Enterprise

Who is the New Owner as HDC Divests Entire Stake in Dai Duong Vung Tau?

In Q3, HDC recorded a remarkable profit of over 696 billion VND from the complete divestment of its shares in Dai Duong Vung Tau Company. This significant gain propelled the company’s net profit for the period to a record-breaking figure of nearly 539 billion VND.

Administrator

18 October, 2025

The Q3/2025 report of Ba Ria – Vung Tau Housing Development JSC (Hodeco, HOSE: HDC) reveals that the company achieved a financial revenue of over 700 billion VND, with more than 696 billion VND coming from the sale of shares in Ocean Construction and Entertainment Investment JSC of Vung Tau. Notably, the capital contribution value to this affiliate at the end of Q2 was recorded at 570 billion VND.

As of the end of September, HDC holds a short-term receivable of nearly 336 billion VND from Success Real Estate LLC, stemming from HDC‘s sale of Vung Tau Ocean shares. This receivable is secured by a deposit of approximately 44.4 billion VND from Tan Cuong Investment and Trade Consultancy JSC (Tan Cuong) and a payment guarantee letter from MB dated 27/06/2025, valued at nearly 291.5 billion VND.

In the first six months, HDC reported a net profit from the sale of over 2.9 million shares in Vung Tau Ocean Company. By July 1st, HDC had transferred nearly 27.6 million shares of Vung Tau Ocean, recording a transfer value of over 1,639 billion VND. Consequently, Vung Tau Ocean is no longer an affiliate of HDC.

Previously, at the end of June 2025, HDC had a short-term payable of approximately 335 billion VND (equivalent to the Q3 receivable mentioned above) from receiving capital contributions for the Vung Tau Ocean project.

In May, HDC announced the signing of a share transfer agreement for Vung Tau Ocean with Tan Cuong Company, involving over 24.1 million shares (37.37% of the charter capital). The transaction value was not disclosed.

The Network Behind Success Real Estate

Vung Tau Ocean is the developer of the Ocean Tourism Complex project (commercial name Antares), spanning 19.6 hectares with a total investment of nearly 8.5 trillion VND.

In September 2022, HDC announced the transfer of 11.4 million shares in Vung Tau Ocean, equivalent to nearly 56% of the capital, without disclosing the partner’s name.

According to research, in November 2022, the project appeared under the name Sunshine Signature Vung Tau, described as “designed according to the Integrated Resort 4.0 model, featuring luxurious super sky apartments, stunning sea view sky villas, and trendy sky gardens.”

In Q3 of this year, the name Success Real Estate emerged, linked to Sunshine Group. Simultaneously, images of the Ocean Tourism Complex appeared on several websites under the name Sunshine Bay Retreat Vung Tau, suggesting the possibility of a major real estate group quietly acquiring (indirectly) the project.

Rendering of Sunshine Bay Retreat Vung Tau. Source: sunshinegroup.vn

Success Real Estate was established in March 2022 in Ho Chi Minh City with an initial charter capital of 600 billion VND, registered with only one employee, and led by Ms. Do Thi Hong Nhung as CEO and legal representative. In June, the company significantly increased its capital to 2,250 billion VND. The contributors include Hemera Real Estate Investment LLC (represented by Mr. Tran Anh Quan) with 48.89%, Binh Minh Real Estate Investment and Trade Consultancy LLC (represented by Mr. Nguyen Cong Danh) with 20%, and Mr. Nguyen Hoang Duy (CEO and legal representative) with 31.11%.

Hemera Real Estate is the parent company holding nearly 97% of Trinh Gia Construction Design LLC, which owns 1.67% of KLB as of August 2024.

Hemera Real Estate was established in 2020 with a capital of 1,300 billion VND, with Ms. Dang Le My Hanh holding 30% and Mr. Tran Anh Quan (CEO) holding 70%. By the end of 2024, the capital contributors changed from Mr. Tran Anh Quan (70%) and Mr. Dang Tuan Anh (30%) to Unique Corporation (74%) and Mr. Quan retaining 26%.

Unique Corporation was established in 2022 with a capital of 400 billion VND. Ms. Do Thi Hong Nhung holds 50%, Ms. Dinh Thi Kim Dung (CEO) holds 48%, and Mr. Phan Duc Kha holds 2%. The company is currently led by Ms. Ngo Thi Nhung (born in 1997) as CEO and has only one registered employee.

Binh Minh Real Estate Investment and Trade Consultancy LLC was established in 2020, also with only one registered employee. Its charter capital is 500 billion VND, with Mr. Nguyen Khac Trung as CEO and legal representative. In mid-2023, the CEO position was transferred to Mr. Nguyen Cong Danh (born in 1991). Mr. Trung previously served as Deputy CEO of SCG Construction Corporation (HNX: SCG).

In the 2021 report of Sunshine Corporation (HNX: KSF), a payable of nearly 145 billion VND to Binh Minh Company was recorded. This amount was received as a deposit from Binh Minh under the Real Estate Brokerage and Consultancy Contract No. 1/2020/HĐMG/DIC-BM. Binh Minh deposited the amount with Dynamic Innovation LLC, a subsidiary of KSF, to exclusively broker 42 apartments in the S1 tower of the Sunshine City Saigon project.

At the 2025 Annual General Meeting, HDC’s leadership did not disclose the identity of the buyer of Vung Tau Ocean but stated that the partner has strong financial capabilities and the ability to continue developing this large resort project. This comes amid delays in project implementation, which have impacted HDC’s profitability in the resort real estate segment.