The iconic Bitexco Financial Tower (left) on Saigon’s skyline

In a formal letter penned to Relex investors, Vietnamese developer Ken Vo presented today a partnership to RLX cryptocurrency holders for a collaborative project on a development in Ho Chi Minh City.

The partnership, pending the approval of Relex investors, would develop an already-cleared tract of land in a desirable district of the 8.6 million person city. Necessary licenses to build on the land have already been acquired by development company Phu Kim Toan.

Vo, who has extended the deal, has an extensive history in real estate. From 2008 to 2012, he worked as a Senior Manager in Partner Coordination for Savills, the largest real estate firm in Vietnam. Savills was founded in 1995 and has offices in Hanoi and Ho Chi Minh City.

Vo also served as managing director for FUTA Corp., a real estate company. He founded TAP Investment in 2013 for which he serves as the General Director.

In the open letter to investors, Vo praised the proxy developer model and cited the benefits of being one of the first movers to blockchain-based funding. Vo wrote, “I furthermore see the opportunity of tapping into the multi-hundred-billion-dollar market of crypto well before my industry peers grasp this opportunity.”

The original open letter from developer Ken Vo written to the Relex Community.

While the letter further opens the door to Vietnam, it is in Relex investors’ collective power to decide whether to seize this opportunity. If the investor base is excited by the opportunity, then it can be listed as a Relex project on the platform.

In a conference call scheduled for this Sunday (May 20) at 10 a.m. EST, Vo will field questions from investors and share his vision for the project. Yet as proxy developers, insight from RLX holders will determine whether the partnership is finalized and, if so, the ultimate shape the project will take.

This control is one of the major differences of investing with Relex compared to traditional investment channels. Whereas traditionally the investor is a passive watcher, as a proxy developer the RLX holder has a major voice in the direction of the project.

In order to participate in the call, RLX holders of substance must register ahead of time. The first half of the conference call will discuss project information and address questions; the second half of the conversation will shift to talking about potential building designs, with RLX holder input welcome.

The pending agreement with Vo’s Phu Kim Toan would guarantee one development, but it could also open the door to future partnerships in the future.

Phu Kim Toan is a publicly searchable company. Its Ma So Doanh Nghiep, or searchable enterprise code, is 0313397949.

The company’s business license was provided for transparency and is available for investors’ perusal.

Keen-eyed investors will notice in the business license an addendum made around the Lunar New Year permitting the company to engage in construction and development.