The Bank for Investment and Development of Vietnam (BIDV) Union Investment Joint Stock Company, owned by Phu My Hung Development Corporation, has received approval from the northern province of Bac Ninh to invest in the Hong Hac-Xuan Lam eco-urban project in Thuân Thành town. The project has a total investment capital of VND 27 trillion, equivalent to 1.06 billion USD, announced at the Conference on Planning and Investment Promotion of Bac Ninh province in 2024.
Mr. Gary Tseng, CEO of Phu My Hung Company, shared that the company has been investing in Vietnam for over 30 years, mainly in real estate and urban development. He requested the Government, ministries, sectors, and localities to continue removing obstacles and creating favorable conditions for Phu My Hung to expand its investments in Vietnam. The company also expressed its desire to participate in the Vietnamese stock market to mobilize additional resources for its projects.
The Prime Minister welcomed Phu My Hung’s continued expansion in Vietnam and suggested that the company, in addition to developing modern and civilized urban areas, should also invest in real estate projects that serve a large number of people but with high-quality infrastructure and services. The Prime Minister also recommended that the company provide more social infrastructure and consider deeper involvement in the development of cultural, medical, and educational infrastructure in Vietnam.
The Prime Minister assured that he would direct the relevant ministries, sectors, and localities to study and address the company’s proposals.
How did Phu My Hung acquire the project?
The BIDV Union Investment Joint Stock Company was established in 2009 and is headquartered in Chua Tham Ward, Xuân Lâm, Thuận Thành Town, Bac Ninh Province. Mr. Tseng, Fan Chih, a Chinese national, serves as the Chairman of the Board of Directors.
As of May 2015, the company had a charter capital of VND 320 billion. The founding shareholders included the BIDV Trade Union, holding 75%, Hanoi Housing Development and Investment Joint Stock Company No. 36 with 5%, and Hanoi Infrastructure and Architectural Works Investment Joint Stock Company with 20%. Subsequently, these two companies withdrew their capital, and the BIDV Trade Union increased its ownership to 98.9%, while the remaining shares were held by other shareholders. In March 2016, Mrs. Nguyen Mai Hoa replaced Mr. Nguyen Van Du as Chairman of the Board, and the BIDV Trade Union also withdrew its capital.
In June 2016, Mr. Tseng Fan Chih became the Chairman of the Board, and Phu My Hung Company became the parent company with a holding of 99.68%. Nam Sai Gon Residences Company and Tan Thuan Company held 0.16% each.
In April 2022, the shareholder structure changed, with Nam Sai Gon Residences holding 99.68%, Tan Thuan retaining 0.16%, and the newly appeared Phu The Vuong Company holding 0.16%.
Nam Sai Gon Residences was established in 2010, with founding shareholders including Tan An Huy Housing Construction and Trading Joint Stock Company, Indochina Land Saigon Residences, and VPF Property Investment S 2 Limited. The company was directed by Mr. Tang, Tor-Tsai as General Director, along with Mr. Nguyen Thanh Oai, an American citizen. As of the end of 2016, the company had a charter capital of VND 540 billion, with three Taiwanese individuals authorized for capital, including Mr. Tseng Fan Chih, Mr. Li Chian Wei, and Mr. Tang, Tor-Tsai. By the end of 2018, the company had increased its capital to VND 920 billion, with Phu My Hung Company (recorded as a foreign shareholder) owning 99.8%, and Phu The Vuong and Phu The An companies holding 0.1% each.
In August 2019, these three shareholders were all recognized as foreign shareholders, despite no changes in their ownership ratios. In December 2019, the company increased its capital to VND 2,670 billion. By April 2022, the capital had been raised to VND 6,120 billion, with Phu The Vuong and Phu The An reducing their ownership to 0.045% each, and Phu My Hung increasing its stake to 99.91%. Mr. Tang, Tor-Tsai remains the General Director of Nam Sai Gon Residences.
The Hong Hac – Xuan Lam urban area, with a scale of up to 198.5 hectares, is planned in the northern province of Bac Ninh, spanning three communes: Ngu Thai, Song Liu, and Xuan Lam. The project was expected to be an international-standard eco-urban area but remained unfinished after decades. According to Phu My Hung’s promotion, the project will focus on ecology, providing a resort-like residential environment for both living and vacationing.
Hong Hac – Xuan Lam eco-urban project illustration
|
The project was granted an investment certificate by the People’s Committee of Bac Ninh province in 2010, and the first land handover took place in November 2011. In November 2022, the People’s Committee extended the land use duration of more than 197.6 hectares of land for an additional 24 months from November 18, 2022, due to the company’s slow project implementation.
Thus, it can be seen that after many years of delays, the project’s old shareholders have been completely replaced by the new group of companies belonging to Phu My Hung since 2016.
Phu My Hung reports huge profits, with debts payable of over VND 35 trillion
By Thu Minh
The Signature Collection by Van Phu – Invest: Introducing Vlasta to Hai Phong’s Thuy Nguyen District
“For over two decades, Van Phu – Invest has been a leading force in Vietnam’s real estate market, renowned for its expertise in developing urban projects in major cities nationwide. Now, for the very first time, they are bringing their unparalleled expertise to Thuỷ Nguyên, the emerging economic center of Northern Vietnam. This new project promises to be an iconic landmark and a testament to their exceptional reputation.”
The Great ‘Savings’ Shake-Up: Unraveling the Property Sector’s Mid-Year Review for 2024
Vinhomes and Novaland remain the real estate giants with the largest reserves, while Ha Do Group and An Gia Real Estate have experienced a significant decline in their pre-sales.
The Pen Is Mightier Than the Sword: Crafting Words to Conquer and Inspire.
On September 20, 2024, DBFS officially signed a contract to develop a luxury apartment project on nearly 1-hectare land in Tan Phu District, Ho Chi Minh City, with the investor, TC Tower Co., Ltd. This marks the beginning of an exciting journey towards creating a prestigious commercial residential project.
The Green Revolution: Leading the Way to a Sustainable Future
As the demand for “green living” continues to shape the sustainable development trend in the real estate market, green buildings have become a top priority for homebuyers when choosing their urban dwellings.
A Billion-Dollar Urban Shift: Vietinbank Union to Phu My Hung
The Hong Hac – Xuan Lam eco-city in Bac Ninh boasts a staggering total investment of approximately 1.06 billion USD. This ambitious project is led by a reputable company, previously owned by the Vietnam Commercial Joint Stock Bank Trade Union (Vietinbank), which held a 98.9% stake before it was acquired by Phu My Hung.
