The First 36-Story Skyscraper in Vietnam Achieves a Stringent Certification, Commanding Sky-High Rents in Ho Chi Minh City: The Quiet Tycoon Behind Its Construction

The Nexus is an impressive complex of Grade A offices, commercial spaces, and luxury apartments located at 3A – 3B Ton Duc Thang, in the heart of District 1, Ho Chi Minh City. This rare “golden” location is one of the last remaining plots in the city center.

Developed by Refico, a leading real estate company with over 20 years of experience in Vietnam’s major cities, The Nexus is their third largest Grade A office building. Construction began in August 2017 and was completed in late December 2023. The building boasts 36 floors above ground and 5 basement levels, offering a total floor area of 42,780 sqm.

The Nexus has been awarded the EDGE and LEED Gold certifications and is one of the first projects in Vietnam to receive the WELL Core certification, a rigorous standard for workplace health and space quality.

According to Avison Young, as of Q1 2025, the office space in the project was 95% occupied, with rental rates ranging from $50 to $70 per sqm. Compared to the average rental rate of $55 per sqm for Grade A offices in the city center, The Nexus commands a premium.

The Quiet “Big Player” Behind It All

Refico, the developer, is a relatively low-key real estate company, but they have an impressive portfolio of projects across Vietnam. Their representative, Mr. Tran Quet Thang, is a notable figure in the industry.

Refico’s projects span the residential, commercial, and resort sectors, including completed developments such as Watermark and Kosmo Tay Ho in Hanoi, City Garden in Binh Thanh, Centrepoint in Phu Nhuan, President Place in District 1, and Mayfair in Ba Dinh, Hanoi. They are also developing The River, The Luxe, and The Skye in Thu Thiem, Ho Chi Minh City, as well as The Nexus in District 1 and The Campus in District 4. Additionally, they have future plans for a 64-hectare project in Thu Duc District named Saigon Quays.

As of December 2023, the company had a charter capital of VND 208 billion. One of their foreign shareholders is Mr. William Towne Baker, who currently serves as the CEO of City and holds 0.48% of Refico’s shares.

Mr. Tran Quet Thang, Chairman of Refico, is not only a prominent figure in the real estate industry but also in finance and law. He represents several companies in the real estate sector, including Viet Hung Real Estate Joint Stock Company and Tay Ho View Real Estate Joint Stock Company.

In the realm of finance, Mr. Thang stepped down from his position on the Board of Directors of Vietcap Joint Stock Securities Company (HOSE: VCI) last year after a 16-year tenure. According to VCI’s website, Mr. Thang graduated with a law degree from the University of Law (London, UK) and Martin Luther University (Germany). He is also a founding member of the law firm Thang and Associates. He was one of the founders of Saigon Securities Joint Stock Company (SSI), now known as SSI Securities Corporation, and previously served as its CEO.

Mr. Thang also served as the Chairman of the Investment Committee of Aureos Fund (UK), specializing in private equity investments worldwide. Additionally, he was a member of the Board of Directors of Southern Transport and Warehousing Joint Stock Company (Sotrans) until his resignation in April 2018.

Mr. Thang was also on the Board of Directors of Coteccons Joint Stock Company from April 2016 to June 2020, during the time when Mr. Nguyen Ba Duong was the Chairman.