The Multidisciplinary Ecosystem of Entrepreneur Ha Thi Phuong Thao

The Arena Super Project Repeatedly Mentioned in the Inspectorate’s Conclusion

In Conclusion No. 81/KL-TTCP of the Government Inspectorate (GI) dated March 18, 2025, on the responsibility for state management of planning and planning implementation of the Ministry of Construction, the inspecting agency pointed out violations in The Arena project invested by Tran Thai Cam Ranh Joint Stock Company.

Accordingly, The Arena project is located at lots TTT13, D14d, and TT9b in Zone 4 – North Cam Ranh Peninsula Tourism Area, Cam Nghia Ward, Cam Ranh City (former), Khanh Hoa Province. This is a Grade I civil construction and Grade III technical infrastructure.

The inspection conclusion (IC) determined that, in terms of the composition of the appraisal dossier: The Department of Construction Management could not provide documents or evidence to show that it had received a complete dossier (decision on the selection of architectural design scheme, decision on the selection of project preparation contractor, appraisal document or opinion on the environmental impact assessment report by the competent authority, survey data, design, total project investment (estimate), capacity profile of the contractors …) when appraising the basic design of The Arena project as prescribed.

In terms of appraisal content, the Department of Construction Management appraised the basic design for Towers A1 and A2 when the detailed planning had not been approved (6th detailed planning adjustment); many parameters when appraised were different and reduced compared to the approved detailed planning. Specifically, the construction area of Towers A2, A3, and A4, villas, and service works; total floor area; total number of apartments; appraised when the environmental impact report had not been approved by the state management agency.

The Department of Construction Management did not consult with relevant agencies and organizations about the content of land use (planning period, approved land use plan) as prescribed; did not appraise the content of the suitability of the project implementation solution by phase.

This unit also issued documents but did not conclude that The Arena project was not eligible (or eligible) to carry out the next steps, which is not in compliance with the regulations.

Notably, this is not the first time that The Arena project has been “mentioned” in the GI’s conclusion.

Previously, in Inspection Conclusion No. 1919/TB-TTCP on the conversion of state-owned land with advantageous locations for other purposes, inspection, handling of complaints, denunciations, petitions, and reflections in some projects in Khanh Hoa province, the GI pointed out that the land area changed several times through adjustments. At the time of the inspection, the project was being implemented and had not been completed.

Also in this project, the People’s Committee of Khanh Hoa province selected the investor without bidding to select the investor, violating Article 54 of the 2005 Investment Law. The project was granted an Investment Certificate in 2009, and by the time of the inspection, nearly 10 years had passed but the progress was very slow…

The Arena is a large entertainment and tourism complex invested by the People’s Committee of Khanh Hoa province to Tran Thai Nam Long Tourism and Sports Joint Stock Company without bidding. In 2009, the province granted an investment certificate to the enterprise.

In 2012, the People’s Committee of Khanh Hoa province changed the investment certificate for Tran Thai Cam Ranh Joint Stock Company for this project with a scale of 27.5 ha with the content of land lease with annual rent payment (term of 50 years) to build villas and apartments for sale and for lease. At the same time, it is required that after 4 years, the project must be constructed and put into use.

However, after that, the project was continuously adjusted for the Investment Certificate and detailed planning from 2012 to the end of 2017.

From the time the People’s Committee of Khanh Hoa province approved the adjustment of the planning for the 5th time up to now, Tran Thai Cam Ranh has proposed and recommended 6 times to adjust the detailed planning at the rate of 1/500 related to 04 items of high-rise hotel blocks A1, A2, A3, and A4 of the project.

Regarding Tran Thai Cam Ranh, this enterprise was established in July 2009, with its head office located in North Cam Ranh Peninsula Tourism Area (Cam Nghia Ward, Cam Ranh City, Khanh Hoa Province).

The initial chartered capital was VND 212 billion by 3 founding shareholders, including: Phu An Real Estate Company (46%), Tran Thai Real Estate Company (44%), and Ms. Thai Ngoc Dung (10%).

However, by 2017, all three founding shareholders no longer owned shares in this company.

In October 2022, Tran Thai Cam Ranh increased its capital to VND 810 billion. The legal representatives at that time included Mr. Le Anh Tru (DOB 1978) – Director and Ms. Ha Thi Phuong Thao (DOB 1982) – Chairman of the Board of Directors cum General Director of the company.

In December 2023, Mr. Le Anh Tru took on the position of General Director and legal representative of Tran Thai Cam Ranh up to now.

Portrait of Multi-industry Female Entrepreneur Ha Thi Phuong Thao

Among the above individuals, Ms. Ha Thi Phuong Thao is the owner of a series of enterprises from real estate, education to ready-made clothes, shoes, etc., but is quite discreet in the media.

In addition to The Arena Cam Ranh project, this female entrepreneur is also related to many other prominent projects in Khanh Hoa. One of them is the Panorama Nha Trang project invested by Nha Trang Bay Construction and Investment Joint Stock Company.

Nha Trang Bay Company was established in 2014 with Ms. Ha Thi Phuong Thao as its legal representative, with a rather modest charter capital of VND 500 million. The main business line of this enterprise at that time was “trade promotion and promotion.”

In March 2015, Nha Trang Bay Company increased its charter capital to VND 54 billion. More than a year later (May 2016), the company continued to increase its capital to VND 300 billion, including 4 shareholders: Ha Quang Real Estate Joint Stock Company (40%); Ha Thi Phuong Thao (40%); Ha Van Hien (10%) and Pham Thanh Tung (10%).

In June 2018, the company’s charter capital was VND 2,000 billion, and the shareholders at that time were: Ha Quang Real Estate Joint Stock Company (11.9%); Ha Thi Phuong Thao (39.997%); Ha Van Hien (29.7%) and Pham Thanh Tung (10%).

However, by May 2019, Nha Trang Bay reduced its capital to VND 1,070 billion. Two shareholders, Ha Thi Phuong Thao and Ha Van Hien, increased their ownership to 43.27% and 27.96%, respectively. Meanwhile, Ha Quang Real Estate decreased its holding in Nha Trang Bay to 11.21%, and the remaining 9.42% capital was owned by Mr. Pham Quang Tung.

After many adjustments, as of October 30, 2024, Nha Trang Bay’s charter capital was over VND 1,254 billion.

According to the latest change (April 2025), Mr. Le Anh Tru – General Director and legal representative of Tran Thai Cam Ranh, is also the General Director and legal representative of Nha Trang Bay.

Notably, Ha Quang Real Estate Joint Stock Company (founding shareholder of Nha Trang Bay) also has many connections with female entrepreneur Ha Thi Phuong Thao.

Ha Quang Real Estate was established in 2001. As of January 2019, the company had a capital of VND 700 billion, of which founding shareholder Mr. Ha Van Hai (DOB 1951) held 70%. Currently, Mr. Hai is also the General Director and legal representative of the enterprise.

Entrepreneur Ha Van Hai is known as the first person to bring salmon to research and breed in Vietnam.

Ha Quang Real Estate is the investor implementing the construction of two projects of Le Hong Phong new urban area I and Le Hong Phong new urban area II (commonly known as Le Hong Phong urban area, commercial name Venesia) in Nha Trang City (former), Khanh Hoa Province.

Back to Ms. Ha Thi Phuong Thao, besides real estate, the female entrepreneur is also the representative of many enterprises related to education such as: Panorama Human Resources and Education Company Limited (Khanh Hoa) with a charter capital of VND 20 billion; Ha Quang Human Resources and Education Development Joint Stock Company (Khanh Hoa) with a charter capital of VND 70 billion (as of July 2018); in which, Ms. Thao holds 15% capital; Mr. Ha Van Hai 70% and shareholder Ha Van Hien 15%.

Ms. Ha Thi Phuong Thao and Ha Van Hien are also co-founding shareholders of Ha Studio Enterprise. This enterprise was established in October 2018, with its main business being wholesale fabric, garments, shoes, and sandals. The initial charter capital was VND 5 billion, in which Ms. Thao held 70%, and the remaining 30% was owned by shareholder Ha Van Hien.

In the registration change in December 2021, the company’s charter capital was VND 9.8 billion; Ms. Ha Thi Phuong Thao is the Director and legal representative of the enterprise.

However, on February 22, 2023, the Business Registration Department – Khanh Hoa Provincial Planning and Investment Department notified the dissolution of Ha Studio due to no longer needing business activities.

Ms. Ha Thi Phuong Thao is also known as the Chairman of the Board of Directors and founding shareholder holding 80% of the capital of Mosmedi Trading Joint Stock Company. This enterprise was established in August 2021, with a charter capital of VND 5 billion. The main business registration is commodity brokerage, auctioneer, excluding auction activities.