In a recent correspondence with the State Securities Commission, the Hanoi Stock Exchange (HNX) on November 07, MST Joint Stock Company (HNX: MST) announced its Board of Management’s approval to sign an investment cooperation contract for the Greenhill Village Quy Nhon resort project. The project is located on National Highway 1D, Quy Nhon – Song Cau route, in Ghenh Rang ward, Quy Nhon city, Binh Dinh province.
Prior to this, on November 06, MST’s Board of Management passed a resolution to approve the signing of an EPC (Engineering, Procurement, and Construction) contract for the Greenhill Village Quy Nhon tourism area. In this contract, the contracting party (investor) is Greenhill Village Joint Stock Company, and the contractor is MST. The contract value exceeds VND 2,014 billion, excluding 10% VAT. The construction duration is set for five years.
In addition to its role as the EPC contractor, MST is also a major shareholder and developer of this resort project. As of the end of September, MST owned 18% of the project’s investment capital, equivalent to more than VND 198 billion in original value. Furthermore, the General Director of Greenhill Village, Mr. Nguyen Dang Go Ganh, currently serves as the Deputy General Director in charge of investment at Vina2 Investment and Construction Joint Stock Company (HNX: VC2)
Mr. Nguyen Dang Go Ganh
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MST also holds 36.16% of VC2’s capital, representing an original investment value of nearly VND 334 billion as of the end of September 2024. Simultaneously, MST has a short-term payable to VC2 amounting to nearly VND 160 billion.
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In mid-2023, both MST and VC2 approved the plan to purchase 18% of Greenhill Village’s capital. In September 2023, VC2, along with the investor and MST, held a groundbreaking ceremony for the project. However, VC2’s financial statements from the second half of 2023 onwards do not reflect any investments in Greenhill Village.
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Corporate Profile of Greenhill Village
In 2019, Greenhill Village Limited Company received approval for its investment plan for the Greenhill Village Quy Nhon tourism and resort project, with a registered investment capital of VND 230 billion. In May 2022, the People’s Committee of Binh Dinh province decided to increase the total investment capital for the project to nearly VND 2,596 billion. The completion timeline was also extended, with the expected operation date moving from the second quarter of 2022 to the second quarter of 2024.
The project investor, Greenhill Village Joint Stock Company, was established in April 2018 as a limited company based in Hanoi. Its charter capital was VND 627 billion, contributed by three shareholders: Mr. Ta Hung Quoc Viet (Director) holding 51%, Mr. Ta Tri Hung and Mrs. Nguyen Huynh Hoa each holding 24.5%.
In August 2019, the company transformed into a joint-stock company, and its charter capital increased to over VND 720 billion. Mr. Viet held 61% of the shares, while Mr. Hung and Mrs. Hoa each held 19.5%. By the end of 2020, the company raised its capital to nearly VND 1,102 billion, but the shareholder structure was not disclosed. In August 2022, the company changed its name to Greenhill Luxury Resort Joint Stock Company, with Mr. Nguyen Trung Nghia as the new legal representative and General Director. However, less than a week later, the company reverted to its original name, Greenhill Village. As of May this year, the company has two legal representatives: Mr. Nguyen The Hoang, Chairman of the Board of Directors, and Mr. Nguyen Dang Go Ganh, General Director.
On September 19, 2024, VietinBank Thu Thiem Branch again announced the auction of Greenhill Village’s debt. The previous announcement was made in May. The debt to be auctioned includes the total value of the debt (principal, interest, and overdue interest) owed by GreenHill Village to VietinBank Thu Thiem, temporarily calculated up to May 14, 2024, amounting to VND 495 billion. This includes VND 393 billion in principal, nearly VND 85 billion in accrued interest, and VND 16.5 billion in overdue interest. The collateral for the debt includes all benefits derived from the exploitation of land-use rights related to the Greenhill Village project, as well as any rights, interests, or payments that Greenhill Village receives after the mortgage contract takes effect, associated with land use rights and assets attached to the land. The bank set the starting price for the debt auction at VND 410 billion.
Project perspective. Source: VC2
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Regarding this project, according to the investigation conclusion of the case that occurred at the Van Thinh Phat Group, on October 05, 2022, Ms. Truong My Lan paid VND 14.5 million (equivalent to VND 350 billion) to Ta Hung Quoc Viet to acquire the Greenhill Village Quy Nhon project. On October 23-25, 2022, after being invited to work with the investigation agency, Mr. Viet contacted and paid the entire amount he received from Ms. Lan. Ms. Lan stated that the amount of VND 14.5 million was her own money, and she voluntarily used it to remedy the consequences of the case. |
Thu Minh
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