The first-instance verdict of the People’s Court of Ho Chi Minh City on May 13, 2025, pertained to the case of “violating regulations on the management and use of state assets, leading to loss and waste” at the Southern Food Corporation (Vinafood II).
PDR informed that Phu My Hung Investment JSC (unrelated to Phu My Hung Development Company, which developed the Phu My Hung urban area in District 7) was a bona fide third party that acquired the land use rights and implemented the project. They had been granted the land use right certificate and project implementation license by competent authorities for the land lot at 132 Ben Van Don, Ward 6, District 4, Ho Chi Minh City. Phu My Hung Investment JSC has also transferred ownership to buyers in this project, and these relationships and transactions are independent civil relationships unrelated to the crimes committed by the accused in this case.
Therefore, PDR proposed that the People’s Committee of Ho Chi Minh City lift the restrictions on transfer transactions at the land lot of 132 Ben Van Don, which were imposed following the request of the Investigation Agency of the Ministry of Public Security.
In July 2023, the Investigation Agency of the Ministry of Public Security sent a document to the People’s Committee of Ho Chi Minh City proposing a temporary suspension of transactions related to the land lot at 132 Ben Van Don, District 4, as they were investigating the case of violating regulations on the management and use of state assets, leading to loss and waste, which occurred at Vinafood II and related units.
The People’s Committee of Ho Chi Minh City responded to the request of the Investigation Agency of the Ministry of Public Security regarding the temporary suspension of transactions at the land lot of 132 Ben Van Don, directing the departments to urgently fulfill the requirements of the Investigation Agency.
Immediately after, on the website of PDR, Phu My Hung Investment JSC provided information about the project at 132 Ben Van Don.
Firstly, Phu My Hung Investment JSC is the investor of the project at the land lot of 132 Ben Van Don, District 4, Ho Chi Minh City, based on its merger with Vinh Hoi Development and Investment JSC.
Secondly, Phu My Hung Investment JSC acquired shares from Nguyen Kim Investment and Development JSC and other individuals according to the Share Transfer Contract dated November 26, 2015, so it is unrelated to Vinafood II. At the same time, Phu My Hung Investment JSC did not directly work with Vinafood II.
Regarding the legal basis for land use of the project, on December 20, 2013, the Department of Natural Resources and Environment granted the Land Use Right Certificate number CT28263 for the land lot with an area of 7,328m2 located at 132 Ben Van Don. Phu My Hung Investment JSC has fulfilled its financial obligations for this land lot.
The project has been licensed and approved by state agencies, including: a construction permit for the underground part on October 14, 2016; a construction permit for the body on January 20, 2017; confirmation that the project of a high-rise apartment building combined with a commercial center – office at 132 Ben Van Don is eligible for future home sales on February 10, 2017; acceptance of the completion of the construction project at 132 Ben Van Don on June 28, 2018.
The project has been recognized as meeting the conditions for granting the certificate. On September 17, 2019, the Department of Natural Resources and Environment issued a document on the inspection results of the status of land use, housing, and construction works at the project of 132 Ben Van Don. In this document, the Department of Natural Resources and Environment suggested that the Ho Chi Minh City Land Registration Office accept the application for granting the Land Use Right Certificate and ownership of houses and other assets attached to the land for buyers in the project.
Phu My Hung Investment JSC stated that it had sold the project’s products and handed over apartments to customers in accordance with the law. The company did not violate any laws during the project’s implementation. Both Phu My Hung Investment JSC and PDR affirmed that they were not related to individuals or leaders of Vinafood II and Vinafood II Company.
The project at 132 Ben Van Don (commercially known as Millennium) comprises a pair of 34-story towers with three basements and approximately 650 apartments. The products range from apartments, apartment offices, penthouses to commercial and service areas. The project started construction in 2016 and was completed and handed over in its entirety by 2018.
In the consolidated financial statements for Q1/2025, PDR recorded short-term payables of nearly VND 18 billion to Phu My Hung Investment JSC.
 Millennium Project of Phat Dat at 132 Ben Van Don, District 4, Ho Chi Minh City
|
Who is Phu My Hung Investment JSC?
Phu My Hung Investment JSC, initially named Phu My Hung Investment Co., Ltd., is a real estate business established in 2015, headquartered in Phu Thuan Ward, District 7, Ho Chi Minh City. In 2017, the company transformed its model from LLC to JSC, moving its headquarters to 132 Ben Van Don, District 4, Ho Chi Minh City. At the same time, its charter capital was raised to VND 929.65 billion, of which Truong Phat Loc Marine Transport Trading JSC held 99.5%, and Mr. Phan Huy Han and Ms. Tran Thi Hoai An held 0.25% each.
The current legal representatives of Phu My Hung Investment JSC are Mr. Nguyen Huu Le, Chairman of the Board of Directors, and Mr. Nguyen Thanh Truc, General Director.
According to PDR‘s 2024 management report, Mr. Le is a related party of the subsidiary. Specifically, Mr. Le is a member of the Board of Directors in many subsidiaries of PDR, including Binh Duong Real Estate Investment and Development JSC (since 2022), Hoa Phu Real Estate Investment and Development JSC (since 2021), Thien Long Real Estate Investment and Development JSC (since 2021), and Bac Cuong Investment JSC (since 2021).
On the other hand, Mr. Truong Ngoc Dung, Deputy General Director of PDR, concurrently holds the same position at Phu My Hung Investment JSC.
– 18:29 29/05/2025
Affordable Housing: Making Homes Accessible to Low-Income Earners
“To catalyze the development of social housing, experts emphasize the need to focus on core elements such as land allocation, credit support, and streamlined investment procedures. Accurate and comprehensive consideration of land acquisition costs is also vital.”
“HCM City’s Credit Outstanding Reaches Nearly VND 4.1 Quadrillion by Late May”
As of the end of May 2025, Ho Chi Minh City’s outstanding credit balance is estimated to have reached VND 4.1 quadrillion, marking a 3.6% increase from the previous year and a significant 13.2% surge compared to the same period in 2024.
“HCMC Construction Department Clarifies Conditions for Selling Future Housing in NVL’s Victoria Village Project”
On May 26, the Ho Chi Minh City Department of Construction issued a document to Thai Binh Real Estate Business Joint Stock Company (TBLC) confirming eligibility to sell 1,044 future condominium units in a high-rise project within a 42,777 sqm residential area in Thanh My Loi Ward, Thu Duc City.
Along the Metro Line and Ring Road 3: The TOD Development Epicenter
The formation of TOD urban areas will attract a large number of residents, and the areas along the Metro and Ring Road 3 lines are already attracting investors who are keen to get ahead of the growth curve.
NewGen Invest – Strategic Distributor of Vinhomes Green City & Vinhomes Southern Region
NewGen Invest, a leading real estate investment firm, has reached new heights with its pivotal role in the distribution of Vinhomes Grand Park, an iconic development in the heart of Ho Chi Minh City’s vibrant eastern district. Now, the company has been entrusted yet again by Vinhomes as a strategic distributor for their newest project, Vinhomes Green City. This testament to NewGen Invest’s expertise and standing in the industry showcases their ability to consistently deliver exceptional results.
