In a recent press briefing, Mr. Lê Như Phước An, Deputy CEO of Trung Nam Investment and Construction Joint Stock Company (Trung Nam Group), announced a significant breakthrough in the land payment process for the BT Anti-Flooding Tidal Control Project in Ho Chi Minh City. The government’s Resolution 212/NQ-CP, issued on July 21, 2025, has successfully resolved the primary bottleneck.
According to the resolution, Ho Chi Minh City will transfer at least three land plots with completed legal procedures to Trung Nam within January, as agreed during a meeting with the Deputy Prime Minister. Over the next 6–9 months, Trung Nam will accelerate project implementation in line with the approved master plan.
The land plots include 762 Bình Quới (3,500 m²), C8A in Phú Mỹ Hưng (5,500 m²), and 232 Đỗ Xuân Hợp (17,000 m²).
Based on preliminary valuations from the Land Fund Development Center, the combined value of these plots is estimated at approximately VND 2.5 trillion.
Trung Nam representatives stated that from 2026 to 2030, the group will focus on developing real estate projects on the acquired land. The company plans to invest independently or collaborate with partners on projects ranging from small-scale (2 years) to large urban developments (5–7 years).
Regarding bond obligations, Trung Nam has negotiated repayment terms with individual bondholders, settling over 40% of the principal debt. The remaining balance will be paid according to the 2026 schedule, aligned with asset and financial restructuring efforts.
The Tân Thuận Tidal Control Gate plays a critical role in preventing high tides from the river from flooding the Tẻ Canal, significantly reducing inundation in southern Ho Chi Minh City.
To secure funding for the nearly VND 10 trillion project, Trung Nam is collaborating with the Department of Agriculture and Environment and the Ho Chi Minh City People’s Committee to propose additional land allocations. Proposed sites include 257 Thạnh Mỹ Lợi, two residential areas in former Nhà Bè District, 420 Trần Não, and other locations, all under negotiation for project compensation.
Mr. An emphasized that Trung Nam’s primary challenge has been liquidity issues due to cash flow disruptions, not payment risks, as the company retains sufficient assets to cover debts.
As of late 2025, Trung Nam’s total assets were VND 95 trillion, with total liabilities of VND 48.3 trillion (VND 29.8 trillion in loans and the remainder in bonds), primarily allocated to ongoing projects.
The first phase of the Ho Chi Minh City Tidal Flood Control Project, valued at VND 10 trillion and initiated in 2016, aims to protect 570 km² and 6.5 million residents from flooding. After multiple delays due to financial and legal hurdles, the developer targets completion within the year.
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