Accordingly, in July, the Ministry of Finance (MoF) together with local agencies will inspect five FDI enterprises including Keppel Land Watco II Co., Ltd, G.V.C Development Co., Ltd (G.V.C), Indochine Park Tower Joint Venture Company, Global Toserco Co., Ltd and Somerset Grand Hanoi Co., Ltd.
As planned, MoF will work with these enterprises on the value of assets contributed by the involved parties, the distribution of profits for the State's capital contribution in the enterprises, the status of capital transfer and project transfer, the compliance with the law on tax, etc.
It is known that the specific inspection time will be notified to the enterprises seven working days in advance.
Five FDI enterprises named in the inspection list are operating in real estate sector with many big projects in Hanoi and Ho Chi Minh City.
In particular, Keppel Land Watco Co., Ltd. which is a joint venture between Singapore-based Keppel Land, Southern Waterborne Transport Corporation (Sowatco) and Saigon Real Estate Corporation (Resco) is the investor of the luxury Saigon Cetre in District 1, Ho Chi Minh City. Keppel Land Watco - II is the company implementing phase 2 of Saigon Centre project.
In 2017, Keppel Land, through its subsidiary Krystal Investments Pte Ltd, acquired from Sowatco an additional 16-per cent stake in Keppel Land WATCO I to V at price of VND 845.9 billion ($53.5 million).
Following the acquisition, Keppel Land increased its aggregate interest in the JV companies for Saigon Centre in phases one and two (Keppel Land WATCO I, II and III) from approximately 45.3 per cent to 53.5 per cent, and its aggregate interest in the JV companies for subsequent phases of Saigon Centre (Keppel Land WATCO IV and V) from 68 per cent to 76.2 per cent.
G.V.C Development Co., Ltd, which has been licensed and put into operation in Vietnam since the end of May 1998, is an associate of City Housing Development Real Estate Business Joint Stock Company (HDReal).
Meanwhile, Indochine Park Tower Joint Venture Company is a joint venture between Saigon Real Estate Corporation (Resco) and AF Investments Limited (HongKong), a subsidiary of Mulpha International BHD (Malaysia). This company is the owner of Indochina Park Tower located in Nguyen Dinh Chieu road, District 1, Ho Chi Minh City.
Global Toserco Co., Ltd was established based on the cooperation of PT Global Metropolitan and Hanoi Tourist Service Joint - Stock Company (Hanoi Toserco), which is the owner of the Pullman Hotel in Hanoi.
Somerset Grand Hanoi Co., Ltd is the owner of the Somerset Grand Hanoi commercial center.
Somerset is one of the three main brands of Singapore’s Ascott Limited that is the world’s largest international serviced residence owner-operator. In Vietnam, Ascott Limited owns five major real estate properties under the Somerset brand including Somerset Grand Hanoi (Hanoi Tower), Somerset Hoa Binh, Somerset Westlake, Somersett Chancellor Court HCMC and Somerset HCMC.