On October 07, 2021, Van Phat Hung Corporation sent to Hochiminh Stock Exchange an explanation letter regarding the decision dated June 02, 2021 from the People’s Committee of Hochiminh City regarding the administrative sanction in real estate field. Accordingly, Van Phat Hung Corporation was sanctioned VND300,000,000 for Nhon Duc Project.

The project has had a land allocation decision since 2010, and Nhon Duc Project’s products have been put into business since mid-2017, while the inspection conclusions of the People’s Committee of Hochiminh City were issued from late 2019 to early 2020 and the sanction decision was made on mid-2021. As the project implementation takes a long time, it is inevitable that legal regulations will change. Therefore, the Corporation inadvertently violates regulations on real estate business

After the decision to sanction, Van Phat Hung Corporation completed the payment of fine and remedied the violation.