The First Instance Court of Ho Chi Minh City People’s Court on May 13, 2025, regarding the case of “violating regulations on the management and use of state assets, causing loss and waste” at the Southern Food Corporation (Vinafood II)
Regarding Phu My Hung Investment JSC (different from Phu My Hung Development Co., Ltd., which develops the Phu My Hung urban area in District 7) as a third party who innocently acquired the land use right transfer and implemented the project, has been granted by competent authorities with land use right certificates and project implementation permits at land lot No. 132 Ben Van Don, Ward 6, District 4, Ho Chi Minh City, and has transferred it to buyers in the project. These are independent civil relations and transactions, not related to the crimes of the accused in this case.
Therefore, the Court recommends that the Ho Chi Minh City People’s Committee cancel the measures to prevent the transfer of transactions at land lot No. 132 Ben Van Don, which was applied 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 to temporarily stop the transaction of land lot 132 Ben Van Don, District 4. This agency is investigating a case of violation of regulations on the management and use of state assets, causing losses and waste at Vinafood II and related units.
The People’s Committee of Ho Chi Minh City responded to the proposal of the Investigation Agency of the Ministry of Public Security on temporarily stopping the transaction of land lot 132 Ben Van Don, District 4, towards the urgent implementation of the requirements of the Ministry of Public Security Investigation Agency by the departments.
Immediately afterwards, on the website of PDR, Phu My Hung Investment JSC, provided information about the project at 132 Ben Van Don.
First, Phu My Hung Investment is the investor of the project at land lot 132 Ben Van Don, District 4, Ho Chi Minh City, on the basis of merging into Vinh Hoi Development and Investment JSC.
Second, Phu My Hung Investment received a transfer of shares from Nguyen Kim Investment and Development JSC and other individuals according to the Share Transfer Contract dated November 26, 2015, so it is not related to Vinafood II. At the same time, Phu My Hung Investment does not directly work with Vinafood II.
In terms of the legal basis for land use of the project, on December 20, 2013, the Department of Natural Resources and Environment granted Land Use Right Certificate No. CT28263 for an area of 7,328m2 at 132 Ben Van Don. Phu My Hung Investment has fulfilled its financial obligations for this land lot.
The project has been licensed and approved by competent state agencies, including: construction permit for underground part on October 14, 2016; construction permit for the body on January 20, 2017; confirmation of the project of high-rise apartment building combined with commercial center – office at 132 Ben Van Don is eligible to sell future formed houses on February 10, 2017; acceptance of completion of construction works of the project 132 Ben Van Don on June 28, 2018.
The project has been recognized as eligible for granting the book. On September 17, 2019, the Department of Natural Resources and Environment issued a document on the inspection results of the current 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 has an opinion to the Ho Chi Minh City Land Registration Office to receive the dossier to consider granting the Land Use Right Certificate, ownership of houses and other assets attached to the land for buyers of apartments in the project.
Phu My Hung Investment said that it has sold the products of the project and handed over apartments to customers in accordance with the law. The company does not violate the law in the process of implementing the project. Phu My Hung Investment and PDR affirm that they are not related to individuals, leaders of Vinafood II and Vinafood II Company.
The Ben Van Don 132 Project (or commercially known as Millennium) includes a pair of 34-story towers with 3 basements and about 650 apartments. Products range from apartments, apartment offices to penthouses and blocks for commercial services. The project was started in 2016, completed and handed over entirely from 2018.
In the consolidated financial statements for the first quarter of 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
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Who is Phu My Hung Investment?
Phu My Hung Investment Joint Stock Company, formerly known as Phu My Hung Investment Limited Company, is a real estate business established in 2015, headquartered in Phu Thuan Ward, District 7, Ho Chi Minh City.
In 2017, the company changed its model from LLC to JSC and moved 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, in which Truong Phat Loc Marine Transportation and Trading Joint Stock Company holds 99.5%, Mr. Phan Huy Han and Tran Thi Hoai An each hold 0.25%.
The current legal representative of Phu My Hung Investment is Mr. Nguyen Huu Le – Chairman of the Board of Directors and Mr. Nguyen Thanh Truc – General Director.
PDR’s 2024 Management Report states that Mr. Le is a related party of the subsidiary. Specifically, Mr. Le is a member of the Board of Directors of many subsidiaries of PDR, including: Binh Duong Real Estate Investment and Development Joint Stock Company (since 2022), Hoa Phu Real Estate Investment and Development Joint Stock Company (since 2021), Thien Long Real Estate Investment and Development Joint Stock Company (since 2021), Bac Cuong Investment Joint Stock Company (since 2021)
On the other hand, PDR’s Deputy General Director, Mr. Truong Ngoc Dung, is also holding the same position at Phu My Hung Investment JSC.
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