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Keppel has filed a case with the Singapore International Arbitration Centre (SIAC) against three Vietnamese partners in the Empire City joint venture, seeking to shift responsibility for an additional land-use fee of about 6.9 trillion dong at Thu Thiem.
The dispute centers on the supplementary land-use fee demanded by authorities for parcels within the project. Corredance, which holds a 40% stake in the joint venture Thành phố Đế Vương, argues that Denver Power, Tien Phuoc Real Estate JSC, and Tran Thai Real Estate Co should bear full responsibility for the fee and related costs.
Keppel said Corredance is not liable for the extra land-use fee and that the defendants should cover the related costs. It added that while the Empire City investment is still expected to be profitable, partner responsibility for the fee could affect the timing and level of profits.
Keppel said that in March 2016, Corredance signed an investment agreement with the three partners to develop Empire City in Thu Thiem New Urban Area, Ho Chi Minh City.
The project covers 14.5 hectares, with a total gross floor area of 763,438 square meters and about 3,787 units planned. The development includes a 5-star hotel, a premium shopping mall, offices, and an 88-story multifunction tower, which is expected to become a landmark of the Thu Thiem new urban area and potentially the tallest building in Vietnam in the future.
By the end of 2025, the Thành phố Đế Vương joint venture was notified by authorities to pay a supplementary land-use fee totaling nearly 6.9 trillion dong related to parcels within the project.
Keppel said the joint venture has filed formal petitions to authorities to reconsider the decision and the fee, but no response has yet been received.
In the arbitration, Corredance’s demands focus on the responsibility of the three partners for commitments and guarantees under the investment agreement, particularly regarding land-use approvals and the accompanying financial obligations of the project.
The case is reported alongside Ho Chi Minh City’s tax department efforts to recover debt from the Empire City project.
As of 26 March 2026, the joint venture recorded total tax debt, penalties, and late payments of nearly 6.973 trillion dong. Of this amount, overdue payments of more than 90 days totaled 1.648 trillion dong.
The tax department also stated that if the company does not fulfill its tax obligations within 30 days, the CEO, Võ Sỹ Nhân, will be temporarily barred from leaving the country.
The joint venture has charter capital of over 5.422 trillion dong. Members include Tran Thai Real Estate Co (15%), Tien Phuoc Real Estate JSC (15%), Denver Power Ltd (30%), and Corredance Pte. Ltd (40%).
The CEO and legal representative is Võ Sỹ Nhân.
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