25-11-2024 (HO CHI MINH CITY) Two prominent Asian investors have emerged as potential buyers for several flagship projects owned by Van Thinh Phat Holdings Group, whose chairwoman Truong My Lan faces execution following Vietnam’s largest corruption scandal, valued at US$27 billion.
South Korean property developer APM Luxe has formally approached the Ho Chi Minh City High People’s Court, expressing interest in three substantial development projects. The most significant among these is the ambitious 117-hectare Mui Den Do urban development in District 7, which encompasses plans for extensive commercial and residential facilities. The company is also pursuing the 31.5-hectare Nha Rong – Khanh Hoi complex in District 4 and a 3.5-hectare mixed-use development in Hanoi’s Ba Dinh District.
Despite having no completed projects in Vietnam, APM Luxe, established in 2011 under the leadership of Chairman Song See Yong, previously signalled its intentions in the Vietnamese market through a 2018 memorandum of understanding with Hanoi authorities.
Separately, Malaysian business magnate Vincent Tan has indicated interest in acquiring the 26-hectare 6A residential project in Binh Chanh District. The potential acquisition could generate approximately VND20 trillion (US$787 million) towards compensating victims of the Van Thinh Phat scandal.
Tan, founder of the Malaysian conglomerate Berjaya Corporation, brings considerable experience in Vietnamese property development. His company, with assets exceeding US$4.7 billion, maintains a strong presence in Vietnam through its subsidiary Berjaya Vietnam, whose CEO Nguyen Hoai Nam holds a directorship at Vincom Retail JSC.
These expressions of interest follow the dramatic downfall of Truong My Lan, who received a death sentence in April for embezzlement and banking violations, followed by a life sentence in October for financial fraud and money laundering.
The court’s handling of these potential acquisitions could mark a significant step in resolving one of Vietnam’s most complex financial scandals, potentially providing some restitution to affected parties while attracting substantial foreign investment into the country’s real estate sector.
