Capella Holdings ecosystem of 'rich man' Nguyen Cao Tri

Nguyen Cao Tri is a familiar face among the elite in Ho Chi Minh City, with the Capella Holdings ecosystem covering fields such as real estate, restaurants, and education.

In early 2023, Saigonbank announced Nguyen Cao Tri was no longer a board member for the 2019-2024 term. The document did not mention the reason, only saying Tri had "definitely lost his status, and was no longer a board member as prescribed in Article 35 of the Law on Credit Institutions."

Article 35 stipulates cases of losing the position of board member, including losing civil act capacity; death; violating regulations; no longer being a representative of contributed capital; and a credit institution that has had its license revoked...

Tri joined Saigonbank's board of directors in October 2021 after buying nearly 580,000 SGB shares, or a 0.19% stake, in June 2021.

Tri, 53, is one of the wealthiest men in Ho Chi Minh City, owning many businesses in real estate, education, finance, and restaurant services like Capella Holdings, Capella Hospitality Ltd., and Riverside Palace Corp. He has held leadership positions at a number of member companies of Ben Thanh Group, such as investment director at BenThanh Tourist Service Corporation (1999-2005), and general director of Ben Thanh Land.

In 2015, after Ben Thanh Group’s divestment, Ben Thanh Land was renamed Capella Holdings and shifted its business focus to the F&B hospitality field. Tri was widely known as chairman and CEO of Capella Holdings.

At that time, Capella Holdings owned famous brands such as Air 360 Sky Bar, Chill Bar and La Vie En Rose Live Music & Bar (entertainment); Riverside Palace, Claris Palace, Capella Park View and Capella Center (conference-wedding venues); San Fu Lou, Sorae and Di Mai (restaurant). Of these, Chill Sky Bar in AB building, District 1 and Air 360 Sky Lounge in Ben Thanh Tower, District 1 were famous entertainment venues.

Capella Holdings' position in the F&B and hospitality field was solidified when Chloe Hospitality Co., Ltd. acquired the right to manage Tajmasago "castle" and Cham Charm restaurant from businessman Hoang Khai, or Khai "Silk", in late 2018. Capella Holdings was said to be the one behind the deal.

Huge business structure

In addition to F&B, he expanded his business activities to the real estate sector with a series of companies, including Khanh Hoi Investment and Services Corporation (Khahomex). The company owned real estate projects in District 4, including Khahomex Apartment Buildings 1, 2, 3 and added service facilities such as kindergartens and conference-wedding venues. In March 2021, Khahomex won an auction for a 6,327-square-meter area at 245/61B Hoa Binh, Hiep Tan ward, Tan Phu district from Sacombank.

Among the legal entities operating in the real estate sector under the influence of Nguyen Cao Tri, Khahomex was the only firm registering shares on the Vietnamese stock market as KHA. However, at the end of February 2023, Khahomex shareholders approved that the company was no longer a public company under the Securities Law and would move out of the unlisted public company market UPCoM.

As CEO of Saigon-Dai Ninh Tourist Investment JSC, Tri helped the company retain the “super project" worth VND25,243 billion ($1.07 billion) South Da Lat Urban Area, covering 3,595 hectares in the Central Highlands province of Lam Dong. He also aimed to raise its investment to VND30,291 billion ($1.28 billion).

In July 2020, the Government Inspectorate requested the People's Committee of Lam Dong province to terminate the operation of the project and reclaim the allocated land for violations of land and investment laws. However, nearly a year later, the Government Inspector issued a written notice to withdraw the request.

Tri was also said to be related to Ben Thanh Holdings shareholder Dao Ngoc Bao Phuong, which stirred the market with a proposal to pour more than VND65 trillion ($2.75 billion) into two projects in Quang Ninh in 2020. They included a 2,550-hectare, VND7,108 billion ($299.66 million) commercial, service and multi-purpose resort complex on Cai Chien island and a 4,988-hectare, VND58.2 trillion logistics, high-tech park and seaport project in Hai Ha district.

Tri "Capella" was also involved in the education field as one of the founding shareholders of Van Lang Education Group (VLG), which was established in February 2017. His wife, Bui Thi Van Anh, is also a VLG board member.

In December 2020, when VLG finished increasing its charter capital from VND404.7 billion ($17.11 million) to VND445.07 billion ($18.82 million), Tri became VLG chairman in replace of Bui Quang Do. In the first three months of 2022, the group mobilized VND2.2 trillion ($93 million) through an issuance of 36-month term bonds. Two months later, in May 2022, VLG raised its charter capital to VND1.7 trillion ($71.84 million).

As the owner of Van Lang University, one of the first private universities in HCMC, Tri served as president of the school council. In addition, he also represented Van Lang International Human Resources and Services Corporation and US Talent International - UTI Co., Ltd., and is president of the council of the Binh Duong Economics and Technology University for the 2021-2026 term.

The Capella Holdings owner also joined the dairy industry as CEO and legal representative of Lothamilk JSC in July 2019 and board member of Saigon Football Development JSC, which manages Saigon FC.

VLG was also awarded the PVF Youth Football Training Center in the northern province of Hung Yen by Vingroup, the largest private conglomerate in Vietnam.