hai Long acquired 60% while Mrs. Nguyen Thuy Thoai Phuong (who replaced Mrs. Van as General Director) held 40%.

As of July 2023, the company added several business lines related to real estate and construction. The shareholder structure also changed to include three individuals: Mr. Long with 60%, Mrs. Phuong with 30%, and Mrs. Nguyen Thuy Diem Phuong with 10%. These are the same three individuals that SkyWorld Vietnam mentioned as having signed an agreement to purchase Thu Thinh’s shares.

SkyWorld has set a condition that Thu Thinh must complete the site clearance for the apartment project, including the removal of a wall and fence built between the project and the Carina apartment complex.

Mr. Nguyen Son Hai Long is also the Director of One Truss JSC, a company with numerous economic transactions with Mrs. Truong My Lan and the Van Thinh Phat Group. In the Van Thinh Phat case, the Police Department for Corruption, Economy, and Smuggling Investigation (C03) of the Ministry of Public Security issued an official letter blocking the transfer of numerous assets related to Mr. Long and his family. These assets include:

Eight land-use rights with a total area of 800 square meters in Tan An, Long An, belonging to Mr. Nguyen Van Xuan and Mr. Nguyen Thanh Minh;

Land-use rights for a 100-square-meter plot in Tan An, owned by Mr. Tran Van Khuong and Mrs. Nguyen Thuy Diem Hang;

Land-use rights for a 100-square-meter plot in Tan An, owned by Mrs. Nguyen Thuy Diem Phuong;

A house at 117 Hoang Van Thu, Ward 8, Phu Nhuan District, Ho Chi Minh City, with a land area of nearly 92.2 square meters; and another house at 119-121 Hoang Van Thu, Ward 8, Phu Nhuan District, with a land area of 203.2 square meters;

Certificates of land-use rights for several plots of land with a total area of 1,480 square meters and 1,024 square meters in Ward 16, District 8, Ho Chi Minh City, belonging to Mr. Long.

According to the verdict announced in May 2024, the court considered these assets unrelated to the case, and Mr. Long and his family had no civil obligations in the Van Thinh Phat case. Therefore, the court decided to lift the blockade on the transfer of these assets.

One of Mr. Nguyen Son Hai Long’s land plots, located across from the Carina apartment building in District 8, Ho Chi Minh City. SkyWorld Vietnam is likely to construct a luxury apartment building on this vacant lot.

What’s notable about SkyWorld Vietnam’s second project in Vietnam?

In August 2024, SkyWorld Vietnam announced its second investment project in the country. The company signed a Memorandum of Understanding (MoU) with SkyBridge JSC and the shareholders of SkyVenue to jointly develop the remaining land plots of the Guocoland commercial complex project in Thuan An City, Binh Duong Province. According to the MoU, SkyWorld Vietnam plans to acquire 49% of SkyVenue Real Estate Group’s shares from existing shareholders.

Mr. Hang Vay Chi is a Chinese entrepreneur and the founder and Chairman of Viet Huong JSC (Viet Huong Group), which owns the Viet Huong and Viet Huong 2 industrial parks in Binh Duong Province.

SkyVenue Real Estate Group, formerly known as Guocoland Vietnam Company Limited, was established in 2009 and was previously 100% foreign-owned. However, as of July 2021, the company’s charter capital was over VND 317 billion, fully held by domestic shareholders, including TT Investment Company Limited (50%), Mrs. Vuong Hoa (25%), and Mr. Hang Vay Chi (25%). Mr. Tran Van Trong serves as the General Director.

SkyBridge, with a charter capital of VND 288 billion, was formerly known as GuocoLand Binh Duong Real Estate Company Limited, established in 2006 and also previously 100% foreign-owned. It is now owned by SkyVenue Real Estate Group, with Mr. Tran Van Trong as the General Director.

The Guocoland commercial complex project, developed by GuocoLand Binh Duong Real Estate Company Limited, dates back to 2006. After changing hands to Vietnamese owners, the project is now known as The Canary. It is a complex urban area that includes an amusement park, a 4-star hotel, a commercial center, an international school, and 1,200 luxury apartments. The project is planned on a 17.5-hectare area, with a total construction floor area of nearly 29 hectares.

Entrepreneur Hang Chi Vay.

Pursuing Growth in Malaysia and Vietnam

According to SkyWorld Development Berhad’s latest financial report, Malaysia and Vietnam are the two markets where the Group will pursue new growth opportunities in the future.

SkyWorld Development Berhad’s financial performance from 2020 to 2023 shows growth in revenue and net profit, with 2023 being the most successful year, generating VND 4,788 billion in revenue and VND 819 billion in net profit. The plan for 2024 shows a slight decline, with expected revenue of VND 3,916 billion and net profit of VND 608 billion, representing an 18% and 26% decrease, respectively.

Financial Highlights of SkyWorld Development Berhad