Former FLC Chairman Trinh Van Quyet Returns to Business?
Since the beginning of the year, the real estate market has witnessed the comeback of prominent tycoons like Le Thanh Thoan and Do Anh Dung, with a series of moves to restart and propose large-scale projects. Alongside this, recent actions by FLC, amid Trinh Van Quyet—former Chairman of FLC—officially completing his legal obligations, are drawing significant investor attention.
Over the past period, FLC Group has launched numerous new plans, marking a robust rebuilding phase after a long period affected by internal and legal turmoil.
Specifically, FLC is restarting several large-scale real estate projects in Hanoi, Quang Tri, Gia Lai, and other localities. In early June, the group held the launch ceremony for the Hausman Premium Residences project at FLC Premier Parc urban area (Dai Mo Ward, Hanoi). This project marks FLC Group’s return to the Hanoi real estate market.
Launch ceremony of Hausman Premium Residences—marking FLC Group’s return to the Hanoi real estate market.
Earlier, in April, Gia Lai Province approved FLC to study and plan an airport urban area in Cat Tan Commune, Phu Cat District.
For the FLC Hilltop Gia Lai project, developed by FLC Group and located at 29 Nguyen Van Cu Street, Dien Hong Ward (formerly Ia Kring Ward, Pleiku City), Gia Lai Province has directed the removal of obstacles to accelerate the project’s progress.
In October, the company proposed planning a 700-hectare golf complex, resort villas, conference center, and entertainment area in Quang Tri, with an estimated investment of 20 trillion VND.
A key milestone in FLC’s rebuilding process is the official takeover of Bamboo Airways in September 2025, after a long period under different shareholder management.
According to the announcement, FLC has regained management and operational control from the shareholder group led by Le Thai Sam and has begun developing a 2026-2030 strategy.
Regaining Bamboo Airways not only holds business significance but also demonstrates FLC’s commitment to fully restoring its economic, tourism, real estate, and aviation ecosystem.
On November 11, FLC will hold its second extraordinary shareholders’ meeting of 2025 in Hanoi.
Tan Hoang Minh and Muong Thanh Chairmen Make Notable Comebacks
Two other prominent names in real estate making comebacks are Do Anh Dung and Le Thanh Thoan.
Specifically, in June, during a meeting with Lam Dong Provincial People’s Committee, Do Anh Dung proposed the province approve his company to continue studying and planning a detailed idea for a 4,320-hectare smart urban area project in Xuan Tho Commune, Da Lat City. This marks Do Anh Dung’s return as Chairman and CEO of Tan Hoang Minh Group.
Meeting with Lam Dong Provincial People’s Committee on the smart urban area project, marking Tan Hoang Minh Chairman Do Anh Dung’s return.
Before Do Anh Dung’s comeback, Tan Hoang Minh Group had re-emerged in the real estate market after a period of absence.
In early 2025, Tan Hoang Minh proposed studying and implementing the Bau Sen Eco-Tourism Resort project in Ngu Thuy and Sen Thuy Communes, Le Thuy District, Quang Binh.
In March 2025, Tan Hoang Minh made headlines in the real estate market by partnering with CTCP Tong Bach Hoa to commence the Greenera Southmark residential project at 486 Ngoc Hoi Road, Thanh Tri District, Hanoi. The project, covering nearly 2.5 hectares, is expected to include three high-end apartment buildings.
In late June, Khanh Hoa Provincial People’s Committee allowed Tan Hoang Minh Hotel Trading Service LLC (part of Tan Hoang Minh Group) to pilot a 1.8 trillion VND project in Nha Trang.
Additionally, Le Thanh Thoan, Chairman of Muong Thanh Group, has made a notable comeback in the real estate market. In August, during a meeting on urban project progress in Tam Hung Commune (Hanoi), local leaders urged Muong Thanh Group to accelerate projects, particularly the My Hung Urban Area, which began in 2008 but has faced delays.
Le Thanh Thoan, Chairman of Muong Thanh Group, at a meeting with Tam Hung Commune leaders (Hanoi) on urban project progress.
In response, Le Thanh Thoan pledged that Muong Thanh Group would focus resources, resolve difficulties, and expedite project progress.
The 182-hectare My Hung Urban Area was part of the land payment for the South Axis Road project in Ha Tay Province (before merging with Hanoi) and is part of the Thanh Ha Urban Area project. However, due to insufficient financial capacity and challenges during the real estate freeze, the project was abandoned for years. In 2016, Muong Thanh Group, led by Le Thanh Thoan, invested approximately 3.5 trillion VND to acquire the project, aiming to make Thanh Ha the largest urban area in Vietnam.
Surge in Capital Flows into Real Estate
The Ministry of Construction reports that as of August 31, outstanding real estate credit stands at approximately 4.1 trillion VND. Additionally, the total value of issued bonds has surged by 44% compared to the same period in 2024.
Only 9% of Apartments in Ho Chi Minh City Are Priced Below VND 3 Billion
The Southern apartment market is experiencing a stark polarization. In Ho Chi Minh City, apartments priced under 3 billion VND account for a mere 9% of total transactions. Conversely, in neighboring provinces, these affordably priced units dominate, representing over 60% of all deals.
Unusual Developments in Once-Hot Land Plots in Dong Nai, Hung Yen, Bac Ninh, and Ninh Binh
According to the Ministry of Construction, regions such as Dong Nai, Hung Yen, Bac Ninh, and Ninh Binh, after experiencing a “feverish” period earlier this year, have now returned to a stable state. The majority of transactions are genuine purchases, catering to either residential needs or long-term investment goals.
FLC Vows to Overcome Challenges and Restore Stability to the Group
FLC is currently finalizing its separate and consolidated financial statements for the years 2021–2024, along with other related reports.
FLC’s Fate Hangs in the Balance: Will Trịnh Văn Quyết Make a Historic Appearance at the Upcoming Congress, Three Years After the Landmark Event?
FLC stands at a pivotal moment, poised for a transformative restructuring after more than three turbulent years. The extraordinary shareholders’ meeting on November 11th will not only chart the conglomerate’s future but also reignite speculation: Will Trịnh Văn Quyết reemerge after his prolonged absence?
