The Government Inspectorate detailed its findings in a conclusion notice concerning Nam Long Investment Joint Stock Company's (Nam Long) compliance with laws governing investment, construction, housing, and real estate business across its projects.

The inspection focused on 5 main projects, encompassing a total of 20,000 housing units.

For the resettlement area, multi-functional high-rise, and Akari Hoang Nam residential projects, Nam Long reportedly "signed sales contracts before publicly disclosing real estate information".

Selling apartments without bank guarantees

Nam Long signed apartment sales contracts for block D in Akari Hoang Nam without securing bank guarantees. The developer also handed over homes to customers before the medical station was built, according to the findings.

The inspectorate also noted that Nam Long retained a 280 square meter clubhouse at Akari Hoang Nam for commercial use but had not paid approximately 357 million VND in maintenance fees. The company only deposited the funds into the maintenance account at OCB after the inspection.

For the resettlement and multi-functional high-rise projects, Nam Long began real estate operations before completing the infrastructure.

Nam Long's Dong Nai Waterfront project saw a partial adjustment to its 1/500 detailed plan in 2025, adding over 10,000 square meters of residential land. However, at the time of the inspection, Dong Nai city's specialized agencies had not yet assessed or collected the corresponding additional land use fees.

The inspectorate attributed responsibility for issues at Dong Nai Waterfront to the Dong Nai Department of Construction, Department of Agriculture and Environment, and Department of Finance.

Akari Hoang Nam project. Photo: Nam Long

Potential criminal signs to be referred for investigation

At the Vam Co Dong Southgate new urban area project, the Government Inspectorate noted that Tay Ninh province's specialized agencies had not yet assessed or collected additional land use fees following a partial adjustment to the project's sub-zone planning. Southgate Joint Stock Company also constructed the D8 bridge there, deviating from the approved plan.

After the inspection, the company reported demolishing the bridge structure, providing a site report and images of the demolition.

For the Nguyen Son residential project, developed by Nguyen Son Real Estate Joint Stock Company (a Nam Long Group subsidiary), the company had not submitted documents to the Ho Chi Minh City People's Committee for appraisal of social housing sales prices.

Following the inspection, the company committed in writing to proactively discuss solutions with customers if the appraised housing sales price falls below 16,4 million VND/square meter, ensuring customer rights and preventing disputes.

The Government Inspectorate urged the People's Committees of Ho Chi Minh City, Dong Nai, and Tay Ninh to review and inspect relevant units' legal compliance for prompt rectification.

The inspectorate directed Nam Long to "cease all detected violations and urgently remedy the consequences".

The inspectorate also mandated that if local government reviews uncover signs of criminal violations, relevant information, files, and documents must be transferred to investigative agencies for processing.

Nam Long is a private enterprise with a charter capital exceeding 4,850 billion VND, operating an ecosystem of 22 subsidiaries and three joint ventures or associates. The company has been listed on the stock exchange as NLG since 2013.

NLG closed today's trading session in the red, with shares priced at 21,750 VND each.