Transfer the petition to Hanoi City Police for settlement
Lao Dong Newspaper has just published an article reflecting the case of more than 5 years after paying money, many customers who ordered houses at Project 88 Central (Long Bien ward, Hanoi City) have not yet seen this project implemented in reality.
According to PV's investigation, the group of customers of this project has sent a petition to the Department of Police for Investigation of Corruption, Economic Crimes, and Smuggling of the Ministry of Public Security.
According to the document dated February 24, 2026, after studying the content of the petition, based on the provisions of law, the Department of Police Investigation of Corruption, Economic Crimes, and Smuggling of the Ministry of Public Security transferred the petition to the Head of the Investigation Police Agency of Hanoi City Police for direction and settlement according to their authority.
Previously, on February 4, after receiving a petition with the content "denowing acts showing signs of fraud and appropriation of assets of Berjaya - Handico12 Joint Stock Company,...", the Hanoi People's Court also transferred the petition to the Department of Police for Investigation of Corruption, Economic Crimes, Smuggling, and Environment - Hanoi City Police (PC03) for consideration and settlement according to regulations.
Investor's business is poor
According to PV's investigation, Project 88 Central is a component project of the Berjaya - Handico12 Residential and Commercial Area Project (commercial name Hanoi Garden City) invested by Berjaya - Handico12 Joint Stock Company (formerly Berjaya - Handico12 Co., Ltd.).
Berjaya - Handico12 Joint Stock Company was established on February 9, 2007, currently headquartered on Mua Dong Street, Thach Ban New Urban Area, Long Bien Ward, Hanoi City. Mr. Nguyen Quoc Viet (born in 1986) holds the role of Chairman of the Board of Directors cum General Director of the Company.
Updated at the end of July 2025, charter capital of Berjaya - Handico12 Joint Stock Company reached more than 1,500 billion VND, the shareholder structure includes the participation of Viet Duc Trading and Investment Co., Ltd. contributing 312 billion VND, Dong Thinh Phat Land Investment Joint Stock Company contributing 702 billion VND and Green Hill Construction Investment Joint Stock Company contributing the remaining 546 billion VND.
By September 2025, the charter capital of Berjaya - Handico12 Joint Stock Company will be increased to 2,260 billion VND, the shareholder structure will not be disclosed.
As of the end of 2024, total assets of Berjaya - Handico12 Joint Stock Company reached nearly 2,270 billion VND, a sharp increase compared to 1,010 billion VND after 12 months.
In addition, the company's unfinished basic construction costs also recorded approximately 241 billion VND. These are expenses including construction costs, land development costs, capitalized loan interest costs, consulting costs...
Meanwhile, the payables of Berjaya - Handico12 Joint Stock Company were reduced from VND 1,338 billion at the beginning of the year to VND 1,105 billion at the end of 2024. It is noteworthy that financial debt has decreased sharply to more than VND 15 billion, compared to the previous figure of VND 584 billion.
However, the business results of Berjaya - Handico12 Joint Stock Company are less positive, in 2024, revenue was only over 3 billion VND, while in 2023 the company's revenue reached over 15 billion VND.
Low revenue, plus outstanding cost of goods sold, so in 2024, Berjaya - Handico12 Joint Stock Company recorded a gross loss of more than 3 billion VND. Along with bearing expenses such as loan interest expenses, business administration expenses, sales expenses... at the end of the year, Berjaya - Handico12 Joint Stock Company recorded a post-tax loss of more than 17 billion VND.
This contributed to bringing the company's accumulated loss as of December 31, 2024 to nearly 396 billion VND.
Regarding the story at Project 88 Central, in an exchange with a reporter from Lao Dong Newspaper, a legal expert commented that the project has been going on for more than 5 years since the customer paid the money but it is still just an empty lot, the signing of the "Registered Purchase Contract" from 2020 is actually a form of early capital mobilization when the project does not have sufficient legal conditions to sign an official purchase and sale contract.
The fact that the investor kept customers' money for more than 5 years without carrying out any construction activities shows signs of using capital for the wrong purpose or weak project implementation capacity.
To definitively resolve the case, the involvement of state management agencies is needed to clarify the legal status of the project, the reasons for the slow implementation and the legality of previous capital mobilization.
Transparency of these factors not only protects the rights of homebuyers but also contributes to stabilizing the order of the real estate market, avoiding similar disputes in the future.
