Hai Phong City Inspectorate recently released Inspection Conclusion No. 48/KL-TTTP dated October 28, 2025, regarding compliance with investment policies, investor selection, land-use planning, and social housing sales contracts for four projects: the 384 Le Thanh Tong Social Housing Project, the 39 Luong Khanh Thien Social Housing Project, the Social Housing Project at Lac Vien Warehouse 3, and the Low-Income Housing Project in An Dong Residential Area.
Shortcomings Identified in Four Social Housing Projects
At the 384 Le Thanh Tong Social Housing Project, despite receiving an environmental permit in April 2025, the developer had already commenced operations of the 29-story CTI Apartment building with 380 units since January 2025. After signing contracts, the developer failed to promptly compile and submit a comprehensive list of buyers to the Department of Construction for public disclosure.
For the 39 Luong Khanh Thien Social Housing Project, developed by Hai Phong Railway Car Company, the inspection revealed issues in the detailed zoning plan. Located in an inner-city area with restricted development, the project’s adjustments to increase building height, density, and land-use coefficient were deemed inconsistent with the city’s adjusted master plan.
The developer neglected to properly document receipt acknowledgments and reasons for unresolved cases with ineligible applications. Post-contract signing, the company did not submit buyer lists to the Department of Construction for public disclosure and failed to provide detailed information on unit sizes, sale prices, and rental rates for each housing type.
Also known as Quang Vinh Social Housing or Quang Vinh Tower, the 39 Luong Khanh Thien project covers 2,411 square meters and comprises 242 units, including 216 social housing units and 25 commercial units.
Hai Phong Railway Car Company, established in 2006 by Vietnam Railways Corporation, primarily manufactures locomotives, electric trains, and railcars. As of January 2024, the company shifted its focus to real estate and land-use rights, with a registered capital of VND 86.8 billion. Mr. Nguyen Van Tu (born 1975) serves as Director and legal representative.
For the Low-Income Housing Project in An Dong Residential Area, the city approved the investment in 2011 and adjusted the approval in 2015. However, the project was not included in Hai Phong’s housing development program until 2017, as part of the 2015-2022 social housing plan.
At the Lac Vien Warehouse 3 Social Housing Project, developed by Thai-Holding Company, construction of six high-rise buildings was behind schedule at the time of inspection.
The Lac Vien Warehouse 3 Social Housing Project broke ground in 2023
Covering 16.9 hectares with an investment of over VND 4.8 trillion, the Lac Vien Warehouse 3 project (Harbor Residence) includes 10 fifteen-story buildings with 4,456 apartments and 163 low-rise units.
Thai-Holding Company, established in December 2021 with a capital of VND 600 billion, increased its capital to VND 1.1 trillion in April 2022. Mr. Nguyen Xuan Hoang (born 1995) serves as Director and legal representative. As of February 2022, Mr. Nguyen Van Hieu (born 1977) held the director position.
Mr. Nguyen Van Hieu also owns shares and serves as Director and legal representative of Phu My Real Estate Investment and Trading Company.
Thai-Holding Company is also developing the Shophouse and Luxury Apartment Complex at 187 Ton Duc Thang, An Dong Commune, An Duong District, Hai Phong.
Violations in Housing Registration Files
Inspectors reviewed 155 social housing applications across the four projects, finding 14 with discrepancies in occupation, workplace, income, and housing status, rendering them ineligible.
Specifically, the 384 Le Thanh Tong Project had 7 ineligible applications, the An Dong Low-Income Housing Project had 4, the 39 Luong Khanh Thien Project had 2, and the Lac Vien Warehouse 3 Project had 1. Nearly 10% of the reviewed applications were ineligible for social housing.
Additionally, 25 applications contained inconsistent or inaccurate information.
Rendering of the Moonbay Residence Project at 384 Le Thanh Tong, Ngo Quyen District, Hai Phong
Inspectors examined 40 units at the 384 Le Thanh Tong Project, finding 5 occupied by individuals not named in the sales contracts. The owners of the remaining 26 units were uncooperative with the inspection.
The 384 Le Thanh Tong Social Housing Project, or Moonbay Residence, spans 19,088.7 square meters with three 29-story buildings containing 1,294 apartments and 38 five-story townhouses.
Developed by Binh Phat Chemical and Electrical Materials Company, established in October 2020, the company initially focused on fertilizers, pesticides, and industrial chemicals with a capital of VND 6.5 billion. Founders included Ms. Do Thi Quy Binh (10.385%), Mr. Tran Huy Hoang (30.769%), Mr. Pham Quang Sang (17.692%), Ms. Tran Thi Thanh Huyen (16.923%), Ms. Doan Thi Hen (13.846%), and Mr. Do Quang Phu (10.385%). Ms. Do Thi Quy Binh served as Director and legal representative.
By July 2021, the company’s capital reached VND 350 billion. Ms. Pham Thi To Hoai succeeded Ms. Binh as Director. Born in 1987, Ms. Hoai also leads Thanh Cao Minh Company.
In April 2023, Binh Phat partnered with VHA Land for business development consulting at the 384 Le Thanh Tong Project. As of July 2025, Binh Phat’s capital stands at VND 900 billion.
Due to eligibility violations, inspectors mandated that developers terminate 14 contracts, refund buyers, and reclaim the units. The Department of Construction and related parties must verify the accuracy of 25 contracts for undelivered units, terminating any non-compliant contracts.
Real Estate Stock Surges to Daily Limit with Massive Trading Volume: What’s Driving the Sudden Spike?
Not only did the stock price surge, but it also grabbed attention with a liquidity spike of nearly 30 million units, far surpassing the recent average of 3–4 million shares per session.
Exciting News for Thanh Hoa Residents: Vingroup, Led by Billionaire Pham Nhat Vuong, Set to Launch 1,600 Affordable Housing Units, Anticipated Price Over 20 Million VND/m²
Vingroup is set to launch nearly 1,600 affordable housing units in Thanh Hoa, with prices starting from 20.6 million VND per square meter.
Dong Nai Simultaneously Launches 7 Social Housing Projects with Nearly VND 7.7 Trillion in Capital
Dong Nai has simultaneously launched and commenced construction on seven social housing projects spanning nearly 17 hectares, with a total investment of approximately 7.7 trillion VND.
Groundbreaking Ceremony Marks the Launch of Multiple Projects in Dong Nai
Eight groundbreaking projects and developments were simultaneously launched to commemorate the 1st Party Congress of Dong Nai Province’s Party Committee.
The Spirit of Vietnam: From Welfare Policies to Market Dynamism
“Developing social housing is not just an economic task, but also a crucial political and social responsibility, according to Nguyen Van Sinh, Deputy Minister of Construction. This initiative aims to stabilize the real estate market by addressing the housing needs of lower-income individuals and families.”
