Hung Thinh Land is a subsidiary, managing the real estate sector of Hung Thinh Corporation (Hung Thinh Corp). Mr. Nguyen Dinh Trung, Chairman, CEO of Hung Thinh Corp is also Chairman of Hung Thinh Land. Mr. Le Trong Khuong is CEO of Hung Thinh Land.

Despite its large scale, Hung Thinh Land is quite secretive and is among the businesses with the most bond debt on the market, with poor business results.

According to the financial report for the first half of 2024, Hung Thinh Land had a net loss of more than VND 538 billion, much higher than the loss of nearly VND 88.5 billion in the same period. In 2023, Hung Thinh Land lost more than VND 967 billion, compared to a profit of more than VND 115 billion in 2022.

By the end of June 2024, Hung Thinh Land had equity of more than VND 18,284 billion, down from nearly VND 19,566 billion in the same period last year. Total liabilities were VND 62,531 billion, more than 3 times the equity and a sharp increase compared to VND 56,546 billion in the same period.

Of which, outstanding bonds are nearly 17,187 billion VND, down about 1,000 billion VND compared to the end of June 2023. Total assets reached about 80,815 billion VND (equivalent to about 3.2 billion USD), a sharp increase compared to 76,112 billion VND (equivalent to about 3.1 billion USD) in the same period last year.

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Hung Thinh Land continues to suffer big losses.

In the real estate industry, this is the enterprise with the 4th largest asset scale in Vietnam, after Vinhomes of billionaire Pham Nhat Vuong (494,000 billion VND, as of the end of the second quarter of 2024), Novaland of Mr. Bui Thanh Nhon (240,000 billion VND) and SDIC (96,000 billion VND).

Hung Thinh Land's total assets rank above many enterprises such as Becamex, Vincom Retail, Nam Long, Phat Dat Real Estate, Nha Khang Dien, DIC Corp, Van Phu - Invest...

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Introducing image of Merryland Quy Nhon project. Photo: HTL

Recently, Hung Thinh Land is known for a very large project, Merryland Quy Nhon, developed by Hung Thinh Quy Nhon member company. The MerryLand Quy Nhon project is being built in Nhon Hai commune, Quy Nhon city, Binh Dinh province, with a total capital of 57,000 billion VND (2.5 billion USD) in phase 1.

Hung Thinh Quy Nhon has assets of more than 35,000 billion VND and has just reported a loss of more than 199 billion VND in the first half of 2024, compared to a loss of nearly 35 billion VND in the same period.

Meanwhile, Hung Thinh Quy Nhon emerged as the investor of the super project MerryLand Quy Nhon, which is being built in Nhon Hai commune, Quy Nhon city, Binh Dinh province, with a total capital of 57,000 billion VND (2.5 billion USD) in phase 1.

By the end of the second quarter, Hung Thinh Quy Nhon's charter capital had decreased to VND7,977 billion, but total liabilities amounted to more than VND38,768 billion. Total assets reached more than VND46,745 billion, much higher than the figure of more than VND35,000 billion in the same period.

In the first half of 2024, Hung Thinh Land failed to pay the principal and interest of many bond lots, totaling about 670 billion VND, with the reason that "the financial and real estate markets were not developing favorably, so the company could not arrange the funds in time to pay the principal and interest".

In the same period last year, Hung Thinh Land also failed to pay thousands of billions of dong.

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Mr. Le Trong Khuong, General Director of Hung Thinh Land. Photo: HTL

In the past 2 years, Hung Thinh Land has also successfully renewed many bond lots with a total value of thousands of billions of VND.

Not only Hung Thinh Land, member companies of Hung Thinh Group also reported losses, delayed payments of principal and interest on bonds, and had large bond debts. Hung Thinh Investment Company reported a loss of nearly VND 210 billion in the first half of 2024, compared to a loss of VND 228 billion in the same period.

With a very large scale, Hung Thinh Land is holding about 60 projects and thousands of hectares of land fund, mainly concentrated in Ho Chi Minh City, Binh Duong, Dong Nai, Vung Tau, Nha Trang, Quy Nhon.

Hung Thinh Land is known for a number of projects such as: Lavita Charm (Thu Duc, Ho Chi Minh City), Q7 Boulevard apartment complex (District 7, Ho Chi Minh City), SaigonMia (Binh Chanh district, Ho Chi Minh City), Moonlight Residences (Thu Duc, Ho Chi Minh City)...

Although Hoang Anh Gia Lai's business activities have improved significantly, Mr. Duc's business continues to be late in paying VND4,500 billion in principal and interest on bonds.