QUOC LOC PHAT JOINT STOCK COMPANY

The subject was established in 2014 as a joint stock company. It is now operating under business registration no. 0312912428 granted by Ho Chi Minh Department of Planning and Investment with charter capital of VND 1,500 billion. It specializes in real estate business. According to the subject’s staff, total labor force is about 10 employees now.
Negative news:
The subject is an investor of Song Viet Complex with a total area of 7.6 ha (total investment capital is VND 7,300 billion). On 22 Jun 2019, Government Inspectorate announced the Notice No. 1041 / TB-TTCP on conclusions on inspection of state management and law implementation in planning, construction management and land management in Thu Thiem new urban area. In which, it is clearly stated that the project of Song Viet Complex area has made a mistake. This project was appointed by People's Committee of Ho Chi Minh City, but did not auction land use rights.
People's Committee of Ho Chi Minh City has calculated and collected land use fee of the investor, in which, determining land use fee in some land lots with unit price of VND 26 million/m2 (equal to the average investment cost) is not in compliance with the regulations, needs to be reviewed, redetermined land prices to collect arrears, to avoid damage to the State budget.