Chairman cum general director fully divests La Vong Group

Le Van Vong's replacement is general director Do Minh Dam of La Vong Group

La Vong Group JSC was established on August 2, 2003 with Le Van Vong as its legal representative.

The group has VND500 billion ($22 million) in charter capital, which came from three founders, including VND300 billion ($13.2 million) from Le Van Vong, and VND100 billion ($4.4 million) each from Le Van Hai and Dang Thi Nhu Trang.

However, according to nhadautu.vn, the group has just updated its business registration. Accordingly, Le Van Vong is no longer the legal representative of La Vong Group, and his responsibilities are taken over by general director Do Minh Dam.

Notably, all three founders divested entirely from La Vong Group as of January 18, 2018.

La Vong Group is known as the owner of numerous famous restaurants based on golden land plots in Hanoi, such as Lake View Coffee on the shore of Hoang Cau Lake, a series of restaurants at 2 Nguyen Thi Thap Street, and the World of La Vong Beer at 169 Hoang Ngan Street.

The group also owns sizeable land plots in Hanoi to develop real estate projects. La Vong Group established New House Trade JSC to develop New House projects on an area of 27.5ha in Quoc Oai, 10 ha in Xa La (Hadong district).

Additionally, it established Louis Invest., JSC covering offices for lease, premium apartments, and trade centres, and developing the 30.5ha Louis City Dai Mo project (in South Tu Liem district). Some of these golden land plots were assigned to La Vong Group without bidding for the BT (build-transfer) contract.

On June 7, the prime minister has ordered an inspection of all projects of La Vong Group and its subsidiaries. The order was made after it came to public attention that the group received numerous golden land plots under shady circumstances to implement real estate and transportation projects in the form of BT contracts. The land use rights of some of the land plots were not auctioned as prescribed by regulations.