The Economic, Corruption, and Smuggling Crime Investigation Department (C03) of the Ministry of Public Security has recently pressed charges and detained Phan Thi My Thanh, former Deputy Secretary of the Dong Nai Provincial Party Committee, on bribery allegations.
Two former Chairmen of the Dong Nai People’s Committee, Dinh Quoc Thai and Cao Tien Dung, have also been charged for mismanagement and misuse of state assets, leading to significant losses and waste.
Additionally, C03 has charged Vo Thanh Thuan, former Head of the Investment Department of the Dong Nai People’s Committee, and appraiser Do Dinh Ngoan.
The violations committed by these former Dong Nai leaders are linked to irregularities in the Long Tan Residential Area project (commercially known as King Bay), spanning 125 hectares in Long Tan commune, Nhon Trach district (now Nhon Trach commune), Dong Nai province.
The project developer, Free Land Joint Stock Company, is chaired by Vu Minh Ly, who has also been arrested and charged in connection with the investigation.
Selling Land Without Legal Clearance
In September 2011, the Prime Minister approved the detailed planning for Ho Chi Minh City’s Ring Road 3. Subsequently, the Ministry of Transport approved the Tan Van – Nhon Trach route, a component of Ring Road 3.
The total compensation and land clearance cost for the Tan Van – Nhon Trach road project was 624 billion VND. To secure matching funds, in 2015, the Dong Nai People’s Committee approved the King Bay project, assigning Ngu Long Tan Joint Stock Company as the developer.
 A view of the King Bay project. Photo: S.T |
Between 2016 and 2017, the project’s legal procedures, including investment approval, detailed construction planning at a 1:500 scale, and environmental impact assessment, were approved. In 2016, Ngu Long Tan Joint Stock Company was renamed Free Land Joint Stock Company.
The King Bay project is divided into four zones, featuring various housing types such as garden houses, commercial townhouses, and riverside villas. The project also includes planned amenities like a marina, riverside park, shopping center, and schools from kindergarten to high school.
Beyond disputes over compensation and land clearance with affected residents, the King Bay developer faced numerous customer complaints and lawsuits for selling properties without completing the necessary legal procedures.
Specifically, despite the Dong Nai People’s Committee only allocating land on September 6, 2018, Free Land Joint Stock Company began subdividing and selling land plots from May 25, 2018, collecting deposits from customers through reservation contracts. Initially, customers paid a deposit of 50 million VND. Upon signing the contract, they were required to pay 30% of the total value, with subsequent installments of 10-20% every two months.
The deposit was intended to secure the customer’s right to acquire a land-use plot with a long-term tenure at the project. Both parties would sign a land-use transfer contract once the plot met the transfer conditions, scheduled for December 20, 2019.
According to brokers, a 175 sqm adjacent land plot at King Bay was priced at 2.6 billion VND. Larger riverside villa plots ranging from 300 to 450 sqm were offered between 5.5 and 12 billion VND per plot.
Residents File Complaints En Masse
However, it wasn’t until March 2021 that the Dong Nai Department of Construction confirmed that Zone A2, a 19-hectare area within the King Bay project, was eligible for the sale of future housing units.
From this point, numerous homebuyers at King Bay began filing complaints with authorities. They reported paying 85% to 95% of the land value but alleged that Free Land Joint Stock Company failed to fulfill its commitments as per the signed sales and land handover contracts.
In July 2021, the Dong Nai Department of Construction unexpectedly revoked the eligibility confirmation for Zone A2.
The reason, according to the department, was that for the guarantee of future housing sales in Zone A2, under the Law on Real Estate Business, Free Land Joint Stock Company only secured a “Principle Guarantee Contract” from the Military Commercial Joint Stock Bank – Nhon Trach Transaction Office, which did not fully meet the legal requirements for guaranteeing future housing sales.
Additionally, the Department of Construction received a document from the Military Bank – Nhon Trach Transaction Office stating that the Principle Guarantee Contract signed on January 19, 2021, had no legal effect, and the bank had not issued any specific guarantee contracts to Free Land Joint Stock Company.
Reported by Phuong
– 20:19 06/10/2025
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