Sale of Four Prime Locations Without Auction
The Tax Department of Ho Chi Minh City has recently disclosed information regarding 679 businesses that owe taxes and other budgetary obligations, totaling VND 2,126 billion as of June 30.
Topping the list is Vietnam Han Saigon Trading – Service – Construction Co., Ltd. (Vietnam Han Saigon), with outstanding tax debts amounting to over VND 467 billion.
Vietnam Han Saigon is a company implicated in the case of transferring four prime locations in the city center without auction. The People’s Procuracy of Ho Chi Minh City has recently completed the indictment and prosecuted three defendants, including businessman Dinh Truong Chinh.
The Southern Food Corporation (Vinafood II), a wholly state-owned enterprise, was assigned to manage the land and properties at 33 Nguyen Du and 34, 36, 42 Chu Manh Trinh, in what was previously known as Ben Nghe Ward, Ho Chi Minh City.
 A closer look at the four properties with land originating from public sources in the case of businessman Dinh Truong Chinh. Photo: Nguyen Hue |
After fulfilling its financial obligations in 2010, Vinafood II was granted certificates for the four properties. However, during the period of 2014-2015, the company decided to sell these properties to cover losses, repay loans, and supplement its business capital.
In 2015, based on an assessment by a valuation company, the land and properties at 33 Nguyen Du and 34, 36, 42 Chu Manh Trinh were valued at VND 704 billion. Subsequently, Vinafood II agreed to transfer all these assets to Vietnam Han Company, represented by Mr. Dinh Truong Chinh.
The two parties agreed to establish Vietnam Han Saigon – a joint venture between Vinafood II and Vietnam Han – as a new legal entity to implement the project on these four prime locations.
Businessman Dinh Truong Chinh Profited VND 970 Billion
Vietnam Han Saigon initially had a charter capital of VND 800 billion. Vinafood II contributed land use rights, assets on land, and 20% in cash; while Vietnam Han contributed VND 640 billion in cash.
In December 2015, Vinafood II signed a contract to transfer the four properties to Vietnam Han Saigon for VND 570 billion. Subsequently, Vinafood II divested its remaining 20% stake in the joint venture to Vietnam Han for VND 160 billion.
In essence, this joint venture served as a front for Vinafood II to sell the four prime locations to Vietnam Han, represented by Mr. Dinh Truong Chinh.
In January 2016, Mr. Chinh, on behalf of Vietnam Han, signed an agreement to transfer 99% of the capital contribution in Vietnam Han Saigon to Ms. Hoang Ngoc Cam Hong (Mr. Chinh’s cousin) for VND 792 billion.
A month later, Ms. Cam Hong sold this 99% stake to Winter Real Estate Joint Stock Company (later renamed My Real Estate Joint Stock Company) for VND 1,683 billion.
According to the case file, all the money that Ms. Cam Hong received from the sale of the capital contribution was transferred back to Mr. Dinh Truong Chinh. In this deal, Mr. Chinh was found to have profited VND 970 billion.
Regarding the remaining 1% capital contribution in Vietnam Han Saigon, in January 2017, Vietnam Han sold it to Saigon Dimensions Joint Stock Company for VND 22.5 billion.
Subsequently, Winter Real Estate Joint Stock Company also sold its 99% stake in Vietnam Han Saigon to BOB Investment Joint Stock Company and Saigon Dimensions Joint Stock Company for VND 2,200 billion.
Following these complex transactions, through 27 credit contracts, the land use rights of the four prime locations were mortgaged at SCB to borrow more than VND 27,400 billion.
In August 2022, the People’s Committee of Ho Chi Minh City decided to retrieve these four properties. Currently, the nearly 6,300 square meters of prime land at the four addresses are under the management of the City Land Reserve Center.
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Among the list of tax debtors disclosed by the Tax Department of Ho Chi Minh City, several businesses owe taxes exceeding VND 100 billion, including Yen Khanh Group Joint Stock Company (owing VND 247 billion), Danh Khoi Group Joint Stock Company (owing VND 126 billion), Cai Mep Investment Joint Stock Company (owing VND 116 billion), and Thai Son E&C Joint Stock Company (owing VND 112 billion). |
Anh Phuong
– 06:00 07/08/2025
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