The Corporate Identity of the Owners of Pearl Tower, an SSI Target

Owner of the 19-story Pearl Tower

According to the financial report of SSI Securities Corporation (SSI) for Q1 2025, the company recorded a total of VND 388.8 billion in construction-in-progress expenses, including more than VND 372 billion in office building purchase costs.

Additionally, SSI recognized a short-term payable of VND 74.4 billion to Vietnam Oil and Gas Real Estate Joint Stock Company – SSG (PV-SSG). This detail suggests that SSI is likely purchasing the office building from PV-SSG.

PV-SSG is known for operating and managing Phase 2 of the My Dinh Pearl complex, which includes two 40-story towers, a 19-story office building, and a 27-story hotel.

Previously, Phase 1 of the project, comprising two 38-story residential towers providing nearly 1,000 apartments, was completed and handed over in 2019.

The 19-story office building in the My Dinh Pearl complex that SSI is targeting is named Pearl Tower and is located at 1 Chau Van Liem, Phu Do Ward, Nam Tu Liem District, Hanoi. This area is situated at the intersection of Thang Long Boulevard and Chau Van Liem Street, opposite the Ministry of Foreign Affairs and close to the National Convention Center and Hanoi Museum.

The building covers an area of approximately 14ha, offering approximately 9,600m² of office space. Each typical floor has an area of 616m².

In another development, Thang Tien Mechanical and Electrical Company has just announced winning a VND 2.5 million package for the M&E system at the SSI My Dinh office building in the My Dinh Pearl complex. This package is expected to be completed by July 2025.

PV-SSG was established in 2010 through a collaboration between the Vietnam Oil and Gas Group (now Vietnam National Industry and Energy Group, PVN) and S.S.G Corporation, with 5 founding shareholders: PVN holding 6% of the shares, Vietnam Oil and Gas Construction Joint Stock Corporation (PVC) holding 25%, Vietnam Oil and Gas Insurance Joint Stock Corporation (PVI) holding 10%, Ocean Bank holding 10%, and S.S.G Corporation holding 49%.

The PV-SSG joint venture was established to implement the Vietnam Oil and Gas Hotel Complex project, a 5-star standard facility. Later, the project was renamed My Dinh Pearl.

After a long period of stagnation and following the regulation that state-owned enterprises are not allowed to invest in non-core sectors, the oil and gas-related enterprises, PVN, PVC, and PVI, successively divested. As a result, the S.S.G Group increased its ownership in this project to 81%.

Currently, the company is introduced as a member of the S.S.G Group (abbreviated as SSG Group). Mr. Phan Le Anh (born in 1974) is the legal representative of PV-SSG.

According to the introduction, S.S.G Corporation was established in 2003 with 7 founding shareholders. The main shareholder group included Ms. Hua Thi Phan and some confidants who were related to the major case of Ha Van Tham – Pham Cong Danh.

After the aforementioned major case, in around 2016, Ms. Hua Thi Phan withdrew from the SSG Group’s Board of Directors. Since then, the Group’s shareholder structure has remained a mystery.

It is known that in July 2023, SSG Group registered to establish a new legal entity separated from the group of shareholders holding 28.96% of the Group’s shares. The new entity is named Ngoc Viet Group Joint Stock Company, with a charter capital of VND 389.6 billion, and Mr. Dinh Ngoc Ninh as Chairman of the Board of Directors.

After the establishment of the new entity, SSG Group has a charter capital of VND 710.3 billion. Mr. Dang Viet Dung is the Chairman of the Board of Directors, and Ms. Nguyen Thi Nhu Mai is the General Director of the Group.

Mr. Dang Viet Dung is the son of Ms. Nguyen Hong Phuong (born in 1962), who also served as Chairman of the Board of Directors of SSG Group for a long time.

Recently, SSG Group announced that May 8th is the last day to finalize the list of shareholders for the upcoming 2025 Annual General Meeting of Shareholders, scheduled for June 5th.

Owner of a series of prominent projects

According to the website, SSG Group currently has dozens of member companies mainly operating in the fields of real estate and education.

In the real estate sector, in addition to the aforementioned My Dinh Pearl complex, SSG Group is also known as the investor of a series of prominent projects.

One can mention Vietnam Land SSG JSC, the company implementing the Saigon Pearl Complex project with a total area of 10.37 ha. The project includes 08 blocks of 38-story buildings with 2,200 luxury apartments, 02 office and hotel buildings of over 40 stories with a total area of 75,000 m², and 01 international school.

Viet Lien A – Phu Hung Gia Joint Stock Company is the company implementing the Saigon Airport Plaza project with a total area of 1.6ha. The project consists of 5 towers: 1 office tower, 3 apartment towers, and 1 hotel tower with the utilities of a commercial center, restaurant, gym, etc.

Next, SSG Van Thanh Joint Stock Company is carrying out the project of SSG Tower, a commercial center, supermarket, service, office, and luxury apartment building located in Van Thanh Market, Ward 25, Binh Thanh District, with a total investment of VND 1,600 billion.

The OPAL building, consisting of luxury apartments, high-class office space, and shophouses located in the Saigon Pearl complex, is also developed by Vietnam Land SSG JSC.

Some other projects of SSG Group include Cape Pearl, expected to be 39 stories high, located at 12AB Thanh Da, Ward 27, Binh Thanh District, Ho Chi Minh City; Thanh Da Pearl, an office and luxury apartment project located at 762B Binh Quoi, Ward 28, Binh Thanh District, Ho Chi Minh City, with an area of 2,776 m²; and more.

Some other members of SSG Group operating in the real estate sector include Song Sai Gon Thanh Da Real Estate Joint Stock Company, SSG Binh An Real Estate Joint Stock Company, and SSG Sole Member Limited Liability Real Estate Company.

SSG Group also invests in the industrial real estate sector through its strategic investment in Idico – Joint Stock Company (IDC) since 2018. As of the end of Q1 2025, SSG Group directly owns 74.25 million IDC shares, equivalent to 22.5% of the capital.

Ms. Nguyen Thi Nhu Mai – General Director of SSG Group is also the Chairman of the Board of Directors of Idico (appointed since April 2022).

Meanwhile, the General Director of Idico is Mr. Dang Chinh Trung, husband of Ms. Nguyen Hong Phuong (former Chairman of the Board of Directors) and father of Mr. Dang Viet Dung, current Chairman of the Board of Directors of SSG Group.

In the field of education, SSG Group owns the Wellspring International School system. The Hanoi campus belongs to SSG Education Investment and Development Joint Stock Company, while the Ho Chi Minh City campus is under the legal entity of YNHH MTV Investment and Development Education SSG.

WellSpring is considered one of the schools for the wealthy, with a “huge” tuition fee of up to hundreds of millions of VND per year.

Additionally, SSG Group operates in the mineral exploitation sector through SSG Mineral Joint Stock Company, with gold mining projects in Quang Nam Province and titanium mining projects in Binh Thuan Province.