“Shantira Beach Resort and Spa Investor Owes Insurance Overdue Premium of Tens of Billions of Dongs”

Billion-Dollar Insurance Debts: Unraveling the Financial Woes of Royal Capital and its Affiliates

According to the Social Insurance Agency of Da Nang, as of July 31, 2025, 463 businesses in the city had overdue social insurance payments totaling over VND 196 billion. Among them was Royal Capital Corporation, with an insurance debt of nearly VND 9 billion. One of its members, Vinacapital Hoi An Tourism Company Limited, also made the list with an insurance debt of VND 10.3 billion.

Vinacapital Hoi An Tourism Company Limited is the investor of the Vinacapital Hoi An Beach Resort and Spa project (commercially known as Shantira Beach Resort and Spa) with an area of 8.6 hectares. The project includes 746 apartments across three towers and 70 beach villas.

Established in 2007, Vinacapital Hoi An Tourism Company Limited was initially wholly owned by the VinaCapital Group (Singapore), with Mr. Le Minh Phuc as its CEO. In December 2007, the company commenced construction of the project with a $16 million investment. At that time, the project was named Sofitel Hoi An Resort and featured 89 villas and 84 rooms, designed to international five-star standards.

However, the project faced delays for several years. In 2018, the People’s Committee of Quang Nam Province urged the investor to expedite the project, threatening to revoke the investment license if progress was not made.

In late March 2018, Royal Capital Corporation acquired Vinacapital Hoi An Tourism Company Limited, and Mr. Nguyen Phu Quy (DOB: 1972) became its new CEO and legal representative. After the change in ownership, the project was granted a 24-month extension until April 2020. However, it continued to face delays and was further extended until December 2021.

In early 2022, the People’s Committee of Quang Nam Province agreed to adjust the completion schedule to the end of December 2022. In January 2023, the project underwent a local adjustment and added an underground space to the detailed construction planning (at a 1/500 scale).

At the end of December 2024, the project received its fourth extension, this time until December 2026.

Since the change in ownership, Vinacapital Hoi An Tourism Company Limited has consistently increased its charter capital. By the end of 2022, the company’s charter capital had reached VND 1,000 billion.

According to our sources, from 2020 to the end of 2024, Vinacapital Hoi An Tourism Company Limited and Royal Capital Corporation repeatedly mortgaged their assets related to the Shantira Beach Resort and Spa project at banks.

Unraveling Royal Capital and its Chairman, Nguyen Phu Quy

Regarding Royal Capital Corporation, the company was established in 2008 under the initial name of Hoang Gia Hoi An Joint Stock Company, specializing in short-term accommodation services. In May 2018, the company increased its capital from VND 350 billion to VND 500 billion. The shareholder structure included Chairman Nguyen Phu Quy holding 90% of the shares, while the ownership ratios of the remaining shareholders, Tran Thi Chi Mai, Tran Binh Duong, and Tran Nam Hai, were not disclosed.

In March 2021, Hoang Gia Hoi An Joint Stock Company changed its name to Royal Capital Group Joint Stock Company, as it is known today. In December 2022, the company increased its charter capital from VND 1,000 billion to VND 1,500 billion, but the shareholder structure was not made public.

However, according to our sources, in December 2023, Chairman Nguyen Phu Quy pledged 33.69 million shares of Royal Capital Group Joint Stock Company as collateral at Indovina Bank, Hoi An Branch.

Royal Capital Group is known for its portfolio of hotels, including Royal Riverside, River Suite Hoi An, and Hotel Royal Hoi An – Mgallery by Sofitel. The group is also the investor in the residential project in Thanh Ha Urban Area, Ward Thanh Ha, Hoi An City (commercially known as Hoi An Royal New City).

Our sources indicate that during 2022-2023, Royal Capital Group repeatedly used its assets related to the Hoi An Royal New City project as collateral at the VietinBank Hoi An Branch.