Bac Ninh structure firm-led consortiums bag 2 southern Vietnam mega city initiatives

Two consortiums led by Bac Ninh-based Thanh Loi Construction Investment and Trading Co., Ltd have met preliminary requirements to implement two urban development projects worth VND14.2 trillion ($577 million) in Dong Nai province, a manufacturing hub in southern Vietnam.

The two projects are the Dai Phuoc River Tourism Urban Area; and the Phong Phu Riverside Tourism Urban Area, both located in Dai Phuoc commune, Nhon Trach district.

According to the provincial Department of Planning and Investment, the consortium comprising Phong Phu Investment JSC, Thanh Loi Construction Investment and Trading Co., Ltd, HB Grand Land JSC, and An Phu Real Estate Investment and Trading JSC is the only one to apply for the Phong Phu Riverside project.

This project, spanning approximately 75.47 hectares, has a total investment of nearly VND7.78 trillion ($316.2 million), including VND7.07 trillion for technical infrastructure and over VND710 billion for compensation and land clearance

Meanwhile, a consortium comprising Ha Phu Riverland Investment JSC, Thanh Loi Construction Investment and Trading Co., Ltd, HB Grand Land JSC, and G7-Invest JSC was the sole applicant for the Dai Phuoc River Tourism Urban Area project.

This project, covering nearly 50 hectares, has a total investment of approximately VND6.42 trillion ($260.92 million) – over VND5.94 trillion for technical infrastructure and VND472 billion for compensation and resettlement support.

Both projects are expected to be completed within six years from the time the investors are selected, recognized and assigned to implement them.

The Dong Nai People’s Committee granted in-principle approvals for both projects in January 2024.

Later the same month, the provincial Department of Planning and Investment issued an invitation to domestic and international investors to participate in the projects. After two deadline extensions, no additional bidders have registered for them, leaving the two consortiums led by Thanh Loi as the only qualified candidates.

Established in 2006 and headquartered in Bac Ninh town in the eponymous northern province, Thanh Loi Construction Investment and Trading Co., Ltd primarily operates in road construction.

In December 2021, it had a charter capital of VND1.98 trillion ($80.5 million), with two founding shareholders, CEO and legal representative Nguyen Dinh Loi and Nguyen Thi Ha holding 60% and 40% stakes, respectively.

Real estate developer Phong Phu Investment JSC, established in 2019, has its headquarters in Thu Duc city, Ho Chi Minh City. Its CEO and legal representative is Nguyen Hong Phong.

In April 2022, the company had a charter capital of VND625 billion ($25.4 million) with three shareholders: Thanh Loi (40%), Van Phu Invest (30%), and Kamala World Nhon Trach Company Limited (30%).

Another real estate firm, Ha Phu Riverland Investment JSC, established in 2021, is located in Bien Hoa town, Dong Nai province. Its CEO and legal representative is Mai Xuan Vinh.

In December 2023, the company had a charter capital of VND300 billion ($12.2 million) with three shareholders: Thanh Loi (40%), Van Phu Invest (30%), and Kamala World Nhon Trach (30%).

HB Grand Land JSC, founded in 2019 and headquartered in Hanoi’s Cau Giay district, had a charter capital of VND950 billion ($38.6 million) in May 2021. Its CEO and legal representative is Nguyen The Hung.

An Phu Real Estate Investment and Trading JSC, established in 2017, focuses on consulting, brokering and bidding for real estate projects. It is headquartered in Hanoi’s Ha Dong district. In January 2024, An Phu had a charter capital of VND180 billion ($7.32 million), with Nguyen Thi Nhu Hoa as its CEO and legal representative.

Real estate developer G7-Invest JSC, established in 2015, is located in Hanoi’s Thanh Xuan district. Its chairwoman and legal representative is Tran Thu Thuy. In May 2021, G7-Invest had a charter capital of VND230 billion ($9.35 million).

Dong Nai, home to the under-construction Long Thanh International Airport, is a manufacturing hub in central Vietnam, together with Ho Chi Minh City, Binh Duong and Long An.