Portrait of the owner of Muong Thanh Group who has just been prosecuted

The owner of Muong Thanh Group is one of the "real estate tycoons" who owns the Muong Thanh hotel system from the South to the North along with many scandalous real estate projects.

Mr. Le Thanh Than was born in 1949, in Dien Chau, Nghe An. In 1974, after graduating from high school, he stopped studying and went to war in the final years of the resistance war against America. After the war, he was sent to Lai Chau and held the position of deputy chief of the district party committee office.

Taking this position, he regularly managed and gathered workers for local construction projects at that time.

Portrait of the owner of Muong Thanh Group who has just been prosecuted - 1 — Mr. Le Thanh Than - Chairman of Muong Thanh Group. (Photo: Internet)

In the early 90s, Mr. Le Thanh Than established Lai Chau Private Construction Enterprise No. 1, later changed to Lai Chau Private Construction Enterprise No. 1 and now Dien Bien Private Construction Enterprise No. 1 with headquarters in Dien Bien.

In 1993, the Dien Bien Phu Hotel was built in Dien Bien. The project was completed a year later, on the occasion of the 40th anniversary of the liberation of Dien Bien.

3 years later, Mr. Than received an offer from Lai Chau province to exchange Dien Bien Phu hotel for another valuable land. This deal was accepted by Mr. Than and Muong Thanh hotel was established on the land exchanged from Dien Bien Phu hotel. Muong Thanh hotel at this time was the starting point for the birth and development of the Muong Thanh brand later, closely associated with Mr. Than's career.

After a period of doing business and accumulating in Lai Chau, when he had some capital in hand, Mr. Than began to find a way to move to the capital through real estate business.

With the strategy of “buying cheap to sell cheap”, the land in Linh Dam peninsula caught the eye of the “plow tycoon”. In the 90s, this was just an underdeveloped flooded land, far from the center of Hanoi, but it was in line with Mr. Than’s business strategy of buying land in remote areas and then selling it at high prices when planning the urban area. He put all his money into buying such land in Hanoi. The plots of land he bought at that time were only worth a few billion to a few tens of billions of VND.

In the following years, Lai Chau Private Construction Enterprise No. 1 carried out a series of apartment building projects in Xa La, Dai Thanh, Kim Van Kim Lu, Linh Dam...

To have competitive prices, Mr. Than works as fast as possible, increases construction density, does not use loans, does not advertise... Thanks to that, each apartment is sold by Mr. Than for about 15 million VND/m2, equivalent to about 600 million VND to more than 1 billion VND per apartment.

This business philosophy helps Mr. Than sell his house as quickly as possible, recover his capital and make a profit. However, it also causes Mr. Than to receive a lot of criticism and is currently in trouble with the law.

In contrast to real estate, Mr. Than's hotel and resort sector is built with 3-5 star standards. The lowest room rates of the hotel chain are listed from 40 USD - 2,000 USD/night.

Before being prosecuted in 2019, Mr. Than had moved to transfer management rights at businesses to relatives.

The Hanoi People's Procuracy has just announced the prosecution of defendant Le Thanh Than (Chairman of the Board of Directors, General Director of Bemes Production and Import-Export Joint Stock Company - Bemes Company, Chairman of Muong Thanh Group) for the crime of deceiving customers.
The Hanoi People's Procuracy also prosecuted defendants Nguyen Duy Uyen, Bui Van Bang, Do Van Hung, Mai Quang Bai, Vuong Dang Quan and Nguyen Van Nam for the crime of lack of responsibility causing serious consequences.

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