Over the course of one year, from 07/02/2025 to 06/02/2026, TEG plans to contribute an additional 25.2 billion VND, bringing its total investment in Onsen Hoi Van to 115.2 billion VND, while maintaining its ownership stake at 60%.
Prior to this, on February 6, the Onsen Hoi Van Board of Management approved a plan to increase its charter capital. Based on the expected contribution from TEG, Onsen Hoi Van will increase its capital from 150 billion VND to 192 billion VND.
The TEG Board of Directors has authorized Mr. Dang Tran Quyet to represent and manage the company’s entire investment of 115.2 billion VND. Mr. Quyet previously served as TEG’s Vice President (from July 1, 2020, to April 1, 2024) and is also related to the TEG Chairman, Mr. Dang Trung Kien. In December 2023, Mr. Quyet replaced Mr. Kien as Chairman and legal representative of Onsen Hoi Van.
Mr. Dang Tran Quyet
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According to TEG’s 2023 annual report, Onsen Hoi Van is located in Hoi Van village, Cat Hiep commune, Phu Cat district, Binh Dinh province. The company was established in 2021 by TEG (60%) and Dong Duong Thang Long JSC (40%) to develop a tourism, resort, healthcare, and residential project in the Hoi Van hot spring area.
In 2023, the company completed 100% of land clearance compensation, finalized procedures for land allocation and lease, and completed legal procedures to commence construction of technical infrastructure from September onwards.
TEG shared that sales activities are currently underway, expected to be conducted through distribution units. In the fourth quarter of 2024, TEG reported that Onsen Hoi Van had not yet generated revenue, with the main activity during this period being basic construction investment.
Additionally, TEG increased its provisions for investment in this subsidiary from over 646 million VND at the beginning of the year to more than 5 billion VND by the end of 2024. TEG also recognized revenue of over 1 billion VND from consulting, supervision, and equipment installation services, as well as over 97 million VND from vehicle leasing provided to Onsen Hoi Van.
The tourism, resort, healthcare, and residential project in the Hoi Van hot spring area spans 42 hectares in Phu Cat district, Binh Dinh province. The first phase of development includes the Hoi Van hot spring tourism and residential area, featuring a special healthcare center, resort hotels, 371 long-term ownership mineral hot spring villas, and a natural hot spring bath complex across an area of over 17 hectares. The project is expected to be completed and put into operation in the fourth quarter of 2026, with a total investment of 1,365 billion VND.
In November 2024, Onsen Hoi Van signed a cooperation agreement with Max Thang Long Real Estate JSC for this project, with Max Thang Long acting as the project development consultant.
Ha Le
– 10:47 10/02/2025
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