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

“The Mastermind Behind Grand Projects”

Han Thanh Tuan (born 1973), a prominent businessman in But Son town, Hoang Hoa district, Thanh Hoa province, is a well-known figure. Tuan is the owner of Tuan Linh Investment and Construction Joint Stock Company (abbreviated as Tuan Linh Company), a highly successful company in the local construction and real estate industries.

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 estate in Hoang Vinh commune, Hoang Hoa district. The impressive structure leaves passersby in awe. The couple is also responsible for the development of a commercial and villa complex located in the heart of Hoang Hoa district, which was once the talk of the town due to its prime location and immense value.

Setting aside the controversies surrounding the land acquisition for 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 mystery, intriguing the local business community, especially considering his role as the Chairman of the Hoang Hoa District Business Association.

Like many entrepreneurs, Tuan has undoubtedly faced challenges in the harsh business environment. However, with his resilience, agility, and tenacity, he constantly adapts his business mindset to overcome difficulties. That being said, it would be remiss not to mention the invaluable support he has received from loyal partners and clients, who have played a significant role in his journey to the top.

Among these partners, the Hoang Hoa District Project Management Board for Construction Investment, led by Nguyen Van Tu as Director, and the Hoang Hoa District People’s Committee, headed by 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 Partnership”

According to data aggregated from the National Bidding 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). These projects were tendered by the Hoang Hoa District Project Management Board for Construction Investment, acting as the investor, representative of the investor, or the inviting agency.

In a six-year journey filled with “destiny and debt,” 2020 was arguably the most intense year for Tuan Linh Company and the Hoang Hoa district government. During this period, multiple transactions worth hundreds of billions of VND were concluded, 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 Nguyen Van Tu, Le Sy Nghiem, Chairman of the Hoang Hoa District People’s Committee, approved the selection of the joint venture of Tuan Linh Company and Minh Tuan Construction Investment Joint Stock Company as the contractor for Package No. 05: Construction of works (foundation, foundation, road surface, drainage works, technical tunnels, and restoration of irrigation canals) of the project “Upgrading and expanding the route from Thinh to Dong, Hoang Hoa district – phase 1” with a hefty price tag of VND 260.39 billion.

Previously, with similar circumstances, the joint venture of Tuan Linh Company and Tuan Hung Transport Construction Joint Stock Company was selected as the contractor for Package No. 06 of the project “Transport 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 joint venture 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 Company.

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

Time passed quickly, and Tuan Linh Company continued to bid for projects in Hoang Hoa district, ranging from small packages worth a few billion VND to large ones worth hundreds of billions. Remarkably, the company has never lost a bid, raising concerns about the transparency and efficiency of the bidding process in the hometown of the billionaire Han Thanh Tuan.

Even when 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 government 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,” worth VND 324.3 billion, with a meager savings rate of 0.1%. The decision to select the contractor was made by Hoang Ngoc Du, Vice Chairman of the District People’s Committee.

In recent years, Tuan Linh Company has demonstrated a harmonious collaboration with a close partner of Thanh Hoa province, namely Hoang Tuan Company, owned by billionaire Nguyen Duy No. Hoang Tuan Company 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 “secret to wealth” to himself 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 the Thanh Tung Design and Construction Consulting Joint Stock Company (Thanh Tung Company), which has become a solid enterprise today.

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 development speed, Thanh Tung Company lags behind Tuan Linh Company in both quantity and quality. However, their common denominator is that almost all packages come from the Hoang Hoa district government, mostly approved by Le Sy Nghiem, with similar “scripts” of “solo contractors” and minimal discounts.

“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 remained 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 halved to VND 54 billion, the lowest in many years.

Undeterred by setbacks, Tuan Linh Company persevered in its development journey. In 2023, the company secured large packages 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 maintains an annual profit of only 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 packages led to a doubling of Tuan Linh Company’s payables 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 Tuan Linh Company’s customers, which have been, are, and will be formed from the plan funded by MBBank” 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 Joint Venture of Package No. 8 of the Left and Right Dyke of Lach Truong”…

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 fell 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 Nguyen Trong Tin (born 1993) and 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 m2.

At the same time, the enterprise 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 Trading Investment Joint Stock Company.