The Billionaire of Thanh: How Han Thanh Tuan Built His Massive Fortune?

“Makers of Majestic Structures”

Han Thanh Tuan (born 1973), is a renowned entrepreneur in But Son town, Hoang Hoa district, Thanh Hoa province. Tuan is the owner of Tuan Linh Investment and Construction Joint Stock Company (referred to as Tuan Linh Company), an extremely successful entity in the local construction and real estate industry.

In addition to his business prowess, Tuan and his wife, Luong Thi Voc (born 1977), have built a grand classical-style mansion on a vast land spanning hundreds of meters in Hoang Vinh commune, Hoang Hoa district. This magnificent edifice never fails to awe passersby and has become a local landmark. The couple is also behind the establishment of a commercial and villa complex located in the heart of Hoang Hoa district, which holds immense value and was once the talk of the town.

Setting aside the controversies surrounding the land origins of their “villa estate” and commercial complex, the public is curious about how Tuan and Voc amassed their enormous wealth. The “key” to Tuan’s success remains a well-guarded secret, sparking intrigue among the local business community, especially considering his position as the Chairman of the Hoang Hoa District Enterprise Association.

Like any entrepreneur, Tuan has undoubtedly faced challenges in the harsh business environment. However, with his resilience, agility, and tenacity, he constantly adapts his business mindset to stay afloat amid difficulties. That being said, it would be remiss not to acknowledge the invaluable support he has received from dedicated partners and loyal clients, who have played a pivotal role in propelling him to the pinnacle of success.

Among these partners, the Hoang Hoa District Project Management Board for Construction Investment, during the directorship of Mr. Nguyen Van Tu, and the Hoang Hoa District People’s Committee, led by Mr. Le Sy Nghiem (born 1972, native of Hoang Hoa district, now Director of the Department of Natural Resources and Environment of Thanh Hoa province), hold a privileged and irreplaceable position for Tuan Linh Company and the Tuan family.

“A Solid Bond”

According to data aggregated from the National Bidding Network System (Ministry of Planning and Investment), the public was astonished to learn that Tuan Linh Company has consecutively won 27 construction installation packages since 2018, with a total value of VND 1,500 billion (both independently and in joint ventures), tendered by the Hoang Hoa District Project Management Board for Construction Investment as the investor, representative of the investor, or bidding agency.

In a six-year journey filled with “destiny and debt,” 2020 was arguably the most “fiery” year for Tuan Linh Company and the Hoang Hoa district authorities, as hundred-billion-dong deals were “frantically” signed, providing abundant resources for the contractor’s next phase of development.

For instance, on April 28, 2020, based on Document No. 80/TTr-BQLDA dated April 24, 2020, from the Hoang Hoa District Project Management Board for Construction Investment, headed by Mr. Nguyen Van Tu, Mr. Le Sy Nghiem, Chairman of the Hoang Hoa District People’s Committee, approved the decision to select the Consortium of Tuan Linh Company and Minh Tuan Construction Investment Joint Stock Corporation as the contractor for Package No. 05: Construction of works (foundation, foundation, road surface, drainage system, tuy nen technique, restoration of irrigation canal) of the project “Upgrading and expanding the route of Thinh – Dong, Hoang Hoa district – phase 1” with a hefty price tag of VND 260.39 billion.

Previously, with similar circumstances, the Consortium of Tuan Linh Company and Tuan Hung Transport Construction Joint Stock Company was also selected as the contractor for Package No. 06 of the project “Road from But Son Bridge to National Highway 10 (at Hoằng Vinh commune), Hoang Hoa district.” Decision No. 2386/QD-UBND dated April 17, 2020, issued by Chairman Le Sy Nghiem, stated that the winning price of this consortium was VND 48,362,012,000, while the estimated price was VND 48,742,178,000, saving VND 380 million for the contract of over VND 48 billion using the state budget, equivalent to a discount of less than 0.8%.

Notably, Tuan Hung Transport Construction Joint Stock Company is not a stranger. In Package No. 05, they were a subcontractor to Minh Tuan Construction Investment Joint Stock Corporation.

In the same year, amid the raging COVID-19 pandemic, Tuan Linh Company secured another lucrative deal worth VND 9.5 billion (package value of VND 9.537 billion), for Package No. 02: Construction of technical infrastructure for residential areas in Village 1, Village 2, Hoằng Thịnh commune and Village 4, Hoằng Thái commune, Hoang Hoa district. Mr. Le Sy Nghiem agreed to award the contract to Tuan Linh Company according to Decision No. 4824 dated July 15, 2020.

Time flew by, and Tuan Linh Company continued to bid for contracts worth billions of VND in Hoang Hoa district, with prices soaring high but never losing a bid. This situation has caused public concern about the transparency and efficiency of the bidding process in the hometown of the billionaire Han Thanh Tuan.

Even when Mr. Le Sy Nghiem was transferred to the position of Director of the Department of Natural Resources and Environment of Thanh Hoa province in mid-2022, the relationship between the Hoang Hoa district authorities and Tuan Linh Company remained strong. In May 2023, Tuan Linh Company broke its own record by winning Package No. 06: Construction and insurance of works in the project “Road from National Highway 10 to Hai Tien Tourist Area, Hoang Hoa district – phase 1”, valued at VND 324.3 billion, with a meager savings rate of 0.1%. The decision to select the contractor was made by Mr. Hoang Ngoc Du, Vice Chairman of the District People’s Committee.

In recent years, Tuan Linh Company has demonstrated seamless coordination with a close partner from Thanh Hoa province. This partner is Hoang Tuan Limited Company, owned by billionaire Nguyen Duy No, who will be mentioned by Cong Thuong Newspaper on another occasion.

Returning to Han Thanh Tuan, the man from Hoang Vinh commune, did not keep the “recipe” for his wealth a secret but shared it with his family members. Notably, Han Thanh Tuan (born 1972, Tuan’s brother) and Han Thi Thuy Hai have been guided to establish Thanh Tung Design Consulting and Construction Joint Stock Company (Thanh Tung Company), which has since thrived.

According to statistics, Thanh Tung Company has won a minimum of 37 construction installation packages from 2017 to the present, with a total estimated value of VND 260 billion. In terms of scale and growth rate, Thanh Tung Company lags significantly behind Tuan Linh Company in both quantity and quality. However, their common denominator is that almost all packages also come from the Hoang Hoa district authorities, mostly approved by Mr. Le Sy Nghiem, with similar “scripts” of “solo contractors” and minimal price reductions.

“Earning Hundreds of Billions Each Year”

According to Cong Thuong Newspaper’s documents, in 2018, Tuan Linh Company made a remarkable impression with a revenue of VND 128 billion, an increase of 1.5 times compared to the previous year. Although revenue stagnated in 2019-2020, it still hovered above the VND 110 billion mark annually. Unfortunately, in 2022, when there were personnel changes in the Hoang Hoa District People’s Committee, Tuan Linh Company’s revenue suddenly halved to VND 54 billion, the lowest in many years.

Undeterred, Tuan Linh Company persevered in its development journey, and in 2023, it secured large contracts worth hundreds of billions of VND, regaining its momentum with a revenue of VND 166.4 billion, the highest in its operating history. However, the company has maintained a meager annual profit of a few hundred million VND, minimizing its corporate income tax liability.

Tuan Linh Company has a charter capital of VND 59 billion (before April 2019, it was VND 40 billion), of which Han Thanh Tuan owns 70% of the shares, and the remaining 30% is divided equally between Le Dinh Tung (born 1972) and Han Thi Thuy Nga (born 1969). From June 7, 2023, Tuan appointed Hoang Khac Nam (born 1989, residing in Trung Son street, But Son town, near the residence of Han Thanh Tuan) as General Director and legal representative.

In 2023, winning multiple large contracts caused Tuan Linh Company’s payables to soar, doubling to VND 120 billion (previously VND 60 billion), significantly higher than its owner’s equity of VND 66.6 billion. The most active credit provider for Tuan Linh Company is the Military Commercial Joint Stock Bank (MBBank) – Thanh Hoa Branch, based on collateral such as “All circulating goods in the process of production and business such as iron, steel, cement, sand, gravel… serving the business activities of construction installation of customers who have, are, and will be formed from the plan funded by MBBank of Tuan Linh Company”… or “Mortgage of receivables formed from Contract No. 81/HĐXL-2023 dated December 22, 2023, between the Project Management Board for Construction Investment of Agricultural and Rural Development Projects of Thanh Hoa province and the Consortium of Package No. 8 of the Left and Right Lạch Trường Dyke”…

Regarding Thanh Tung Company, the packages from Hoang Hoa district also boosted its revenue in 2023 from VND 16 billion to VND 33.2 billion. Previously, in 2021-2022, Thanh Tung Company seemed to be “out of breath” as revenue “plunged” from the VND 30 billion region to the VND 15 billion region. Similar to Tuan Linh Company, Thanh Tung Company’s annual interest rates are consistently abnormally low.

According to Cong Thuong Newspaper’s documents, Han Thanh Tuan is one of the three founding shareholders of Ocean Blue Investment and Tourism Joint Stock Company, along with Mr. Nguyen Trong Tin (born 1993) and Mr. Nguyen Dinh Dung (born 1986). This company is the investor of the Ocean Blue Tourism Area project in Dai Truong village, Hoang Truong commune, Hoang Hoa district, with a total land use area of 68,328 m ² .

At the same time, the company is the investor in the construction of technical infrastructure for the Thai-Thang Industrial Cluster with a scale of 30.75 ha in the district. Overall, with his keen business sense, Han Thanh Tuan has always been present in the locality’s most significant economic ventures, explaining the formation of his massive wealth, earning him the title of the richest man in Hoang Hoa district.

At their private residence, Tuan, Voc, and their daughter, Han Gia Linh (born 2001), also established a legal entity with a charter capital of VND 500 billion, named LDT Commercial Investment Joint Stock Company.