Image: Ricons
In a recent development, Ricons JSC, a leading construction company, has officially commenced work on the Giảng Võ Complex project. This large-scale development is strategically located in the prime area of 15-17 Ngọc Khánh, Giảng Võ Ward, Ba Đình District, Hanoi.
The project is owned by Pacific Thang Long Co., Ltd. and encompasses a vast area of 12,066 square meters. It boasts a modern design featuring two towers dedicated to commercial and luxury hotel purposes, along with an office tower.
The hotel component comprises 19 floors above ground and two basement levels, offering 350 internationally-standardized rooms. The office tower soars to 21 stories, incorporating a comprehensive range of amenities and harmonious green spaces. This integrated complex is designed to meet the needs of accommodation, work, and leisure within a self-contained environment.
Ricons is responsible for executing critical technical aspects of the project, including supplementary construction of retaining walls, bored piles, concrete structures for foundations and basements, superstructures, and finishing works.
Established in 2004, Ricons has its roots in Phu Hung Gia Investment and Construction JSC, primarily focusing on real estate investment and development. Their first venture into the real estate sector was the premium Botanic Towers residential project.
With its continuous expansion, Ricons diversified its operations into construction, making it their core business. The company strategically targets large-scale projects to elevate their construction capabilities.
Currently, Mr. Nguyen Sy Cong serves as the Chairman of the Board, while Mr. Tran Quang Quan holds the position of General Director.
As per the latest enterprise registration update from February 2025, Ricons boasts seven foreign investors as shareholders: LUMINOUS VIETNAM AND INDOCHINA GROWTH MASTER FUND (1.26%), REWAS HOLDINGS LIMITED (7.25%), TROSKY BENJAMIN L (0.03%), CLEMENT CHIN YEUNG LOH (0.09%), DOUGLAS CRAIG ANDREW (0.04%), OKUDA MAMI (0.01%), and DAVID HANIBAL EDINGTON (0.45%).
Notably, DAIWASSIAM VIETNAM GROWTH FUND II L.P. has completely divested its holdings, offloading a total of 515,767 shares, equivalent to 1.3% of Ricons’ capital.
DAIWASSIAM VIETNAM GROWTH FUND II L.P. previously held 1.3% of Ricons’ capital.
DAIWASSIAM VIETNAM GROWTH FUND II L.P. is an investment fund based in the Cayman Islands, notable for its investment in Con Cung JSC, which owns the Con Cung retail chain catering to mothers and babies.
As of January 2022, Con Cung JSC had a charter capital of over VND 33.5 billion. Foreign investors held a combined 49.356% of the company’s capital, including DAIWASSIAM VIETNAM GROWTH FUND II L.P. (9.132%), FELIX INVESTMENT HOLDINGS PTE. LTD (31.395%), and LEE YOUNG HOON (8.829%).
Turning our attention back to Ricons, in May 2025, the People’s Court of Ho Chi Minh City issued a decision regarding the enforcement of an economic contract dispute between Ricons and Coteccons Construction Joint Stock Company (CTD).
The dispute between Coteccons and Ricons arose from construction contracts for the Regina projects in Hai Phong and Hung Yen. The debts between the two companies occurred during their affiliation with the same ecosystem before 2019, which was under the overall leadership of Mr. Nguyen Ba Duong.
The People’s Court of Ho Chi Minh City decided not to annul the Arbitral Award. This Decision Not to Annul is final and enforceable from the date of signing. The parties, including the Arbitral Council, do not have the right to appeal or complain, and the Procuracy does not have the right to protest.
According to the effective Arbitral Award, Coteccons is obligated to pay Ricons nearly VND 170 billion, including a principal amount of over VND 144.6 billion and late payment interest accrued from January 1, 2021, to September 24, 2024. Additionally, Coteccons must bear litigation costs such as arbitration fees, legal fees, and travel and accommodation expenses for the arbitrators. Furthermore, Coteccons is liable for supplementary interest accruing from November 24, 2024, until the full payment is made, as per the interest rate specified in the award.
On June 12, 2025, Coteccons disclosed that it had fulfilled its payment obligations as per the decision of the Civil Judgment Enforcement Department of Ho Chi Minh City, pertaining to the economic contract dispute between the two companies.
Consequently, the account freeze imposed on Coteccons was entirely lifted on June 11, 2025, based on the Confirmation of Completion of Obligations and Termination of Freeze issued by Techcombank (Document No. 099/2025/CSO MN-TCB).
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