Keppel files arbitration against partners in $1.2 bln southern Vietnam project
Singapore conglomerate Keppel Ltd. has initiated arbitration proceedings against three partners in a $1.2 billion residential and mixed-use urban project in Vietnam’s southern metropolis hub of Ho Chi Minh City.
According to its filing with the Singapore International Arbitration Center on Monday, Keppel, through its wholly-owned subsidiary Corredance, is seeking declarations that the three respondents are fully liable for additional land use fees that the HCMC authorities have imposed on Empire City LLC, a joint venture (JV) established for the project that is 40% owned by Corredance.
The three partners that Corredance signed an agreement with in 2016 are Denver Power Ltd, Tien Phuoc Real Estate JSC, and Tran Thai Lands Company Limited.
The Empire City complex in Ho Chi Minh City, southern Vietnam. Photo courtesy of Znews.
The agreement relates to the 14.5-hectare Empire City urban development in Thu Thiem New Urban Area. It includes a waterfront site comprising residential apartments, office and retail properties, and an 86-story integrated mixed-use tower complex.
In late 2025, local authorities demanded that Empire City JV pay additional land use fees of VND6.88 trillion ($261.05 million) for the land plots. Keppel says it has lodged formal requests with relevant authorities to reconsider and amend the decisions, which remain pending.
Corredance is seeking to hold the three partners fully liable for the additional land use fees and is claiming indemnity for any resulting losses.
The legal move came as tax authorities in HCMC stepped up enforcement against Empire City LLC. As of late March, the firm had accumulated tax liabilities, penalties, and late payment fees totaling VND6.97 trillion ($264.69 million), with VND1.65 trillion ($62.56 million) overdue for over 90 days.
Authorities have also warned of a potential exit ban on the company’s legal representative and CEO, Vo Sy Nhan, if the financial obligations are not settled within 30 days from early April.
Construction of the Empire City project began in 2017, with about 1,200 apartments already delivered, but has largely stalled since 2019 pending resolution of the financial liabilities problem.
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