Eighty-Two-Year-Old Chairman and the Do Family: The Quiet Real Estate Empire Behind Billion-Dollar Wind Power Projects

As of the latest data released in mid-2022, Tài Tâm Group Joint Stock Company boasts a chartered capital of 366 billion VND. The ownership structure is dominated by three key individual shareholders: Mrs. Lê Thị Ân (born in 1951) holds 46.59%, Mr. Đỗ Kim Ngọc (born in 1943) owns 44.4%, and Mr. Đỗ Lê Quân (born in 1974) controls 9.01%.

In terms of leadership, Mr. Đỗ Kim Ngọc serves as the Chairman, while Mr. Đỗ Lê Quân has been the CEO for many years, acting as the public face of the group’s operations. Beyond his corporate role, Mr. Quân also holds the position of Vice Chairman of the Vietnam Real Estate Brokerage Association (VARS).

Originating as a real estate company, Tài Tâm has established a solid foundation by owning and operating multiple rental properties in prime locations across Hanoi. Notable assets include the Vinaplast & Tài Tâm Building (39A Ngô Quyền) and various serviced apartment projects.

Image of Văn Xá Commune, Hà Nam. Photo: Hà Nam Provincial People’s Committee Portal

Recently, the group’s ecosystem has shown a resurgence in project development. Two affiliated entities, An Bình Real Estate Investment JSC and Phước Sơn Real Estate Investment JSC, have registered to undertake two residential projects in Kim Bảng District, Hà Nam. These projects, with a combined investment of nearly 600 billion VND, include the Đặng Xá New Residential Area (342 billion VND) and Văn Xá 1 Residential Area (249 billion VND).

However, the most notable transformation in recent years has been Tài Tâm’s foray into renewable energy. The group has sought investment approvals for a series of wind power projects nationwide, with a total estimated capital of over 50,000 billion VND.

The project portfolio spans from Quảng Trị, with the Tài Tâm (1,800 billion VND) and Hoàng Hải (1,700 billion VND) wind power plants, to the Central Highlands, featuring the Đắk N’Drung wind power complex in Đắk Nông with an investment of approximately 10,500 billion VND.

In the Mekong Delta, the group has proposed large-scale projects such as the Viên An Wind Power Plant in Cà Mau (~7,296 billion VND), the Thạnh Phú Wind Power Plant in Bến Tre (~4,996 billion VND), and the Phương Bắc – Trà Vinh 1 Wind Power Plant (~15,931 billion VND).

A key business strategy observed in Tài Tâm is the partnership and partial capital transfer after projects reach a certain development stage. A prime example is the 2021 transfer of 70% of the capital in the Đắk N’Drung wind power complex to Sungrow Power (Vietnam), a subsidiary of a major Chinese energy conglomerate.