Land Handover Completed
On December 16, Ngoc Vien Dong Urban Development Investment LLC, the developer of the Nha Rong – Khanh Hoi Complex project, announced that they have submitted a petition to the Standing Committee of the Ho Chi Minh City Party Committee, the Ho Chi Minh City People’s Committee, and relevant departments. The petition includes a commitment to adjust the project’s planning to align with the expansion of the Ho Chi Minh City branch of the Ho Chi Minh Museum, increase green spaces, and enhance public areas.
In the petition, Ngoc Vien Dong Urban Development Investment LLC stated that the Nha Rong – Khanh Hoi Complex project has undergone all necessary legal procedures in accordance with the law, including investment approval in 2016, land use planning in 2017, land-use conversion in 2017, and land handover in 2018.
The Nha Rong – Khanh Hoi Complex project has completed all legal procedures in compliance with the law.
During the preparation phase, the company advanced and paid significant expenses for the relocation of the Nha Rong – Khanh Hoi Port and related infrastructure development. This includes compensation for resettlement, support for port workers, relocation costs for Saigon Port, advance funding for Phase 1 of the Saigon – Hiep Phuoc Port, investment in the D3 road under the BT model, and other consultancy, survey, and preparatory costs.
To date, the entire project land has been fully compensated and cleared, establishing real asset value tied to land use rights and invested infrastructure. All expenses are supported by valid documents and were executed in accordance with Decision No. 46/2010/QĐ-TTg dated June 24, 2010, by the Prime Minister on the financial mechanism for relocating the Nha Rong – Khanh Hoi Port, and Document No. 2004/TTg-KTN (2013) on the implementation of the Nha Rong – Khanh Hoi area functional conversion project. These costs will be deducted from the project’s financial obligations.
Ngoc Vien Dong Urban Development Investment LLC stated that since 2014, they have continuously urged but have been unable to pay land use fees due to incomplete financial obligation determinations by Ho Chi Minh City authorities and the Ministry of Finance.
Specifically, the Ho Chi Minh City Land Valuation Council has not issued appraisal results for non-relocatable assets, the Ministry of Finance has not approved the land price scheme for port relocation as per documents submitted from 2020 to 2022, and the company has not received official notification of its financial obligations.
Mr. Nguyen Anh Tuan, representative of Ngoc Vien Dong Urban Development Investment LLC, shared: “We have continuously petitioned and are eager to fulfill our financial obligations to the State. However, without concluded land prices and financial mechanisms, we lack the legal basis to proceed, despite our urgency and commitment to completing our responsibilities.”
Ready to Adjust Planning
Regarding Ho Chi Minh City’s plan to adjust the project’s planning to expand the Ho Chi Minh Museum branch, increase green spaces, and develop public areas, Mr. Tuan stated: “Over the years, our company has partnered with Ho Chi Minh City in relocating the Nha Rong – Khanh Hoi Port, advancing funds, developing infrastructure, and fulfilling all obligations as guided by state agencies. We are committed to contributing to Ho Chi Minh City’s development. We fully support the city’s vision to increase green spaces, expand the museum, and enhance public areas. Ngoc Vien Dong is ready to collaborate with authorities to adjust the planning for the greatest community and city benefit.”
Ngoc Vien Dong is ready to collaborate with authorities to adjust the planning for the greatest community and city benefit.
Currently, Ngoc Vien Dong Urban Development Investment LLC has engaged an international planning consultant to urgently develop an adjusted plan, potentially eliminating all residential functions, shifting to commercial services, and increasing green spaces, cultural areas, and public spaces, including the museum. Once approved by Ho Chi Minh City authorities, the company will submit the new planning proposal.
Therefore, Ngoc Vien Dong requests that the Ho Chi Minh City People’s Committee not revoke the investment approval, given that financial obligations have not been fully determined by state agencies. They also urge city leaders to work with central ministries and specialized agencies to promptly finalize land pricing, enabling the company to fulfill its financial obligations and participate in planning adjustments according to the new vision.
“Our company and our majority shareholder, Ben Nghe Infrastructure Development LLC, holding 84.92% of our capital, have mobilized funds from various sources, including foreign investors, and borne interest costs over 11 years. We have successfully persuaded foreign investors to support planning adjustments, reducing economic benefits in favor of increased public utilities for Ho Chi Minh City residents. Revocation at this stage would erase our dedication and investment value, potentially leading to disputes, harming foreign investors, and impacting the investment environment,” Mr. Tuan added.
Ngoc Vien Dong Urban Development Investment LLC has also sent an urgent document to the Ministry of Finance outlining the Nha Rong – Khanh Hoi Complex project’s investment process and proposing solutions to resolve challenges for continued implementation. The document states: “With a commitment to legal compliance, close cooperation with state agencies, and determination to proceed with the approved project, we urge the Ministry of Finance to comprehensively and objectively review the above issues, fully consider input from relevant ministries, and advise the Prime Minister on solutions to address mechanism, financial, and land bottlenecks. This will establish a transparent legal basis for the project’s timely continuation.”
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