Unlocking the Golden Block: A Plea to Revoke the Transaction Block on 132 Ben Van Don’s Prime Location

Causing losses of over VND 137 billion

The Ho Chi Minh City People’s Court (TAND) has just proposed to the Ho Chi Minh City People’s Committee to lift the measures to prevent transactions and transfers at land lot No.132 Ben Van Don (in District 4), which were applied following a request from the Ministry of Public Security’s Investigation Agency.

Specifically, according to the Ho Chi Minh City People’s Court’s first-instance verdict No. 233/2025/HSST, regarding the case of “Violation of regulations on the management and use of state assets, causing waste and loss”, the Trial Council (HĐXX) announced the conclusion to the related parties, including Phu My Hung Investment Joint Stock Company.

Accordingly, Phu My Hung Investment Joint Stock Company, as the third party receiving the land-use rights transfer and implementing the project, has been granted a land-use rights certificate and a project implementation license for land lot No.132 Ben Van Don (commercially known as Millennium) by competent authorities. They have also transferred the project to buyers, and these relationships and civil transactions are independent and unrelated to the crimes committed by the defendants in this case.

Based on this, the Trial Council proposed to the Ho Chi Minh City People’s Committee to lift the measures to prevent transactions and transfers at land lot No.132 Ben Van Don, which were applied following the request of the Ministry of Public Security’s Investigation Agency.

The first-instance verdict No. 233/2025/HSST of the Ho Chi Minh City People’s Court is related to the case of Vinafood 2 transferring land lot No.132 Ben Van Don (in District 4, Ho Chi Minh City) to Vinh Hoi Company in violation of regulations, causing a loss of over VND 113.7 billion to the state.

In 2023, regarding this case, the Ho Chi Minh City People’s Committee temporarily halted the resolution of issues related to the transfer, inheritance, lease, gift-giving, and mortgage of land use rights at land lot No.132 Ben Van Don upon the request of the Ministry of Public Security’s Investigation Agency.

How public land became “private land”?

Initially, land lot No.132 Ben Van Don was granted a land-use certificate by the Ho Chi Minh City Department of Natural Resources and Environment to the Southern Food Corporation (Vinafood 2) for the construction of high-rise apartments in combination with a commercial and service center and office buildings for lease.

According to the conclusion of the State Audit Office, Vinafood 2 changed the land-use purpose but did not implement the project associated with the land-use rights. Instead, they contributed capital to external partners and later withdrew capital or committed to withdrawing capital to transfer the land to partners without auction.

Vinafood 2’s process of selecting investment partners was done through designation, without criteria or transparent bidding, reducing competition and potentially risking the choice of investors who lack the capacity and experience to implement the project.

At land lot No.132 Ben Van Don, Vinafood 2 designated Nguyen Kim Investment and Development Joint Stock Company as their joint venture partner. This project is owned by Vinh Hoi Investment and Development Joint Stock Company (under Vinafood 2). This company was established in 2007 with the purpose of implementing this project.

At the end of 2013, the People’s Committee of District 4 requested that the investor commit to starting construction in 2015 and completing the project in 2017. The People’s Committee of District 4 would revoke and cancel the project if the investor failed to meet this committed progress.

According to the information disclosed about the auction of Vinafood 2’s shares in Vinh Hoi Investment and Development Joint Stock Company, as of June 30, 2014, Vinafood 2’s owned shares in Vinh Hoi were 1.5 million, equivalent to 8.8% of the capital ownership. The remaining shareholders were Nguyen Kim Investment and Development Joint Stock Company and An Giang Import-Export Joint Stock Company, holding 44.24% and 26.39% of the capital, respectively.

On November 16, 2015, Vinafood 2 auctioned 1.5 million shares in Vinh Hoi Investment and Development Joint Stock Company at a starting price of VND 30,000 per share to three investors (one organization and two individuals). The total amount of money collected from this auction was VND 45 billion, with a difference of VND 30 billion compared to the initial capital contribution value, which was determined to be VND 15 billion.

Thus, it can be understood that the value of Vinafood 2’s capital contribution, based on the advantage of land lease at land lot 132 Ben Van Don to Vinh Hoi Investment and Development Joint Stock Company, was only VND 15 billion.

Subsequently, Phu My Hung Investment Joint Stock Company implemented the project on this land lot under the commercial name Millennium. Phat Dat Real Estate Development Joint Stock Company was the project’s development partner.

The Millennium condominium complex was constructed on an area of over 7,800 square meters, featuring a twin tower of 34 floors and three basements. It comprises various products such as apartments, multi-functional offices, penthouses, and shophouses, with a total of 650 units. The Millennium project commenced construction in the second quarter of 2016 and has been handed over to customers.