The Central Military Procuracy has issued an indictment and transferred the case file to the Military Court of Military Zone 5 for the trial of nine defendants involved in the case related to the Nha Trang Urban Center – Commerce – Service – Finance – Tourism project. The project, developed by Phuc Son Group Joint Stock Company, was implemented on the former Nha Trang airport land.
This is considered one of the largest asset embezzlement cases ever recorded in Khanh Hoa province, with the alleged amount exceeding 7,000 billion VND.
According to the indictment, the violations began in 2015 when the People’s Committee of Khanh Hoa Province and Phuc Son Group requested the Ministry of National Defense to hand over nearly 63 hectares of land at Nha Trang airport for the company to start the project. At that time, the Prime Minister had only approved the policy for land exploitation but had not yet signed the asset arrangement plan, issued a land recovery and allocation decision, or granted a land use right certificate.
In October 2016 and February 2018, the People’s Committee of Khanh Hoa Province still issued decisions to recover and allocate the aforementioned land area to Phuc Son Group to implement the project under the BT (Build-Transfer) model, despite incomplete legal documents. This violated the 2013 Land Law, the 2008 Law on Management and Use of State Assets, and contradicted the government’s directives.
Before legally receiving the land, Phuc Son Group aggressively marketed the project. Nguyen Van Hau, Chairman of the Board and CEO of Phuc Son Group, was identified as directly instructing the promotion of the project as “legally compliant and eligible for capital mobilization.”
Numerous promotional events were held in Khanh Hoa, Hanoi, and Vinh Phuc, supported by a large-scale brokerage network. By the time the scheme was uncovered, the company had signed 983 contracts with 683 customers, collecting nearly 7,033 billion VND. Over 1,076 billion VND was not recorded in the accounting books but collected through intermediaries to conceal the cash flow.
In addition to illegal land sales, prosecutors identified a mechanism for personal profiteering. Several prime land plots were withheld, with Tran Huu Dinh, Director of Nam A Investment JSC, and Nguyen Thi Hang, his sister, registered as buyers. These plots were then resold at prices 30–50 million VND higher per plot. Records show Dinh or Hang as the payers, but the profit margins were transferred to Nguyen Van Hau for personal use. This off-book activity alone generated over 1,000 billion VND in illegal profits.
To ensure enforcement, prosecutors seized assets worth thousands of billions of VND, including 1,422 land use right certificates, a Mercedes S600, 501 taels of gold from Nguyen Van Hau, 33 taels of gold from Nguyen Thi Hang, and billions in cash. Nguyen Van Hau requested to sell 501 taels of gold to pay 60 billion VND in compensation and was approved.
Beyond the Nha Trang airport urban area project, Phuc Son Group was also awarded three critical BT projects, including roads connecting the airport, the Ngoc Hoi intersection, and a ring road linking the area, with a total investment of over 3,500 billion VND. However, none of these projects have been completed, rendering them ineligible for acceptance and final settlement. This has resulted in unfinished infrastructure, traffic congestion, and a negative impact on Nha Trang’s urban landscape.
The Phuc Son case has been transferred to the Military Court of Military Zone 5 for trial in the near future.
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