No installment payments
On April 12, Deputy Director of Ho Chi Minh City Tax Department Thai Minh Giao said that the official dispatch No. 3285 has been sent to the Department of Justice, the Department of Finance, the Department of Natural Resources and Environment, the Property Auction Service Center of Ho Chi Minh City, and the Center. To develop Ho Chi Minh City’s land fund about Dream Republic Joint Stock Company (winning the price of lot 3-5) and Sheen Mega Joint Stock Company (winning the price of lot 3-8) sending an official letter to the People’s Committee of Ho Chi Minh City asking for an extension and dividing it into several installments. Land auction winning money and related fees, fines for late payment will last until September 2022.
Accordingly, based on the proposal of the two businesses to extend the payment time, the Tax Department of Ho Chi Minh City will collect more late payment interest, and at the same time apply coercive measures to pay the land use levy in accordance with the guidance of the Government. Tax management Law.
Currently, Ho Chi Minh City cannot cancel the purchase and sale contract with two businesses that are late in paying the winning bid.
However, according to the provisions of Article 6, the auction property sale and purchase contract signed between the Ho Chi Minh City Land Fund Development Center, the Ho Chi Minh City Property Auction Service Center and the two companies on December 17, 2021 has the following provisions: If Party C (enterprise) fails to pay enough money to buy auctioned assets within 180 days from the date of signing the notice of the tax authority, it is a violation of the contract to buy auctioned assets.
At that time, Party B (Ho Chi Minh City Property Auction Service Center) notices that Party C has not paid enough money to buy auctioned assets for Party A (HCMC Land Fund Development Center) to report to the Department of Natural Resources and Environment. The school submits to the People’s Committee of Ho Chi Minh City to cancel the decision on recognition of the winning decision of the land use right auction.
Thus, based on the time of “Signing the Notice of Tax Authority”, the 180-day period will end on July 6, 2022. At that time, the Department of Natural Resources and Environment must submit to the People’s Committee of Ho Chi Minh City to cancel the decision to recognize the winning result of the land use right auction. Therefore, the Department of Taxation of Ho Chi Minh City requested the departments to comment on the payment progress to have a basis for summarizing and reporting to the People’s Committee of Ho Chi Minh City for consideration and settlement.
Meanwhile, Finance Minister Ho Duc Phuc said that the business winning the land auction must comply with the provisions of the Law on Auction. Mr. Phuc stated that, if the Law on Auction as well as other relevant laws does not stipulate “installment payment”, businesses cannot do it.
Previously, Dream Republic Joint Stock Company won the auction of land lot number 3-5 (area of 6,446m2). This enterprise has to pay 3,820 billion dong of land use fee and 500 million dong of registration fee for the area performing commercial and service functions.
Sheen Mega Joint Stock Company won the auction of land lot number 3-8 (area of 8,568.1m2), paid 4,000 billion VND of land use fee, and was exempted from paying registration fee according to the instructions on registration fee for the area. landscape. However, as of April 8, 2022, the payment deadline for the first installment (50%) is 62 days and the second installment (50%) is 2 days, but these two businesses have not yet paid.
After that, these two businesses asked to extend the time to pay the winning land auction and related fees, including fines for late payment until September 2022. Specifically, in April, 15% will be paid, in the months of May, June, July, and August, 17% will be paid, in September 2022, the remaining amount will be paid.
Coincidence of investors
According to Tien Phong’s profile, Dream Republic Joint Stock Company and Sheen Mega Joint Stock Company are both related to Van Thinh Phat Group. Specifically, one of the three founding shareholders of Dream Republic Joint Stock Company is Mr. Dang Minh Thang. Mr. Thang is the General Director of a company called Innoware in which Ms. Truong Hue Van – granddaughter of Ms. Truong My Lan – is a member of the Board of Directors.
Dream Republic Joint Stock Company and Sheen Mega Joint Stock Company are both related to Van Thinh Phat Group.
At Sheen Mega Joint Stock Company, General Director Nguyen Thi Huyen contributed capital to the founding of Dac Van Hung, which indirectly owns shares in Saigon Peninsula Group, the investor of the Saigon Peninsula project (District 7). , Ho Chi Minh City) but has not been able to deploy for many years and was also introduced by Van Thinh Phat on its homepage.
Notably, Capital One Financial Joint Stock Company fiercely competed with Sao Viet, a member company of Tan Hoang Minh Group, to win the right to buy plots of land 3-12. At the 69th bid, Capital One Financial offered a price of VND 23,800 billion and only accepted to stop bidding when Mr. Do Anh Dung “preempted” with a price step of VND 700 billion, raising the closing price to VND 24,500 billion. Capital One Financial Joint Stock Company was established in September 2018 with a charter capital of VND 1,500 billion, with 3 founding shareholders all having Vietnamese nationality.
The largest shareholder of this company who holds the title of General Director, the legal representative is Mr. Truong Hong Vo (born in 1970), contributed capital of 600 billion VND, equivalent to 40% of the shares. The other two shareholders of Capital One Financial, respectively, Ly Vi Hien owns 33.3% of shares and Lam Xuong Dieu holds 26.7% shares. In particular, Mr. Vo is also the representative of a series of other businesses such as Vinaland Vietnam Investment Company Limited, Savvina Consultant & Management Company, S-Charm Vietnam Planning & Design Co., Ltd. Asia Star Distribution Ltd.
Among these, Vinaland Vietnam Investment Company is headquartered at Times Square building on Nguyen Hue Street, District 1, Ho Chi Minh City – one of the largest projects of Van Thinh Phat Group – where Ms. Truong My Lan, an entrepreneur Chinese-Vietnamese as Chairman of the Board of Directors.
In addition, Vinaland has the presence of Mr. Chiu Bing Keung Kenneth as an authorized person. Mr. Kenneth is the General Director of Alpha King Real Estate Development Joint Stock Company, an investor who once announced a series of projects in the central area of Ho Chi Minh City but has now transferred to another unit.
Meanwhile, S-Charm Vietnam Company has just changed its name and changed its operator on January 11, 2021. Before Mr. Truong Hong Vo took over, the former CEO of this company was Mr. Nguyen Vu Anh Thi. Mr. Thi is the legal representative of a series of businesses, including Minerva JSC. Minerva was founded by 3 shareholders related to the family that owns Van Thinh Phat Group, including Chu Duyet Phan, Truong Lap Hung, and Truong Hue Van.
All four businesses participating in the Thu Thiem land auction are more or less related to Van Thinh Phat Group.
And Mr. Lam Xuong Dieu is the General Director of Saigon East Development Joint Stock Company. This business was founded by 3 shareholders, in which Hermes Power Investment Joint Stock Company contributed capital with a rate of 98%. Hermes Power is a legal entity that once contributed capital with Van Thinh Phat to establish an enterprise now called Le Jardin South Saigon Satellite Urban Development and Management Joint Stock Company.
Particularly for plots 3-9, Truong Lap Investment Joint Stock Company continuously competes with Binh Minh Investment and Trading Company Limited and only stops playing when the opponent bids VND 5,026 billion in the 140th bid. , 8 billion VND higher than Truong Lap.
Another notable information is that Capital One Financial Joint Stock Company registered its headquarters address on the 31st floor, building at 37 Ton Duc Thang, District 1, Ho Chi Minh City. Coincidentally, Truong Lap also has its headquarters at 37 Ton Duc Thang building, but on the 31st floor.
Two businesses apply for installment payment for winning the Thu Thiem land auction: Tax agency fines 1 billion VND per day
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