Hundreds of purchasers have entered into sale or lease-purchase agreements for apartments in the Hesco Commercial – Office – High-rise Apartment Complex Project, commercially known as Grand Sunlake Văn Quán, developed by the joint venture between Hesco Hydraulic Equipment Joint Stock Company and Thang Long Viet Nam Housing and Urban Development Group Joint Stock Company (hereinafter referred to as Thang Long Company).

On November 1, 2022, Thang Long Company signed Minutes of Agreement No. 135/BB-TLVN, transferring to An Phu Gia Holdings Joint Stock Company (APG Holdings) a total of 350 future-formed apartments in Tower S1 (Tower D – 45 floors) of the Grand Sunlake Văn Quán Project.
Under the terms of this agreement, Thang Long Company committed to hand over the apartments by March 2024 and to take responsibility for confirming the purchase or transfer of apartments to third parties under the sale or lease-purchase contracts executed between the two companies.

Following the execution of the agreement, hundreds of buyers concluded their individual sale or lease-purchase contracts and made payments ranging from 50% to 100% of the apartment value, in accordance with the agreed schedule and duly verified documentation.
However, by October 2024, amid a sharp increase in the real estate market, Thang Long Company unexpectedly issued Notice No. 125/2024/TB-TLVN, unilaterally terminating all contracts with APG Holdings and refusing to recognize the legal rights of homebuyers, resulting in hundreds of purchasers losing their lawful entitlement to receive their apartments despite having made valid payments.

From a legal standpoint, this conduct shows signs of a serious violation of Vietnam’s real estate business laws and consumer protection regulations.
Pursuant to the Law on Real Estate Business 2014, the developer bears the ultimate responsibility for all capital mobilization, transfer, and housing transactions within its project—even where such transactions are conducted through authorized distributors or partners.

Furthermore, Article 133 of the Civil Code 2015 provides for the protection of bona fide third parties, including homebuyers who entered into transactions in reliance on legally certified project documentation and confirmations issued by the developer.

In addition, the Law on Consumer Protection 2023 affirms that consumers are protected in all transactions, even those carried out through intermediaries. The developer cannot rely on internal transfers or commercial arrangements as grounds to deny liability to buyers who have lawfully fulfilled their payment obligations.

Where a developer unilaterally terminates a contract, fails to perform its obligations, or refuses to acknowledge the lawful rights of purchasers, it may be compelled to refund all received payments, compensate for damages, and, in cases indicating fraudulent intent or misappropriation, may also face criminal prosecution.

Likewise, distributors or intermediaries that collect funds from customers without fulfilling their contractual duties or transferring such amounts for the intended purpose shall bear corresponding legal liability.

This incident underscores the critical importance of transparency, legal compliance, and the protection of homebuyers’ rights in all real estate transactions.
When parties fail to honor their commitments or deliberately breach the law, the consequences extend beyond individual losses — they erode public trust and destabilize the integrity of Vietnam’s real estate market.