At an investment promotion conference on August 29, Gia Lai province granted an MoU to the chairman for a planned VND400 billion ($15.18 million) high-rise residential and commercial complex in the central province.

The above-said Phu Dong project will comprise a 25-storey residential tower and 3.5-storey shophouses, to be built on nearly 7,000 square meters of cleared land in Pleiku ward.

Duc explained that the land has belonged to the company for 15 years, dating back to its heyday.

“Back then I was rich, so I didn’t even think about it. If I had, I might have sold it to pay off debts,” he told local media.

HAGL's headquarters in Pleiku town, Gia Lai province, central Vietnam. Photo courtesy of the company.

Duc had repeatedly insisted he would never return to property development - even if certain projects could have brought in trillions of dong in profit (VND1 trillion = $37.96 million).

He admitted that unveiling the property project felt like breaking his promise to shareholders, but said it happened by chance.

According to the chairman, developing a modest housing project is “not difficult,” but more importantly, he wants to contribute to Gia Lai following its recent merger with Binh Dinh province.

“That’s all there is to it - I have no plan to branch out again,” Duc said. “I’ve stumbled once, and at my age, another fall would leave no room for a comeback. HAGL will stick to its core in agriculture.”

Between 2007 and 2014, HAGL was one of the largest companies in Vietnam. However, by 2016, the company faced failure for several reasons.

In response, HAGL returned to Gia Lai and chose agriculture as the sole focus to restructure its operations. Over the past 10 years, the company boldly embraced agriculture and the fertile land of Gia Lai for its turnaround. As of today, the restructuring has been a success.

"In 2016, the company lost liquidity and was burdened with a debt of VND32 trillion ($1.21 billion). Now, the debt has been reduced to VND4 trillion ($151.85 million). Total assets now stand at VND26 trillion ($987.02 million)," Duc told the August 29 conference.

Alongside the Phu Dong complex, HAGL has also proposed developing the Nam Gia Lai eco-tourism and golf resort. The provincial People’s Committee has expressed support for the plan, saying it will be reviewed once the revised provincial master plan receives official approval.

On the Ho Chi Minh Stock Exchange (HoSE), the company’s HAG shares closed Friday at VND16,200 ($0.61) a piece.

After the merger of Gia Lai and Binh Dinh provinces, the new Gia Lai, endowed with both mountains and coastline, shows greater potential in resort, industrial, logistics, and large-scale urban real estate development. The province borders Dak Lak, Quang Ngai, Cambodia, and the East Sea.