Nearly 500 Land Titles and Compensation Agreements Under Seizure
The Ho Chi Minh City People’s Council (HĐND) has recently issued a resolution approving a list of 64 land plots designated for pilot commercial housing projects. These projects are part of a scheme where land use rights are transferred or currently held under National Assembly Resolution 171. The total area of these 64 plots exceeds 275.4 hectares, with nearly 103 hectares of rice fields slated for land-use conversion.
For the 12 plots not included in this phase, the HĐND has requested the City People’s Committee to review and supplement the necessary documentation for future approval.
“Once all legal requirements are met, the City People’s Committee must submit detailed reports for each project, compile a list, and present it for approval,” the HĐND resolution states.
The Bac Phuoc Kien Residential Area project is expected to convert nearly 35 hectares of rice fields. Photo: Hai Quan |
Among the 12 projects under review is the Bac Phuoc Kien Residential Area in Nha Be District, developed by Quoc Cuong Gia Lai Corporation. Spanning 91.2 hectares, the project includes 34.8 hectares of rice fields earmarked for conversion.
The project requires re-evaluation because 301 land titles, 21 notarized contracts, and 147 compensation agreements related to the project are currently under seizure by the Ministry of Public Security’s Investigation Agency.
This seizure is part of the enforcement of compensation orders issued by the HCMC High People’s Court on December 3, 2024, and the HCMC People’s Court on April 11, 2024, in connection with a case involving Van Thinh Phat Group.
Selling Hydropower Plants and Taking Personal Loans to Fulfill Court Orders
During the compensation and land clearance phase of the Bac Phuoc Kien project, Quoc Cuong Gia Lai sought to transfer the project to another party.
In 2017, after signing a preliminary agreement, Sunny Island Investment JSC (a subsidiary of Van Thinh Phat Group) paid a deposit of VND 2,882.8 billion to Quoc Cuong Gia Lai for the project transfer.
The deal fell through, and due to the legal case involving Van Thinh Phat Group, Quoc Cuong Gia Lai was ordered to return the entire deposit to enable Truong My Lan to mitigate the consequences of the case.
At the 2024 Annual General Meeting, Nguyen Quoc Cuong (also known as Cuong “dollar”), newly appointed CEO of Quoc Cuong Gia Lai, emphasized that the Bac Phuoc Kien project is critical to the company’s survival. The company plans to secure funds to reclaim the project and resume development.
As of December 2025, Quoc Cuong Gia Lai has paid VND 1,100 billion to the HCMC Civil Judgment Enforcement Agency. The company stated that these funds were raised through the sale of hydropower plants and personal loans.
To meet the remaining court-ordered payment of nearly VND 1,800 billion and repay loans, Quoc Cuong Gia Lai sought shareholder approval to sell stakes in subsidiaries and invite partnerships for its real estate projects.
With shareholder approval, in late December 2025, the Board of Directors of Quoc Cuong Gia Lai approved the sale of its entire stake in two affiliated companies: Pham Gia Construction and Housing Business JSC and Hiep Phuc Real Estate JSC.
These divestments are scheduled for the first quarter of 2026. Based on the chartered capital of the two companies, Quoc Cuong Gia Lai expects to raise approximately VND 225 billion.
Regarding personal loans, as of October 2025, Quoc Cuong Gia Lai had borrowed nearly VND 1,140 billion, a significant increase from the VND 130 billion debt at the beginning of the year. Specifically, the company borrowed VND 30 billion from Nguyen Quoc Cuong; VND 577.5 billion from Nguyen Ngoc Huyen My (Cuong’s sister) and her husband; VND 22.6 billion from Lai The Ha, Chairman of the Board; and VND 507 billion from Lai Thi Hoang Yen (Ha’s daughter).
Anh Phương
– 13:02 14/01/2026
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