REFICO represents a unique opportunity to invest in a significant stake in one of Vietnam’s most reputable and growing real estate development companies with an excellent track record of delivering quality projects and superior returns. The company possesses proven quality projects and pipeline, which allows investors the opportunity to invest into quality assets without going through a lengthy learning curve, and the first right to co-invest into the pipeline.

REFICO’s competitive advantage lies in its ability to secure quality sites for development, historically at below market prices. This ability stems from the Company’s local knowledge and extensive networks, especially in the banking system and State Owned Enterprises (SOE’s), allowing REFICO to access distressed and undervalued real estate asset deals. The continued privatisation of State Owned Enterprises (SOE’s) has and will provide REFICO with further opportunities to access real estate opportunities at below market value. REFICO already has two such opportunities within its portfolio.

REFICO also has strong and long term relationships with planning authorities, local and foreign financial partners, contractors, and professional service providers both local and international, thus allowing the delivery of quality assets at a competitive local cost.

REFICO’s track record, projects, and pipeline can only be built by a team of senior management who have, and will continue to offer a high level of comfort to investors not available elsewhere in the Vietnamese property market. REFICO is led by a well known Vietnamese entrepreneur, supported by seasoned Vietnamese and foreign Directors and staff. This has allowed the Company to grow its portfolio in the Vietnamese real estate market yet at the same time build and retain international standards of Development and Corporate Governance. REFICO and its affiliates employ some 60 staff with training and experience to provide the complete spectrum of property development expertise at international quality, from site sourcing, origination, structuring, execution, delivery, operation, and ultimately, exit.

Tran Quyet Thang


Mr. Thang has extensive experience in finance, investment and business operations. Thang majored in law in Germany and the United Kingdom, and is the Principal Partner of law firm Thang & Associates. Thang is a founding member of REFICO and previously was the General Director of Saigon Securities Incorporated (SSI). Under his leadership, SSI became the largest privately‐owned securities firm in Vietnam. Prior to Thang & Associates and SSI, he was a founding member and Vice Director of Investconsult Group, a leading business investment consultancy firm in Vietnam. Thang also chaired the Investment Committee of Aureos Fund (UK), which specialises in investing in private companies worldwide.

Chip Baker


Mr. Baker joined REFICO in 2008 and is currently the General Director of REFICO’s City Garden project, with a projected end value of US$265m. He has extensive experience in the management of real estate developments in Vietnam, having acquired this experience since 1995. Specifically, he has managed three hotels and two golf course investments for the Danao Group, with a combined value of US$120m, covering all phases of development from land acquisition to property management. Mr. Baker holds a Masters Degree in International Relations from Georgetown University, Washington D.C.

Do Thi Phuong Lan

Investment Director

Ms. Lan joined Refico as the Investment Director in 2010.She has more than thirteen years of local and international investment expertise. Prior to Refico, she was Managing Director of Saigon Fund A2, the first local member fund in Vietnam. Prior to that, she was the investment manager of Nautilus Holdings, a private equity holding of the Kadoorie family in HK with an investment focus on China. Ms Lan also has 4 year experience as the finance leasing manager at Kexim Vietnam Leasing Company (wholly owned by Korea Export/Import Bank). She started her career at White & Case LLP and holds a Masters Degree of Business Administration fromWashington State University and a Business Law degree from HCM Law School

Eric Niborg

Projects Director

Eric has 36 years of experience, multi-dimensional experience as an architect, project manager, construction administrator, owner’s facility development director and real estate developer’s design & construction director.  Key areas of expertise: Concept Development, Implementation Strategy, Logistics Planning, Program Management, Project Execution, Programming, Design Management, Contract Management, Team Facilitation, Budgeting, Scheduling, Construction Administration.

Eric has been consistently recognized for cutting through the issues, thoroughness, effectiveness and high quality products of service. He emphasizes direct personal commitment and accountability. Core to the Refico’s delivery and service excellence strategy is Eric’s direct leadership, integrated involvement and active participation in every phase of each project. 

Education: Bachelor of Architecture with Honors ,The University of Texas at Austin, USA

Nguyen Huy Duc

Chief Financial Officer

Mr. Duc is Chief Financial Officer of Refico Group with extensive experience in corporate finance, investment banking and private equity. In his current role, he has direct oversight of the functions of financial reporting, financial strategy, budgeting and management control, and M&A at Group level. He also directly involves in project finance and is a member of the Investment Committee. Prior to joining Refico, Duc was at Kusto Investment Management, a Singapore-based private investment group having been the CFO of Kusto’s portfolio companies in Vietnam. Prior to that, Duc was Head of Investment Banking and Managing Director of Techcom Capital at Techcombank. Before that, Duc was a Director and Head of Financial Advisory Services at Deloitte Vietnam. He holds a Master of Science degree in Business Administration from University of Economic Sciences and Public Administration, Budapest, Hungary.