Do Anh Dung: From taxi business to a series of real estate projects

From taxi business

Mr. Do Anh Dung was born in 1961, is the Chairman of the Board of Directors and General Director of Tan Hoang Minh Group. However, in addition to being known as the founder/chairman of the Board of Directors of Tan Hoang Minh Group, in the last 3 years, Mr. Do Anh Dung He is also the founder/manager of dozens of other units, such as Thai Son Construction Investment Joint Stock Company; Tan Hoang Minh Hi-tech Agriculture Joint Stock Company; D’Land House Joint Stock Company; Anh Sang Viet Real Estate Management Joint Stock Company.

With holding shares in many businesses, it is estimated that Mr. Do Anh Dung’s assets are up to nearly 10,000 billion VND.

In 1995, Mr. Dung started the business of public passenger transport by taxi, with the brand name “Taxi V20”. In September 2001, the number of vehicles in operation reached nearly 1,000 units, accounting for 25% of the market share in 3 cities: Ho Chi Minh, Nha Trang and Hanoi.

Giant Do Anh Dung

In 1998, Mr. Dung gradually invested in manufacturing rattan and bamboo products with the brand “Ratex” and exported to international markets, such as France, Spain, Turkey, Italy, USA… This is one of the key revenue sources, bringing in a profit of US$ 3-5 million/year for Tan Hoang Minh in the new period of development.

In 2006, Mr. Dung decided to direct Tan Hoang Minh Group into the high-end real estate market, making a difference in products and services.

In 2011, this investor became famous when he opened for the first time the D’.Palai de Louis project for up to 145 million VND/m2, which means to own a gold-plated apartment here, customers spend tens of billions of dollars. This is also the first product, demonstrating the ambition to develop a chain of high-end and luxury real estate projects of Tan Hoang Minh Group.

Dropping the stake caused a shock

Notably, Tan Hoang Minh’s name is also known in the market for high land auctions and then depositing. On December 10, 2021, Tan Hoang Minh won the auction of land lot 23 Le Duan, with an area of ​​​​about 3,000m2, with a starting price of VND 550 billion.

At that time, Tan Hoang Minh offered a price 2.6 times higher than the starting price, with VND 1,430 billion, to become the “winner” in front of 13 investors.

However, after Ho Chi Minh City approved the auction results, Tan Hoang Minh sent a written request to cancel the results. After that, this corporation made a written request to buy, but was late to fulfill its payment obligations.

The People’s Committee of Ho Chi Minh City had to issue an “ultimatum” to collect the debt. Only then did Tan Hoang Minh transfer the entire winning amount of this golden land to the State Treasury of Ho Chi Minh City, officially owning gold land with 2 fronts. Le Duan – Nguyen Du.

Buying gold land, but Mr. Do Anh Dung, Chairman of Tan Hoang Minh, later revealed, the auction was successful due to… a mistake. This land started at 550 billion and now businesses have to pay up to 1,430 billion – 2.6 times more to own it. “Even from an economic point of view, this is a failed auction,” Dung said.

President Tan Hoang Minh once attracted attention when he made impressive statements.

Recently, Mr. Do Anh Dung had a letter about asking for a deposit of the auction land plot in Thu Thiem and accepting all sanctions for unilaterally terminating the contract.

Viet Star Company of Tan Hoang Minh Group participated and won the auction of land lot 3-12 with an area of ​​10,060m2 for 24,500 billion VND (calculated to 1m2 of land worth 2.45 billion VND). the second (a foreign company bid 23,800 billion dong) is 700 billion dong.

According to regulations, businesses participating in the auction must pay in advance an amount corresponding to 20% of the starting price of the land plot. If the auction is won, the deposit and interest (if any) will be converted into a deposit, to secure the performance of the contract, or the performance of the contract of sale and purchase of the auctioned asset.

If the enterprise completes the payment as prescribed, the competent authority will issue the certificate of land use right and allocate the land within 5 working days after the issuance of the certificate.

On the contrary, if the winning customer refuses the auction winning result or fails to pay the full amount within 180 days from the date of signing the tax notice, it will be punished by confiscating the deposit paid to the bank. state books.

However, close to the payment date, Tan Hoang Minh Group announced to drop the deposit through the letter of the Chairman.

In the letter, Mr. Dung clarified that this was really a surprisingly high price that even he himself had never thought of before participating in the auction.

“After winning the auction at such a high price, we thought and listened to a lot of public opinion in many different ways and found that winning the auction at such a high price can lead to negative consequences. not good. In particular, after receiving the comments of the Minister of Finance at the last extraordinary session of the National Assembly for the first time, we seriously reviewed and realized that winning the auction with the above results would lead to to the disturbance in the real estate business in particular and the economy in general,” wrote Mr. Dung.

Told him