Novaland sues SCID; Masterise Group has a new General Director; TTF restructures before the trade war heats up

Superdong liquidates 15-year-old high-speed train; FPT cooperates with Indonesian partner; Novaland sues SCID; TTF restructures before trade war; Masterise Group has new 30-year-old CEO...

Superdong liquidates 15-year-old high-speed train; FPT cooperates with Indonesian partner; Novaland sues SCID; TTF restructures before trade war; Masterise Group has new 30-year-old CEO...

FPT Partners with KMP Aryadhana to Focus on ESG and AI

FPT has just signed a framework contract worth 67 million USD with KMP Aryadhana, an Indonesian partner, focusing on deploying technology solutions in the fields of ESG and education. The agreement has a term of 5 years, focusing on deploying ESG solutions in the fields of waste management, digital education, cooperative education and digital agriculture.

FPT and KMP Aryadhana signed a contract during General Secretary To Lam's visit to Indonesia.

The contract was signed by FPT and KMP Aryadhana during General Secretary To Lam's visit to Indonesia.

This partnership will leverage FPT’s strengths in AI, blockchain, IoT, and cloud computing. The goal is to promote the application of advanced technology in the ESG and education sectors, contributing to enhancing KMP Aryadhana’s innovation capacity in Yogyakarta province.

Novaland sues SCID

Information from Novaland, on March 11, 2025, the Vietnam International Arbitration Center (VIAC) issued a judgment on the dispute between the plaintiff Novaland and its subsidiary Nova An Phu Company Limited, and the defendant Saigon Co.op Investment and Development Joint Stock Company (SCID).

Saigon Co.op An Phu Project Model in Thu Duc City.

VIAC accepted the lawsuit request of No Va Real Estate Investment Group Corporation (Novaland) and Nova An Phu, forcing SCID to fully perform its obligations under the project development cooperation contract signed in December 2016 between Novaland, Nova An Phu and SCID.

In case SCID fails to perform its obligations properly, the plaintiff has the right to directly carry out the necessary procedures with the competent authority so that the State agency can issue a decision on land allocation for the cooperative land, ensuring the rights of the plaintiffs.

Although Novaland did not specifically mention any project in the information announcement, Novaland, through its subsidiary Nova An Phu, previously cooperated with SCID to develop the Saigon Co.op An Phu project (6.9 hectares). At the 2023 Annual General Meeting of Shareholders, Board Member and General Director of SCID Pham Trung Kien shared that SCID is discussing to stop cooperating with Novaland on the Saigon Co.op An Phu project because it is completing the legal aspects as an investor.

As of December 31, 2024, SCID still recorded a deposit of VND 102.5 billion from Nova An Phu.

Saigon Co.op An Phu was originally named An Phu Complex. This is a complex project including a shopping mall, office buildings and luxury apartments. The project is located in the new urban area of An Phu - An Khanh, Thu Duc City, right next to the Estella Heights project and Minh Dang Quang Institute.

The project covers an area of 6.9 hectares with a total floor area of nearly 350,000 square meters. It is expected that nearly 4,000 apartments will be built along with a system of utilities such as: high-end commercial centers, entertainment services, shopping, amusement parks... According to the original schedule, this project will start construction in April 2012 and be completed in 2015. But then the project has been quiet for a long time.

TTF closes branch in Binh Duong, dissolves Binh Dinh plywood factory

On March 12, the Board of Directors of Truong Thanh Wood Industry Group (TTF) announced the termination of operations of two production facilities in Binh Duong and Binh Dinh. The restructuring took place as the global trade war began to heat up.

This is the latest move to restructure TTF's product portfolio, TTF leaders.

According to the announcement, machinery, equipment, raw materials and resources for developing fireproof wood products will be concentrated at TTF Binh Duong factory in Tan Uyen city, which is also the company's headquarters.

The restructuring is not only taking place in the southern industrial capital, TTF also plans to close another plywood and wooden furniture factory in Nhon Hoa Industrial Park, An Nhon Town, Binh Dinh Province. At the same time, the Company will dissolve the factory's parent company, Central Wood JSC.

Central Wood was established 5 years ago, a subsidiary 51% owned by TTF with an initial investment capital of 30.6 billion VND by the end of 2024. The factory managed by this unit was once revealed to have a capacity of 9,000 m3/month, located in a convenient location for raw materials and logistics, but is now on the verge of closing.

According to the announcement on March 12, TTF Chairman Mai Huu Tin was authorized to negotiate and decide on the termination of the land lease contract and complete the procedures for divesting all of TTF's capital contributions at Central Wood.

Superdong liquidates 15-year-old speedboat

The Board of Directors of Superdong - Kien Giang High-Speed Boat Joint Stock Company has approved a resolution to liquidate the Superdong III ship with an offering price of 1.2-1.3 million USD (about 30-32.5 billion VND).

Superdong III.

The Superdong III is a high-speed monohull vessel built in Malaysia in 2010 with an initial cost of approximately $2.3 million (approximately VND44 billion). The vessel is equipped with a VIP room and bar, with a capacity of 306 seats and a speed of 26.5 knots.

Initially, the ship served the Rach Gia - Phu Quoc route and had a fire incident while anchored at Rach Gia port, then was repaired and brought back to Vietnam for operation in November 2019. The liquidation is expected to be completed in 2025, with payment methods including a 30% deposit, 20% payment upon delivery of the ship and the remaining 50% in 2025.

In parallel with the liquidation of old ships, SKG is investing heavily in the construction of two new high-speed ferries in Malaysia, with a total estimated investment of about VND264 billion (US$11.2 million). These new ferries are expected to serve the Phan Thiet - Phu Quy and Vung Tau - Con Dao routes, with the capacity to carry 540 passengers, 4-16 seat cars and cargo.

This is not the first time SKG has liquidated old ships to invest in new vehicles. In 2023, the Company liquidated two ferries Superdong PI and PII to a related party, Kaibouk Shipyard (M) SDN.BHD (headquartered in Malaysia).

SKG started in 2007 with a single ship, Superdong I, with a capacity of 171 seats, serving the Rach Gia - Phu Quoc route. This brand has since grown strongly by continuously expanding its network of operations with new routes: Ha Tien - Phu Quoc (2011), Rach Gia - Nam Du (2015), Soc Trang - Con Dao (2017), Phan Thiet - Phu Quy (2018), Phu Quoc - Nam Du (2019), Rach Gia - Hon Nghe (2020), Ha Tien - Nam Du (2023) and most recently Ha Tien - Tien Hai (6/2024).

Currently, SKG owns a fleet of 16 high-speed ships and 2 ferries. In 2024, the shipping line's revenue reached VND381 billion, although it has recovered after the COVID-19 pandemic, it is still lower than the peak of VND452 billion in 2019. Competition has caused the gross profit margin in 2024 to reach only 22.8%, a significant decrease compared to 29.3% in 2023. Net profit in 2024 will be VND34 billion, only half of 2023.

Masterise Group has a new 30-year-old General Director

Masterise Group Joint Stock Company (Masterise Group) recently announced changes to its business registration content. Accordingly, Mr. Ho Anh Minh (born in 1995) will be the General Director and legal representative of Masterise Group from January 13, 2025.

Mr. Ho Anh Minh is known as the son of Chairman of the Board of Directors of Vietnam Technological and Commercial Joint Stock Bank (Techcombank) Ho Hung Anh. Mr. Minh currently owns nearly 344.7 million TCB shares; equivalent to nearly 4.9% of charter capital.

In addition, Mr. Ho Anh Minh also owns over 10% of the charter capital of One Mount Group as well as Masterise Group.

Masterise Group was established in 2007, formerly known as Thao Dien Investment Joint Stock Company (TDI). In 2019, TDI changed its name to Masterise Group Joint Stock Company. In October 2020, the company increased its charter capital from VND 1,423.5 billion to VND 2,423 billion.

Masterise Group was established in 2007, formerly known as Thao Dien Investment Joint Stock Company (TDI). In 2019, TDI changed its name to Masterise Group Joint Stock Company.

In October 2020, the company increased its charter capital from VND 1,423.5 billion to VND 2,423 billion.

The Group currently owns a portfolio of real estate projects stretching from North to South, with notable projects such as: The Grand, Masteri West Heights, Lumiere Evergreen, Masteri Waterfront, Lumiere SpringBay Ocean Park 2, Masteri Grand Avenue (Hanoi), Grand Maria, Global City, Lumiere Boulevard, Lumiere Riverside (HCMC)...

Coteccons prepares to build a project worth nearly 11,000 billion in Long An

The BEHS - Covestcons joint venture has just been approved to invest in the Thanh Phu Residential Area combined with commercial services project in Thanh Phu commune, Ben Luc district, Long An province with a capital of more than 10,662 billion VND, covering an area of more than 85 hectares.

Information is updated on the Electronic Information Portal of Ben Luc district, Long An province.

Accordingly, the project has an area of about 85,198 hectares with a total capital of more than VND 10,662 billion invested by BEHS Joint Stock Company and Covestcons Company Limited.

The investment cost for the project is over VND8,662 billion, the cost of compensation for site clearance is VND2,000 billion. Of which, the capital contributed by the two investors is over VND1,599 billion, the mobilized capital is over VND9,063 billion.

Regarding investment progress, in the period of 2024 - 2025, complete legal procedures, conduct compensation, site clearance and resettlement support. In 2026 and the first quarter of 2027, complete 30% of construction and installation volume, by the first quarter of 2028, complete 60% of infrastructure and construction construction volume. By the third quarter of 2029, complete 90% of construction and installation volume and by the fourth quarter of 2029, complete all items and put the entire project into operation.

The project's operating period is 50 years, calculated from the date the investor is decided to allocate land, lease land, or change land use purpose.

BEHS JSC was established in May 2020, headquartered in Phu Quoc City, Kien Giang Province, operating in the field of management consulting. Initially, the company had a charter capital of only 1 billion VND, but by December 2021, this number had increased to nearly 500 billion VND.

The remaining partner in the consortium is Covestcons Company Limited - a subsidiary of Coteccons, headquartered at the Coteccons building on Dien Bien Phu Street, Binh Thanh District, Ho Chi Minh City. This company was established in March 2017 and operates mainly in the field of real estate brokerage and trading. Initially, the company had a charter capital of VND 26 billion and was chaired by Mr. Tu Dai Phuc. In August 2017, the company suddenly increased its capital to VND 1,872 billion. In November 2020, Mr. Bolat Duisenov - Chairman of Coteccons replaced Mr. Phuc as Chairman and legal representative of Covestcons.

According to the electronic information portal of Ben Luc district, Long An province, on March 8, 2025, the District People's Committee held a conference to announce Decision No. 8909/QD-UBND dated September 28, 2023 and Decision No. 11588/QD-UBND dated November 11, 2024 approving the investment policy and approving the investor of the Thanh Phu Residential Area project combined with trade and services in Thanh Phu commune, Ben Luc district with a population of about 4,800 people.

Accordingly, the project has an area of about 85,198 hectares with a total capital of more than VND 10,662 billion invested by BEHS Joint Stock Company and Covestcons Company Limited.

The project's operating period is 50 years, calculated from the date the investor is decided to allocate land, lease land, or change land use purpose.

According to statistics, Thanh Phu commune has about 339 households affected by the project.

As planned, the residential land area is more than 21 hectares, accounting for 25% of the project land area, including new residential land (townhouse land, villa land) and resettlement land. Of which, the area of townhouse land is 9.38 hectares, expected to be divided into 698 lots/units, maximum height of 5 floors; the area of villa land is 8.31 hectares, expected to be 318 lots/units, maximum height of 4 floors; the area of resettlement land is 3.43 hectares, expected to be 282 lots/units, maximum height of 5 floors.

It is known that BEHS JSC was established in May 2020, headquartered in Phu Quoc City, Kien Giang Province, operating in the field of management consulting. Initially, the company had a charter capital of only 1 billion VND, but by December 2021, this number had increased to nearly 500 billion VND.

Source: https://baodautu.vn/novaland-kien-scid-masterise-group-co-tan-tong-giam-doc-ttf-tai-co-cau-truoc-khi-thuong-chien-nong-len-d254042.html