Recently, the Hue Land Fund Development Center collaborated with Chuỗi Giá Trị Auction Company to auction several prime land plots located at 27, 29, 31, 50 Tran Cao Van and 9 Nguyen Tri Phuong.
These plots were previously the headquarters of the Hue Police Department. After the department relocated to its new premises on Vo Chi Cong Street, Vy Da Ward, the land was transferred to the Hue Land Fund Development Center for management.
The land plots at 27, 29, 31, 50 Tran Cao Van and 9 Nguyen Tri Phuong were once the headquarters of the Hue Police Department. Photo: Bao Cong Ly
The starting price for these plots was set at 525 billion VND, equivalent to over 39.3 million VND per square meter, excluding taxes and fees. Prospective bidders were required to deposit 105 billion VND, with each bidding increment set at 10.5 billion VND. The assets attached to the land were sold to the winning bidder for a total of 94.8 billion VND.
Union Success Vietnam JSC emerged as the successful bidder, securing the plots for 538 billion VND, surpassing the starting price by 13 billion VND.
Following the auction, the investor plans to develop a commercial housing project on the 13,344 square meter site. The total investment for the project is estimated at 1,191 billion VND, excluding land use fees.
Union Success Vietnam JSC, originally established as Union Success Vietnam LLC in 2008, specializes in real estate and is headquartered in Thuy Nguyen Ward, Hai Phong City. In 2018, the company restructured and transitioned to a joint-stock company. By August 2018, its charter capital stood at 180 billion VND, with shareholders including Tran Thai Hung (5%), Le Thi Thu Huyen, CEO (93%), and Nguyen Phu My (2%).
In March 2022, foreign investor Su Wei Pin acquired a 25% stake in the company, equivalent to 45 billion VND. However, by May 2024, the company’s charter capital had increased to 1,030 billion VND, and Su Wei Pin was no longer listed as a shareholder. Currently, Tran Viet Thanh serves as both CEO and legal representative of Union Success Vietnam JSC.
As of September 30, 2025, Union Success Vietnam JSC is an indirect subsidiary of Van Phu Real Estate Development JSC (stock code: VPI, HoSE), with a 93.69% equity interest and 98.16% voting rights.
On December 25, 2025, Van Phu approved a resolution to invest in Union Success Vietnam JSC, formalizing its status as an indirect subsidiary.
Regarding VPI’s business performance, in the first three quarters of 2025, the company reported net revenue of 823 billion VND and after-tax profit of nearly 263 billion VND, achieving over 75% of its annual profit target for 2025.
As of September 30, the company’s inventory stood at 5,407 billion VND, an 83.5% increase from the beginning of the year, primarily due to increased investment in three key projects: Vlasta – Thuy Nguyen (Hai Phong), TT39-40 Van Phu New Urban Area (Hanoi), a project in Phu Thuan Ward (former District 7, Ho Chi Minh City), and other developments.
Foreign Fund Reduces Stake in Van Phu
Viac (No.1) Limited Partnership traded 1.6 million VPI shares during the session on December 3rd, reducing its holdings to 28.05 million shares, which now represent an 8.76% stake in Van Phu’s capital.
Văn Phú Expands Development into Southern Market
The Southern real estate market, centered around the emerging Ho Chi Minh City, is witnessing a significant investment surge from leading property developers. This wave is marked by a series of large-scale projects poised to transform the urban landscape entirely. This trend aligns with a strategic vision focused on critical transportation and infrastructure hubs within the city, aiming to redefine traffic flow and commercial dynamics across the entire Southern Key Economic Region.
