On November 7th, the Board of Directors of MST Investment Joint Stock Company (stock code: MST) officially passed two important resolutions regarding the implementation of the “Greenhill Village Quy Nhon Resort” project in Ghềnh Ráng ward, Quy Nhon city, Binh Dinh province.
According to the resolution, MST Investment and Huy Duong Group Joint Stock Company will collaborate on the project with a total contract value of up to VND 1,810 billion.
The MST Investment Board of Directors has assigned Mr. Phan Duy Dung, the company’s legal representative, to be responsible for deploying, negotiating, and signing the investment cooperation contract. Detailed terms such as capital contribution ratio, capital contribution timeline (180 days), and investment result distribution will be specified in the official contract.
In parallel, MST Investment has also been approved to proceed with signing the EPC general contract with Greenhill Village Joint Stock Company, the project investor. This contract includes the design, supply of materials and equipment, and construction of the entire project. The EPC contract value exceeds VND 2,014 billion (excluding 10% VAT), with a construction period of 5 years from the land handover.
This package is implemented according to the detailed construction planning at a scale of 1/500 approved by the People’s Committee of Binh Dinh province.
In mid-2023, MST Investment announced its plan to purchase 18% of the project’s investment capital, equivalent to more than VND 198 billion in principal value.
Greenhill Village Company was established in 2018. The company is currently the investor of the Greenhill Village Quy Nhon Resort project. The project has a total area of nearly 17 hectares and is built on the Quy Nhon – Song Cau route in Ghềnh Ráng ward, Quy Nhon city, Binh Dinh province.
The project is built on a hillside plot overlooking the sea in Quy Nhon, comprising 500 tourist apartments, 145 villas, and 5 bungalows, along with accompanying utilities. The project meets the criteria of a 5-star international standard luxury resort, ensuring service for more than 2,000 guests per day.
In September 2022, the project was approved for an investment policy adjustment, increasing the investment capital to nearly VND 2,600 billion. On the morning of September 20, 2023, the Greenhill Village Resort officially started construction.
Regarding this project, according to the investigation conclusion of a case that occurred at Van Thinh Phat Group, on October 5, 2022, Ms. Truong My Lan provided Mr. Ta Hung Quoc Viet, who was then the General Director of Greenhill Village Joint Stock Company, with 14.5 million USD (equivalent to VND 350 billion) for the purpose of acquiring the Greenhill Quy Nhon project from Greenhill Village Company.
On October 23-25, 2022, after being invited to work with the investigating agency, Mr. Viet contacted and returned the entire amount received from Ms. Truong My Lan, including more than VND 116.29 billion (approximately 4.75 million USD) and 9.75 million USD, equivalent to 14.5 million USD.
In May 2024, Vietinbank Thu Thiem Branch announced the selection of an organization to auction the debt of Greenhill Village Joint Stock Company. The bank set the starting price for the debt at VND 495 billion. This starting price is equal to the principal, interest, and overdue interest of Greenhill Village at VietinBank Thu Thiem as of May 14, 2024.
MST Investment is a well-known real estate company and the investor of several large-scale projects, such as I-Tower Quy Nhon (Quy Nhon city) with a pair of 41-story towers named The Sailing Quy Nhon; a high-end resort project in Ba Vi district, Hanoi, covering 3.1 hectares; and a shophouse project in Phuong Town (Dan Phuong district, Hanoi) with 22 shophouses and a total expected investment of VND 86.9 billion.
In addition, MST Investment also collaborates with An Binh Long Xuyen Investment Cooperation Company to invest in the An Binh Riverside Residential Area project in Binh Khanh ward, Long Xuyen city, An Giang province. The project covers an area of 96,477.2 m² and includes 452 houses, villas, commercial housing, and social housing, expected to accommodate approximately 2,200 residents.
Unlocking the Condotel Conundrum: Navigating the Path to ‘Red Book’ Success
The Binh Dinh provincial authorities have instructed relevant agencies to review Condotel projects and assess the issuance of ownership certificates (pink book) for eligible cases.
The Billion Dollar Question: Will Offshore Wind Power Blow Hot Air or Bring a Green Revolution to Vietnam’s Shores?
Foreign investors remain keen on Vietnam’s offshore wind power and are actively seeking opportunities to enter this field.
Expanding Phu Cat Airport: Taking Flight to New Heights
The Government Office issued Notification No. 446/TB-VPCP on October 2, 2024, regarding the conclusions of Deputy Prime Minister Tran Hong Ha at the meeting on investment in the expansion of Phu Cat Airport.
‘The Eagles’ Descend: Daewon and Lotte Seek Investment Opportunities in Central Vietnam
Recognizing the strengths of the two South Korean investors, the Chairman of the People’s Committee of Binh Dinh Province believes that the projects and fields that the Daewon Group and Lotte Mart are interested in are in line with the province’s development orientation.
The Unprecedented Feat: 1,000 Machines, 1,500 Workers, and 500 Days of Nonstop Effort to Build 3,000 km of Highways.
The North-South Highway construction project in Binh Dinh province has seen remarkable progress, with many components ahead of schedule for the 2021-2025 period.
