Land Use Extension for the Iron Market Replacement Project
The People’s Committee of Hai Phong City recently approved a 24-month extension for land use to Saigon Garment and Match Joint Stock Company, the developer of the Integrated Commercial Center, Entertainment, 5-Star Hotel, and Office Leasing Complex at the Iron Market area in Hong Bang Ward.
The city explained that the extension was granted due to the company’s inability to utilize the land as per regulations. The land price during this period will be calculated based on the old land price table of Hong Bang District. The 24-month extension begins on November 21, 2025.
Hai Phong City has tasked the Department of Natural Resources and Environment with leading the inspection and supervision of land use by Saigon Garment and Match Joint Stock Company, in collaboration with relevant departments and units. If the land remains unused after the extension period, a revocation dossier will be submitted to the City People’s Committee.
Additionally, the City Tax Department has been instructed to verify and determine any supplementary payments required during the extended land use period, ensuring compliance with budget submission guidelines.
Project Rendering
In May 2023, the People’s Committee of Hai Phong City launched the Integrated Commercial Center, Entertainment, 5-Star Hotel, and Office Leasing Complex project, replacing the iconic Iron Market of the port city.
With an investment of over VND 6 trillion, the project is developed by Saigon Garment and Match Joint Stock Company. The company contributed VND 1,213 billion in capital and raised an additional VND 4,800 billion to execute the project.
The project comprises two 40-story towers (146 meters high) and two basement levels, constructed on a 1.5-hectare plot in Phan Boi Chau Ward (formerly part of the old Hong Bang District), now known as Hong Bang Ward in Hai Phong City.
Initially scheduled for completion by the end of 2024, the project has only seen minimal progress over the past two years since its groundbreaking. Achievements to date include geological surveys for design, test pile construction, and the development of a diaphragm wall plan to ensure geological stability in the surrounding area.
What is Saigon Garment and Match’s Financial Standing?
Saigon Garment and Match Joint Stock Company, originally established as Ben Thuy Match Factory (Vinh) in the early 20th century, was nationalized in 1948 and transformed into Hoa Binh Match Factory under the Paper, Wood, and Match Corporation.
In July 2004, the company completed its equitization, rebranding as Saigon Garment and Match Joint Stock Company (SMG), focusing on real estate development.
Following multiple updates, as of August 2023, the company increased its charter capital from VND 4,380 billion to VND 5,059 billion. Ms. Nguyen Chi Mai (born in 1991) currently serves as the Chairwoman of the Board of Directors and legal representative.
Ms. Nguyen Chi Mai also holds positions as CEO of New Star Hoa Binh Real Estate Joint Stock Company, Director of Long Van Real Estate Limited Liability Company, and Chairwoman of the Members’ Council of Quynh Luu Real Estate Investment and Development Limited Liability Company.
The largest shareholder of Saigon Garment and Match is TNR Holdings Vietnam Joint Stock Company, the urban real estate division of ROX Group (formerly TNG Holdings).
Currently, Saigon Garment and Match is the developer of numerous real estate projects nationwide. Notably, the Hoa Binh High-Rise Complex (commercially known as The Goldview) is located at 346 Ben Van Don, Ward 1, District 4, now part of Vinh Hoi Ward, Ho Chi Minh City.
The complex consists of two towers, A and B. Tower A features 33 stories and 2 basement levels, while Tower B has 27 stories and 2 basement levels. Tower A includes 1,459 residential units and 146 serviced apartments, and Tower B offers 300 serviced apartments, totaling 1,905 units.
According to data, in February 2025, Saigon Garment and Match pledged the property rights of a 10,701.78 m² commercial area within the Hoa Binh High-Rise Complex to Maritime Bank (MSB) as collateral.
In Hai Phong, aside from the Iron Market replacement towers, Saigon Garment and Match is developing the TNR Stars Vinh Bao residential area in Vinh Bao Town.
In Thanh Hoa Province, the company was selected in August 2019 to develop the Nam Co Dam Residential Area in Lam Son Ward, Bim Son Town.
In Phu Tho Province, Saigon Garment and Match was chosen in June 2021 to develop the Ha Loc Urban Housing Area in Ha Loc Commune, Phu Tho Town, as per Decision No. 1311/QD-UBND dated June 9, 2021.
Simultaneously in June 2021, the company was selected to develop the Thanh Son Urban Housing Area in Thanh Son Town, Thanh Son District, Phu Tho Province.
In the southern region, on March 21, 2024, Tra Vinh Province’s People’s Committee issued Decision No. 399/QD-UBND, approving the company as the developer of the Tieu Can Town Residential Area in Tieu Can District, Tra Vinh Province.
Saigon Garment and Match is also involved in various other southern projects, including the An Chau 2 Urban Area in An Chau Town, Chau Thanh District, An Giang Province; the New Residential Area within the administrative and residential zone of Dak Doa Town, Dak Doa District, Gia Lai Province; and the Southern National Highway 19 Urban Area in Phu Phong Town, Tay Son District, Binh Dinh Province.
Recently, Saigon Garment and Match has drawn attention by issuing thousands of billions in bonds. According to data from the Hanoi Stock Exchange (HNX), the company issued eight bond lots from August 12, 2025, to December 2, 2025.
These bond lots range in value from VND 470 billion to VND 1,000 billion, with terms from 84 to 108 months and fixed interest rates of 9-9.2% per annum, payable in full at maturity.
The most recent lot, MSG32508, comprises 10,000 bonds with a face value of VND 100 million each, totaling VND 1,000 billion. The bonds have a 108-month term, issued and finalized on December 2, 2025, with a maturity date of December 2, 2034.
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