PRT Land Reclamation: HCMC Seizes 1.45 Million sqm from Binh Duong Producer

Overview

Ho Chi Minh City authorities have issued a decision to reclaim more than 1.45 million square meters of land from Binh Duong Production and Import-Export Corporation (UPCoM: PRT) to enforce Appellate Criminal Judgment No. 912/2022/HS-PT dated December 28, 2022, issued by the High People’s Court in Ha Noi. The land, previously registered to PRT’s predecessor and later contributed as capital to Tan Thanh Investment and Development JSC, will be transferred to the HCMC Party Committee for management. The decision takes effect on September 11, 2026, and directly affects PRT, a state-owned enterprise with diversified interests across industrial parks, rubber, golf, and dairy.

Key Facts

• More than 1.45 million square meters of land reclaimed from PRT under HCMC People’s Committee Decision, effective September 11, 2026.
• Enforcement tied to Appellate Criminal Judgment No. 912/2022/HS-PT dated December 28, 2022, from the High People’s Court in Ha Noi.
• The land was originally certified to Binh Duong Production and Import-Export Corporation - One Member LLC, then registered as a capital contribution to Tan Thanh Investment and Development JSC.
• PRT reported 2025 revenue of more than VND 1,047 billion, up about 6% year-on-year and reaching 100.2% of plan.
• 2025 pre-tax profit reached more than VND 168.7 billion, equal to 119.7% of the annual target.
• For 2026, PRT targets net revenue of more than VND 1,166 billion and total pre-tax accounting profit of VND 179.7 billion.
• The state shareholder, Binh Duong Investment and Project Management One Member LLC, holds nearly 61% of PRT; charter capital is VND 3,000 billion.

What Happened

According to the HCMC People’s Committee, the reclaimed land was previously granted a certificate to Binh Duong Production and Import-Export Corporation - One Member LLC, which later registered a change to contribute land-use rights as capital to Tan Thanh Investment and Development JSC. The city stated the reclamation is necessary to execute a legally effective judgment. Following the reclaim, the land is to be handed over to the HCMC Party Committee for receipt and management in line with the judgment and relevant legal regulations.

The HCMC People’s Committee has instructed Tan Thanh, Binh Duong Production and Import-Export Corporation - Joint Stock Company (the entity’s current name), and related organizations and individuals to hand over the land at the request of competent authorities. They must also coordinate to determine boundaries, markers, and the current state of the land, and prepare handover minutes as required. The decision does not disclose the transaction value or any compensation arrangement.

Market Context

PRT trades on the UPCoM exchange and closed at VND 8,500 on September 14, 2026. The company operates in real estate, industrial parks, rubber, and dairy, and is classified as a state-owned enterprise under the Law on Enterprises 2020 because the state shareholder holds nearly 61%. The land reclamation adds a legal and operational overhang to a ticker that already trades on the less-liquid UPCoM segment. The broader Vietnamese market has seen increased scrutiny of land-use rights and enforcement of court judgments, particularly involving state-owned enterprises and equitized entities.

Strategic Significance

For long-term investors, the key issue is whether the reclaimed land represented a material portion of PRT’s asset base or future development pipeline. PRT’s diversified model spans industrial park infrastructure, logistics, golf and resort services, dairy processing, garment, wood processing, healthcare, and rubber planting and processing, including 10,000 hectares of rubber in Laos and a 30% stake in FrieslandCampina Vietnam. The loss of 1.45 million square meters could affect industrial park or real estate development plans, but the company’s 2025 results and 2026 targets suggest core operations remain intact. The enforcement of a criminal judgment also raises governance questions for a state-controlled entity, which may weigh on valuation until the asset transfer is completed and any financial impact is clarified.

What to Watch

• PRT’s official disclosure on the financial and operational impact of the land reclamation, including any compensation or impairment.
• Completion of the land handover and boundary demarcation with HCMC authorities.
• 2026 interim or annual earnings to see whether revenue and profit targets remain on track.
• Any further legal proceedings or asset disputes involving Tan Thanh Investment and Development JSC.
• Updates on PRT’s rubber, golf, and dairy operations, including the FrieslandCampina Vietnam stake.