60 real estate projects under investigation

09:44 | 15/05/2017
60 real estate projects on the list (see below) which has been submitted to the prime minister (PM) are going to be investigated for signs of violations. 
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The Ministry of Finance (MoF) has just submitted to the PM the Official Letter about investigating the land uses of equitised firms. The letter attached a list of 60 real estate projects in ten cities and provincess. MoF proposed the Government Inspectorate to investigate them.

According to Article 31(3) of Decree No.59/2011/ND-CP on equitising SOEs, issued on July 18, 2011 by the government, if the enterprise leases land and pays rent annually, rent payment sums shall not be included in the value of the enterprise.

However, Article 1(6) of Decree No.189/2013/ND-CP issued on November 20, 2013 by the government to amend and supplement some articles of Decree 59 indicates that in case equitised enterprises have been allocated land and have paid rent accordingly or received land lawfully in order to transfer to another entity or to rent it out, land use rights should be included in the value of the enterprise.

Article 39 of Law No.69/2014/QH13 on the management and utilisation of state capital invested in enterprises’ manufacturing and business activities indicates that capital transfer related to land use rights must comply with the Law on Land. Besides, transferring state investments in joint-stock companies whose stocks have yet to be listed on the stock exchange market shall be carried out through open auction. In case the open auction is not successful, competitive bidding shall be in order. In case the competitive bidding fails, the method agreed by the interested parties shall follow.

Also, MoF quoted Article 38(1) of Decree No.91/2015/ND-CP issued on October 13, 2015 by the government, “Determination of the starting price of state capital before an open auction is held or before an arranged sale is made through an organisation competent to conduct price evaluation in accordance with legal regulations on price evaluation and must ensure that the land use right at the time of state capital transfer is valued correctly.”

MoF also said that open auctions of land use rights are applied to the cases of building houses for sale, renting, and leasing the land acquired by the government due to rearrangements of the headquarters, non-business units, production and business establishments whose assets are attached to the state-owned land in question.

The cases when the open auctions are not applicable are decided by the PM on their individual merits.

Nevertheless, currently, in Hanoi and Ho Chi Minh City, as well as in many other localities, when transferring or leasing land plots which were acquired by the state due to rearrangements of headquarters, non-business units, production and business establishments whose assets are attached to the state-owned land, local authorities do not implement open auctions of land use rights, and they do not have the PM’s approval, either.

MoF also said that Circular No.36 of the Ministry of Natural Resources and Environment (MoNRE) did not issue detailed guidance on the methods to determine land price to ensure transparency and that the price of land is close to the market price. This leads to wrong calculation of land use fees or land lease fees when the land is transferred to be used for other purposes, which causes losses for the state budget.

Determining the land price to collect land use fees, land tax, and land lease fees is mainly based on the consulting companies’ calculation, which can be significantly lower than the market price.

The determination of land price in some localities is not implemented in accordance with all prescribed procedures. For example, provincial people’s committees approve the determined land price without consulting the standing committees of provincial and municipal people’s councils or reporting to the provincial and municipal people’s councils in a timely manner.

MoF requested the Government Inspectorate to compile an investigation plan on the projects with signs of violations. These violations include not sticking to the approved investment purposes, violations of the Law on Land, and wrongly determining land use or lease fees to be far from the market value.

Meanwhile, MoF proposed the government to request the chairmen of the people’s committees in provinces and cities to temporarily suspend high-rise building projects the downtown of big cities which are being constructed on land that was acquired without open auctions. Chairmen should collect information on all the cases and report to the PM.

In response, the Government Office has sent an Official Letter to request the list of projects with signs of violations to be sent to the Government Inspectorate so that it can investigate according to the inspection plan of land administration in 2017, earlier approved by the PM.

List of land plots proposed to be investigated and their address


Name of Developer

Address of Land Plot


State-owned enterprises


Southern Rubber Industry Joint Stock Company (CASUMINA)
(Project: commerce, service and apartment project)

504 Nguyen Tat Thanh, Ward 18, District 4, Ho Chi Minh City


Saigon Five Real Estate Development Joint Stock Company
 (Project: apartment project)

33 Kim Lien And 88 Go Cong, Ward 13, District 5, Ho Chi Minh City


Real Estate 11 Joint Stock Company
 (Residence Eleven project)

205 Lac Long Quan, Ward 3, District 11, Ho Chi Minh City


Phu Nhuan Trading Joint Stock Company
(Officetel Orchard Garden)

128 Hong Ha, Ward 9, Phu Nhuan district, Ho Chi Minh City


Benthanh Group
(Project: commerce, service and apartments)

104 Nguyen Van Cu, Nguyen Cu Trinh ward, District 1, Ho Chi Minh City


Partnership: Song Nhue Investment Development Irrigation One Member Company Limited And Ngoi Nha Moi Trading Joint Stock Company

Xa La, Phuc La Ward, Ha Dong district, Hanoi


Thang Long Bridge Joint Stock Company N01 (Formerly Known as Thang Long No.1 Bridge One Member Limited Company)

No 89, 1141 Lane, Giai Phong street, Hanoi


Ion Complex Building Management and Investment
Company Limited (FLC Group)

36 Pham Hung, Nam Tu Liem District, Hanoi


Ritm-Mekong Investment Company Limited
(the land get used to manage by Institute of Technology)

25 Vu Ngoc Phan, Lang Ha ward, Dong Da district, Hanoi


Vietnam Motors Corporation (VMC)

53 Trieu Khuc, Thanh Xuan district, Hanoi


Hanoi Construction Investment Company No 2

3.7 Cc Plot In Le Van Luong wtreet, Nhanh Chinh ward, Thanh Xuan district, Hanoi


Viettel Tay Ninh Branch

Quarter 2, Duong Minh Chau town, Duong Minh Chau district, Tay Ninh province


Viettel Tay Ninh Branch

Lot 2, Rach Son quarter, Go Dau town, Go Dau district, Tay Ninh province


Ministry of Defence’s Urban and Housing Development Investment Corporation (detached houses project)

Quan Bau ward, Vinh city, Nghe An province


Lung Lo Construction Corporation
(Lung Lo building project)

Quan Bau ward, Vinh city, Nghe An province


Equitised state-owned enterprises under the management of state organisations


TCO Viet Nam Investment Joint Stock Company
(Tan Kieng high-rise building project)

35/12 Be Van Cam, Tan Kieng ward, District 7, Ho Chi Minh City


Indochina Urban Development Joint Stock Company
 (Planned Housing, trade and service center project)

334 To Hien Thanh, Ward 10, District 14, Ho Chi Minh City


Nova Festival Corporation
(Project: Trade, services, offices, officetel and apartments)

8 Hoang Minh Giam, Ward 9, Phu Nhuan district, Ho Chi Minh City


Nova Sagel Company Limited
 (Project: commerce, service and apartment complex)

119 Pho Quang, Ward 9, Phu Nhuan district, Ho Chi Minh City


Bac Nam 79 Construction Joint Stock Company
(Project: Trade, services, hotel office, officetel and apartment complex)

15 Thi Sach, Ben Nghe ward, District 1, Ho Chi Minh City


Construction Corporation No 1 Joint Stock Company
(social housing apartment project  CC1 )

Ward 6, Go Vap district, Ho Chi Minh City


FORMACH Joint Stock Company

Lane 102, Truong Trinh, Phuong Mai ward, Dong Da district, Hanoi


Vinaconex Urban and Housing Development Investment Joint Stock Company

Minh Khai street, Vinh Tuy ward, Hai Ba Trung district, Hanoi


Ha Noi Housing Investment Development Joint Stock Company 5

Lane 662, Minh Khai street, Hai Ba Trung district, Hanoi


Seaproduct Joint Stock Company Region No1

No.36, 61 Lane, Lac Trung street, Hai Ba Trung district, Hanoi


Hateco Ha Noi Joint Stock Company

Yen So ward, Hoang Mai district, Hanoi


Transport Engineering and Development Investment Joint Stock Company No 208

Dai Kim ward, Hoang Mai district, Hanoi


Salt Transport Joint Stock Company

Thanh Tri ward, Hoang Mai district, Hanoi


Chemical Joint Stock Company

No.1, Giap Nhi street, Hoang Mai district, Hanoi


Nam Thang Materials Production and Construction Investment Shareholding Company

Trung Van ward, Nam Tu Liem district, Hanoi


Centre of International Relation & Investment Joint Stock Company.
 (used to be managed by Thuy Khue Shoes Joint Stock Company)

167 Thuy Khe street, Tay Ho district, Hanoi


Vietnam Pharmaceutical Corporation

60B Nguyen Huy Tuong street, Thanh Xuan district, Hanoi


Thanh Xuan Development Joint Stock Company

Van Thiem, Thanh Xuan Trung ward, Thanh Xuan district, Hanoi


Thang Long Talimex Joint Stock Company

Khuong Trung, Thanh Xuan district, Hanoi


Thang Long Investment - Construction - Import - Export Joint Stock Company

Nguyen Van Troi, Phuong Liet ward, Thanh Xuan district, Hanoi


Vietnam Joint Stock Company For Restoration Of Monuments And Cultural Equipment. (VINAREMON)

69 Vu Trong Phung, Thanh Xuan district, Hanoi


Cam Pha Produce Beer - Alcohol - Beverage And Construction Joint Stock Company

Cam Thuy ward, Cam Pha city, Quang Ninh province


Quang Ninh Roar Brigde I Joint Stock Company

Gieng Day ward, Halong city, Quang Ninh province


Quang Ninh Pine Stock Company

Yen Thanh ward, Uong Bi city, Quang Ninh province


Dalat Chicken Breeding Joint Stock Company

Ward 7, Dalat city, Lam Dong province


Dalat Chicken Breeding Joint Stock Company

Phu Hoi commune, Duc Trong district, Lam Dong province


Ba Ria – Vung Tau House Development Joint Stock Company
(27-floor Binh Gia Resident Project)

Ward 8, Vung Tau City, Ba Ria-Vung Tau province


Dong Ha Environment  and Urban Works One Member Limited Company

Ward 3, Dong Ha city, Quang Tri province



Vinatex Nam Dinh City Development Joint Stock Company

43 To Hieu, Nam Dinh city, Nam Dinh province



Nghe An Rubber Joint Stock Company
(Construction of trade service and high class apartments project)

Quan Bau ward, Vinh city, Nghe An province



Thanh Nghe Tinh Food Joint Stock Company
(Trade center and high rise apartments project)

Ben Thuy ward, Vinh city, Nghe An province


Vinaconex Mechanical Construction Joint-Stock Company No. 20 (VINACONEX 20) (Construction Joint Stock Company No 9.1)
(Apartment construction project)

Quan Bau ward, Vinh city, Nghe An province


Trung Do Joint Stock Company
(Low-income housing and apartment project)

Trung Do ward, Vinh city, Nghe An province


Consultant Joint Stock Company No6
(Row-house construction project)

Hung Loc commune, Vinh city, Nghe An province


Bao Son Tourism And Construction Investment Group Joint Stock Company (Trade, service and high-end apartment buildings project)

Hung Binh ward, Vinh city, Nghe An province


Cement Joint Stock Company Song Lam 2
(Housing construction project)

Truong Thi, Vinh city, Nghe An province


Nghe An Mineral Joint Stock Company
( Binh Minh Residential Complex Project)

Dien Ky commune, Dien Chau district, Nghe An province


Nghe An School Equipment And Book Joint Stock Company
(Housing , trade service and office project)

Hung Binh ward, Vinh city, Nghe An province


Tecco Mien Trung Joint Stock Company
(Truong Thinh apartment project)

Truong Thi ward, Vinh city, Nghe An province

By By Trang Ngoc

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