The Real Estate Tycoon’s Background: Unraveling the Mystery of the $139 Million Tax Debtor in Ho Chi Minh City

Ho Chi Minh City Tax Department Reveals List of Businesses Owing Taxes, with Debts Surpassing VND 4,700 Billion

The Ho Chi Minh City Tax Department has recently published a list of 105 businesses that owe taxes as of June 2025, with a staggering total debt of over VND 4,700 billion. Notably, most of these indebted companies are from the real estate industry.

Topping the list is Thuân Việt Trading and Construction Company Limited, with an enormous debt of more than VND 3,239 billion, accounting for nearly 70% of the total debt of all listed companies.

Established in 1999, Thuân Việt is represented by Mr. Võ Văn Bé, who serves as the company’s legal representative, Chairman of the Members’ Council, and Director. They are the investors behind the New City Thu Thiem project in the former District 2.

In 2003, Thuân Việt collaborated with SSG Group Joint Stock Company to develop the Saigon Pearl Saigon River urban area complex project. Later, in 2009, Mr. Võ Văn Bé joined the Board of Directors of Construction Joint Stock Company 677, a subsidiary of Construction Corporation 6 (Cienco6).

In 2016, Thuân Việt participated in the auction for the state capital in Cienco6 but was unsuccessful, losing out to Dong Phu Hung Joint Stock Company (Binh Thuan). Subsequently, Mr. Võ Văn Bé was authorized by Ms. Phạm Thị Hồng, a major shareholder of Cienco6, to join the Board of Directors. He currently serves as the Chairman of the Board and legal representative of Cienco6.

New City Thu Thiem Project Controversy

Thuân Việt Trading and Construction Company Limited was once caught selling the New City Thu Thiem project “under the table” and even sealing apartments belonging to residents.

According to documents from Tien Phong, the New City Thu Thiem project (located in the 38.4-hectare area of Binh Khanh Ward, with a frontage on Mai Chi Tho Street) was converted from resettlement housing to commercial housing in the 38-hectare Thu Thiem resettlement area.

Thuân Việt was one of the contractors constructing 1,330 resettlement apartments in the project. When the demand for resettlement decreased, the company requested the Ho Chi Minh City People’s Committee to offset the construction cost with the number of resettlement apartments and sought permission to convert them into commercial housing.

According to the conclusion of the Government Inspectorate on state management and law enforcement in the Thu Thiem New Urban Area project in Ho Chi Minh City, the city terminated the investment contract for the construction of the 1,330-apartment New City Thu Thiem project without the approval of the Prime Minister, which was not in accordance with the provisions of Point I, Clause 2, Article 118 of the 2013 Land Law.

Thuân Việt modified the design of the New City Thu Thiem project from resettlement housing to commercial housing and transferred 1,122 apartments to buyers.

In terms of the sales method, buyers of apartments in New City were required to make a deposit of VND 100 million, followed by a payment of 10% (excluding VAT) after 7 days, and an additional 20% after one month. When the investor invited buyers to sign the sale and purchase contract, they had already paid 30% of the apartment value, and upon signing, they had to pay an additional 65% to receive the house.

Despite the completion of construction and handover to homebuyers, the land use fee for New City apartments has not been determined for many years, leaving residents without their pink book (ownership certificate). The biggest obstacle relates to the timing of land price determination.

The company stated that they had paid more than VND 712 billion (at a land price of VND 26 million/sqm) in 2018.

Thuân Việt was once part of a consortium of nine enterprises, including CHEC – BCEG – Vietnam Contractors, which participated in the bidding for Package 5.10 on the construction and installation of equipment for the passenger terminal of Long Thanh International Airport, Phase 1. However, their dossier was disqualified due to insufficient capacity.