The project involves a total area of 51.65 hectares of forest plantation, including 0.31 hectares planned for production forestry and 51.34 hectares outside the scope of the forestry planning until 2030.
The location for the change of forest use is in Lam Son commune, Luong Son district, Hoa Binh province, specifically in sub-block 81, which comprises four compartments (compartments 13, 14, 15, and 16) and 24 lots.
The Ivory Villas & Resort project, officially named the Lam Son High-End Eco-Urban Area, is developed by Archi Reenco Hoa Binh JSC. It spans an area of 65 hectares and comprises 458 villas ranging from 250 to 1,000 square meters each.
In 2011, Archi Reenco Hoa Binh, a member of the Archi Investment Group, officially started the construction of the project. Mr. Le Ngoc Binh, the company’s director at the time, announced that the project had a total investment of 800 billion VND and was expected to be operational by early 2015. However, the project has experienced delays.
In 2021, the Provincial People’s Committee allowed the investor to change the land use purpose for phases 3 and 4, covering an area of nearly 41.3 hectares of commercial and service land in Kem village, Lam Son commune, Luong Son district. The land use was changed to include recreational, transportation, rural residential, and specialized water-body land, among others.
Over four hectares of commercial and service land in Kem village remained unchanged. Additionally, over 10.7 hectares of rural residential land in Kem village, later reclassified as “urban land” per Decision No. 2586/QD-UBND in July 2023, were leased with annual land rent, with the land use term ending on June 7, 2059. After completing the investment project, Archi Reenco Hoa Binh is responsible for handing over the entire area to the competent authorities as stipulated.
The company was also granted a lease for 4.7 hectares of land in Kem village, valid until June 7, 2059, including 4.4 hectares of commercial and service land, over 2,400 square meters of land for educational institutions, and 571 square meters for healthcare facilities.
Artist’s impression of the Lam Son High-End Eco-Urban Area project.
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Archi Reenco Hoa Binh was established in 2008, with its headquarters in Kem village, Lam Son commune, Luong Son district, Hoa Binh province. The founding shareholders included the Vietnam Forestry Corporation – JSC (HNX: VIF), Archi Investment JSC, Mr. Le Ngoc Binh, Mr. Nguyen Thanh Ba, and Mr. Nguyen Dinh Tho. The company currently has a charter capital of 300 billion VND, with Mr. Le Vinh Phuc serving as the Chairman of the Board of Directors.
Mr. Nguyen Thanh Nam previously held the position of Director and legal representative of Archi Reenco Hoa Binh after Mr. Le Ngoc Binh left the role in September 2017.
In 2017, the latest update on the shareholder structure as of July showed that VIF held 5% capital, while Archi Investment’s stake decreased from 30.44% to 21.87%. By now, VIF’s financial reports recognize the company’s ownership of 50,000 shares of Archi Reenco Hoa Binh, equivalent to a value of nearly 5 billion VND.
The 2012 report of Vietnam Cat Fund Management JSC (VFC) noted a receivable from Mr. Nguyen Thanh Nam arising from a contract for the sale of Archi Reenco Hoa Binh shares, dated October 10, 2012, amounting to over 2 billion VND. Additionally, Viet Cat Fund transferred 1.6 billion VND to Mr. Nam for the purchase of shares of Archi Land Vietnam JSC.
Mr. Le Vinh Phuc – Chairman of Archi Reenco Hoa Binh
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Mr. Le Vinh Phuc, Chairman of Archi Reenco Hoa Binh, is also associated with several other companies, including Viet My Greentech JSC, Phu Thinh Nha Trang View Co., Ltd., Phu Dong Phu Yen Co., Ltd., and Viet My Bac Ninh JSC.
According to the project’s website, Archi Reenco Hoa Binh is managed by the Viet My Group, chaired by Mr. Phuc. This group has close ties with Viet My A&V Commercial Investment and Service JSC (Viet My A&V), the investor of the L’Aurora Phu Yen project, spanning an area of over 4.7 hectares. The project is located on Lot B2, Doc Lap Street, Binh Kien Ward, Tuy Hoa City, directly facing Tuy Hoa Beach. It offers a diverse range of products, including 12 boutique hotels, 33 resort villas, 66 shophouses along the beach, and 2,000 rooms in a 4-5 star hotel.
– 13:14 13/02/2025
