BSC offers advice on the CocoBay project, Da Nang, Vietnam, to the biggest investor.
Having accepted the invitation from Mr. Mai Huy Tan, director of the Viet – Duc Bridge Limited Company (the biggest investor of Cocobay project), expert Le Ngoc Son recently participated in the discussion on crisis management. Also involved was Mr. Nguyen Tien Suong, global trade connections expert, the responsible office for the trade connectivity of BCS network.
Previously, Mr. Nguyen Duc Thanh – chairman of the Thanh Do Group – investor of Cocobay project, announced his refusal to pay monthly interest to shareholders of Codotel (vacation rental) contracts. Thousands of investors of the project have been alarmed by the announcement, Mr.Mai Huy Tan is presumed to be the biggest investor of Coco Bay Danang.
Mr. Mai Huy Tan has a PhD in Mathematics from Germany, known as the founder of Duc Viet sausage in 2000, at the age of 52. In 2010, Duc Viet Food joint-stock company became one of the 500 fastest growing Vietnamese private enterprise and, together with Vissan and CP Duc Viet Food, confirmed a firm position on the domestic market. In 2016, Mr. Tan Duc Viet sold Sausage to Daesang Corp (Korea) for US $ 32 million (approximately VND 720 billion at the time).
After the Duc Viet Food franchise, Mr. Tan decided to invest in real estate and spent nearly VND 600 billion to buy the Cocobay project. Particularly, Mr. Tan borrowed VND 402 billion from SHB for 18 months at an interest rate of more than 8% / year within 18 months and is currently 10.4% / year.
In the Cocobay project, Mr. Tan owned 42 properties. According to the signed contract, Thanh Do Group had to pay a tied income of 67.7 billion VND / year.
The Thanh Do Group paid Mr. Tan’s company for two years, and in 2019, the incorporation made an advance of 14.5 billion dong on the first payment term and 54 billion dong unpaid. The total money amount Mr. Tan’s company paid to SHB was 74 billion dong in capital and 76 billion dong in interest.
The Thanh Do Group announced unilaterally to no longer pay any tied income. Subsequently, Mr. Mai Huy Tan faced the risk of default and loss of assets.
During the meeting, expert Le Ngoc Son focused on “background” of the stories around as well as major problems that Mr. Mai Huy Tan and the Vietnam-Duc Bridge Limited Company had just faced. Additionally, expert from B.C.S gave advice on improvisation strategies and dealing with the business reality and political environment in Vietnam.
According to the online newspaper Dan Viet, researcher Le Ngoc Son implemented training progress , offered the strategy advice, and successfully achieved in typical crises managing in big enterprises, ministries and departments in Vietnam. Mr. Le Ngoc Son and the colleagues are currently living and working in Germany, altogether building an expert network and supporting variety politicians and big enterprises in Vietnam, Germany and the industrialized countries. Mr. Son is the first Vietnamese to do a PhD in the field.
Mr. Mai Huy Tan appreciated the sensible and effective strategies of BCS – Expert Network of Communication and Crisis Management from Germany. Contemporary, there was high expectation that the sustainable cooperation would be extended, not only by the project in Coco Bay, but also by other projects that were being carried out (such as waste electricity or renewable energy, etc.).