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5 ‘the rich businessman’ FDI into the ‘sights’ checked by the Ministry of Finance

5 'the rich businessman' FDI into the 'sights' checked by the Ministry of Finance

According to the plan, in July, the Ministry of Finance will conduct inspection of the implementation of policies on corporate finance at five foreign invested companies in the real estate sector.

Specifically, five FDI real estate companies under this test include: Keppel Land Watco – II Co., Ltd; Park-Oriented Development Company; Indochine Tower Joint Venture Company; Global Toserco Co., Ltd. and Hanoi Central Tower Company Limited.

Keppel Land Watco - II is the company implementing phase 2 of Saigon Center project
Keppel Land Watco – II is the company implementing phase 2 of Saigon Center project

The Ministry of Finance shall send a notice to the enterprise 7 working days in advance. Time of inspection in July/2018.

The Ministry of Finance also said that the inspection contents included the value of capital assets contributed to the parties; the division of profits for the State’s contributed capital in the enterprise; The situation of preservation of capital contribution of economic organizations with capital contributed by the State; The situation of capital transfer and project transfer by the capital contributors in the project; The implementation of the tax law …

This inspection is conducted under Article 15 of the Ministry of Planning and Investment’s Circular No. 09/2016 / TT-BKHDT dated June 30, 2016 guiding the work of monitoring, examination and evaluation of investment for foreign investment activities in Vietnam, as well as implementing the provisions of Decision No. 1381 / QD-BTC dated July 24, 2017 of the Minister of Finance on promulgation of “Regulation on coordination of inspection The implementation of mechanisms and policies on enterprise finance at economic organizations and projects with foreign investment. “

Keppel Land Watco Co., Ltd. is a joint venture between Keppel Land (Singapore) Co., Sowatco Corporation and Saigon Real Estate Corporation (Resco).

Land Watco is the investor of Saigon Center high-class office building, located at the corner of District 1 (Le Loi, Nam Ky Khoi Nghia and Pasteur streets). Keppel Land Watco – II is the company implementing phase 2 of Saigon Center project.

In 2017, Keppel Land bought all the capital contributed by Southern Waterways Corporation (Sowatco) at the Saigon Center project. The deal worth S $ 845.9 billion (approximately S $ 53.5 million) was made by Keppel Land through its subsidiary, Krystal Investments Pte Ltd.

Indochine Park Tower is a joint venture between Saigon Real Estate Corporation (Resco) and AF Investments Limited, a subsidiary of Mulpha International BHD, the investor of Indochina Park Tower in Nguyen Dinh Chieu, District 1, HCMC.

Hanoi Central Tower Co., Ltd (Somerset Grand Hanoi) is the owner of Somerset Grand Hanoi. Somerset is one of the three main names of Ascott Limited – the Singaporean corporation that provides the world’s largest international serviced apartment.

Ascott owns five major properties under the Somerset brand in Vietnam including Somerset Grand Hanoi (Somerset West), Somerset West (Somerset West), Somerset Chancellor Court (HCMC) and Somerset HCMC.

Parked Property Development Company (G.V.C Development Limited) has been operating in Vietnam since 1998 and is represented by Maria Cristina Cabrera.

G.V.C is an affiliate of City Real Estate Development Joint Stock Company (HDReal).

Global Toserco Limited (Global Toserco Limited) is based on the cooperation of PT Global Metropolitan (Ciputra Group, Metrolitan Group, Práidha Group) and Hanoi Tourist Service Company Limited ( Hanoi Toserco). Global Toserco is the owner of the Pullman Hotel in Hanoi.

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