The Khanh Hoa Provincial Inspectorate recently released Inspection Conclusion No. 03/KL-TTT, focusing on investment projects facing challenges, delays, and low efficiency within the province (Inspectorate Team No. 01). Among the 10 inspected projects, the A&B Sai Gon Tower—a commercial center and service hotel located at 44 Tran Phu, Loc Tho Ward, Nha Trang City—stands out. This project is spearheaded by A&B Sai Gon Nha Trang Joint Stock Company.
A&B Sai Gon Tower, developed by A&B Sai Gon Nha Trang Joint Stock Company.
The project received Investment Policy Approval No. 477/QD-UBND from the Khanh Hoa Provincial People’s Committee on February 29, 2016. The Department of Planning and Investment issued the initial Investment Registration Certificate on March 1, 2016, with a second adjustment on February 12, 2018.
The development encompasses commercial spaces, services, a wedding banquet hall, a hotel, and a sky bar. With an initial investment of VND 1.4 trillion, the total capital increased to VND 1.811 trillion. The project spans 9,000 square meters of land.
The project’s operational period is 49 years, starting from February 28, 2014, with completion and operation slated for the fourth quarter of 2019. Although construction is complete, the project has not yet been inspected for official use.
Investment Policy Approval Violates Regulations
Regarding investor selection, the inspection revealed that the Department of Planning and Investment’s Document No. 265/SKHĐT-HTĐT dated February 4, 2016, failed to thoroughly assess compliance with planning, land-use conversion conditions, and land demand as required.
The Department of Natural Resources and Environment (Document No. 309/STNVMT-CCQLĐĐ dated January 27, 2016) and the Department of Construction (Document No. 216/SXD-KTQH dated January 21, 2016) provided input but did not fully evaluate construction planning and land-use plans as mandated by Article 51 of the 2014 Construction Law.
These oversights led to the Provincial People’s Committee issuing an investment policy approval that violated regulations.
Regarding state asset and land management, the 9,000-square-meter plot for A&B Sai Gon Tower is part of a 23,479.8-square-meter area designated as government office land under the 2013 Land Law and classified as state property under the 2008 State Asset Management Law.
The land-use rights certificate was issued to the T.78 Administration Department for government offices and public works, with no land-use fees. However, with approval from the Central Committee’s Office, the T.78 Administration Department partnered with A&B Development Corporation to invest in the 9,000-square-meter plot.
As of February 27, 2014, the land handover for legal procedures has been completed. However, the land-use purpose remains unchanged, and no land allocation or lease decision has been issued, contradicting the project’s commercial and service objectives.
The inspection concluded that using state assets for investment without proper land-use conversion violates the 2013 Land Law and the 2008 State Asset Management Law.
Regarding construction permits, the inspection found that the area lacked an approved detailed planning at the project’s inception, rendering the construction permit invalid under the 2014 Construction Law.
Construction Deviates from Approved Plans
The completed structure deviates from the approved permit, with changes in floor areas, heights, and functionality. These alterations increased the total floor area from 66,193 square meters to 72,603 square meters, as detailed in the Ministry of Construction’s documents.
Additionally, the investor began operating four lower floors without official inspection approval, violating operational regulations.
The Inspectorate recommends that the Khanh Hoa Provincial People’s Committee direct the Department of Finance to collaborate with relevant agencies in reviewing land and state asset use by the T.78 Administration Department. This review aims to propose policies addressing investor challenges.
The Department of Construction is urged to address unauthorized construction modifications and enforce regulations against premature project operations.
A&B Sai Gon Nha Trang Joint Stock Company, established in 2015 with a charter capital of VND 200 billion, is majority-owned by Ha Van An (90%), with A&B Development Corporation and Dang Van Thoai holding 5% each. By November 2020, the capital increased to VND 630 billion, with Ha Van An as CEO. As of March 2024, Le Ngoc Khanh Viet serves as Chairman alongside Ha Van An.
In July 2025, Ha Van An pledged 6.3 million shares of A&B Sai Gon Nha Trang as collateral. Ha Van An also leads A&B Group, known for projects like Anantara Mui Ne, Nam Nghi Resort (Phu Quoc), Gia Han (with TD Group), and Mong Tay Resort (Phu Quoc).
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