Van Thinh Phat’s silhouette in two businesses asked to “pay in installments” for Thu Thiem land auction

Will the drop effect recur?

Ms. Nguyen Thi Bich Hanh, Deputy Director of the Tax Department of Ho Chi Minh City, said that the Tax Department of Ho Chi Minh City received 2 documents from 2 businesses requesting for the installment payment of land use fees as announced, from May 1. September 4, 2022, divided into 6 installments to submit.

However, the business reasons mentioned above are not eligible for tax payment extension according to the provisions of the Law on Tax Administration. Therefore, the Tax Department will continue to calculate late payment interest as well as issue decisions on enforcement and debt recovery in accordance with the provisions of the Law on Tax Administration.

According to the auction results on December 10, 2021, Dream Republic Joint Stock Company won the land lot number 3-5, with an area of ​​6,446 m2, having to pay 3,820 billion dong of land use fee and 500 million dong of registration fee. area for performing commercial and service functions. And Sheen Mega Joint Stock Company won the auction of land lot 3-8, with an area of ​​​​more than 8,500 m2, having to pay an amount of VND 4,000 billion for land use and being exempted from paying registration fees for residential land.

If these two companies pay the money as planned, the Tax Department of Ho Chi Minh City will collect about VND 8,000 billion.

In the auction of 4 land lots in Thu Thiem on December 10, 2021 organized by the Property Auction Service Center (Ho Chi Minh City Department of Justice), lot 3-5 with an area of ​​6,446m2, was initially sold. with a starting price of more than 578 billion VND and recorded 21 participating businesses. After 130 bids, the auction winner was Dream Republic Joint Stock Company with the winning bid price of up to VND 3,820 billion, 6.6 times higher than the starting price.

This land lot has a land use coefficient of 2.92, built from 4 to 10 floors high, 1 basement, the maximum construction density of podium is more than 72%, tower block is more than 54%. The maximum resident population in this land is 1,067 people, with 113 apartments, no commercial floor. The auction winning enterprise will be allocated land from the date of the decision on recognition of auction winning.

Next, lots 3-8 with an area of ​​8,500 m2 were also auctioned with 10 registered businesses. Through 67 successful bids, Sheen Mega Joint Stock Company has successfully become a project developer when spending 4,000 billion VND, 4 times higher than the starting price.

This land lot is built with 4-25 floors high and 2 basements, the maximum construction density of the podium is nearly 70% and the tower block has a construction density of nearly 45% of the area.

The silhouette of Van Thinh Phat in two businesses

It is known that Dream Republic Joint Stock Company and Sheen Mega Joint Stock Company have close connections with Van Thinh Phat Group – one of the leading real estate groups in Ho Chi Minh City.

Accordingly, Dream Republic (Dream Republic) was established on October 4, 2017 with an initial charter capital of 300 billion VND. In which, 3 founding shareholders are Ms. Tran Thi Mong Linh (SN 1979), Mr. Dang Minh Thang (SN 1985), Mr. Truong Ich Quoc (SN 1979) registered to contribute capital of 120 billion VND, 90 billion VND and 90 billion VND respectively. 90 billion dong, respectively 40%, 30% and 30% capital.

The general director and legal representative is Ms. Tran Thi Mong Linh. In addition to Dream Republic, Ms. Linh is also named at Tu Linh Co., Ltd., Speed ​​Pro Co., Ltd. and contributed capital to Peak Performance Joint Stock Company.

Notably, Mr. Dang Minh Thang is in charge of many legal entities in the Van Thinh Phat ecosystem. In which, at Innoware Technology Joint Stock Company, Mr. Thang is the Chairman of the Board of Directors, while the other 2 Board members are Ms. Truong Hue Van and Mr. Lam Khac Vinh (Truong Vincent Kinh).

And Mr. Truong Ich Quoc is the legal owner of Golden Universe Co., Ltd., and also contributes capital at City Field Investment Joint Stock Company.

Meanwhile, Sheen Mega Joint Stock Company is also a new “player” established in November 2019, located at 32 Le Loi, Ben Nghe ward, District 1, Ho Chi Minh City, with a registered capital of 500 billion dong. . The three shareholders of this enterprise are Ms. Nguyen Thi Huyen (SN 1985), Ms. Dang Thi Hong Hanh (SN 1996) and Mr. Nguyen Ngoc Hieu (SN 1989). The current General Director and legal representative is Ms. Nguyen Thi Huyen.

Ms. Nguyen Thi Huyen is also a founding shareholder of Dac Van Hung Company. Dak Van Hung indirectly owns shares of Peninsula Group Joint Stock Company, which is valued at VND 2,285 billion by SCB at the beginning of 2021.

Despite spending trillions of gold auctions, Dream Republic has total assets of only 15.7 million dong in 2020. The business has not generated any revenue since its inception. The accumulated loss after 4 years of establishment is 450 million dong.

Similarly, the total assets of Sheen Mega by the end of 2020 is only 27.6 million dong, revenue is 0 dong, loss after tax in 2020 is 202 million dong.

On February 11, 2022, the People’s Committee of Ho Chi Minh City made a decision to cancel the auction results of land plots 3-12 in Thu Thiem New Urban Area of ​​Viet Star Real Estate Investment Company Limited (a member enterprise of Vietnam Star Group). Tan Hoang Minh). This business unilaterally terminates the contract of sale and purchase of auctioned assets, which means the loss of about 600 billion VND in deposit when participating in the auction of plots 3-12.
Meanwhile, Binh Minh Investment Development and Trading Company Limited (Binh Minh Company) – the winning enterprise of the land lot 3-9 Thu Thiem New Urban Area, has also sent an official document to the investors. The city’s authorities request not to continue implementing the project in the above land lot, which means accepting a deposit of 140 billion dong.

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