Tiếng ViệtHaving surpassed VND 1 trillion in capital, where is MST Investment heading?
By the end of fiscal year 2025, MST Investment Joint Stock Company (HNX: MST) recorded significant transformation in its financial structure, with charter capital surpassing the VND trillion threshold and total assets expanding to VND 3,201 billion, up 83% yoy. This expansion raises a practical question for investors: How is the newly raised capital being allocated to ensure both safety and efficiency?
Disburse Capital and Acquire Assets
By the end of 2025, MST had completed a private share placement to professional investors, increasing charter capital from VND 836 billion to more than VND 1,136 billion. Amid a market environment that remains cautious toward capital-raising, MST demonstrated clear direction by allocating the entire proceeds directly to its key project, Hera Resort, previously known as the Greenhill Village Quy Nhon Resort Complex.
According to its financial statements, the proceeds have clearly been converted into real assets. For the Hera project, the investment value is reflected through MST’s successful auction of the project owner’s debt and construction advance payments. Similarly, the Company invested VND 50 billion in site clearance and construction activities for the Him Lam Dien Bien project in 2025, which is also recorded under construction-in-progress.
A comparison between the scale of capital raised and new assets recorded indicates that MST’s cash flow has been disbursed in line with the actual progress of its projects. At the same time, this reflects the Company’s ability to effectively manage its capital structure, thereby ensuring substantive and quality growth
Restructure Long-Term Investments
In addition to raising capital from the market, MST’s decision to divest its investment in Trainco also supports the Company’s strategy of focusing and optimizing its existing resources.
In consideration, the investment in Trainco had served its purpose well by generating profits and providing MST with a foundation for strengthening its construction capabilities. Coming into the current cycle, however, as the construction segment is now strategically centered around MST’s associated company VINA2 (HNX: VC2), in which MST holds a 36.16% stake, it has become necessary to move on.
This move helps MST streamline its investment portfolio and optimize resources for new projects in line with its long-term growth strategy.
Notably, the transaction is being conducted with a long-standing partner, with payment expected in June 2026. The proceeds are intended to be used as statutory equity capital to support the acquistion of MST’s land bank pipeline in Nghe An, Phu Tho, and other groups of projects currently under consideration
Diversify Credit Sources and Mechanisms
MST’s total assets of more than VND 3,200 billion is supported by credit partners including BIDV, TPBank, MB, SHB, and HDBank. At present, the Company’s outstanding debt is associated with assets yielding stable incomes, allowing these assets to cover associated financial costs.
A notable aspect of MST’s financing arrangement is its flexible use of different funding mechanisms. At the Him Lam Dien Bien project, MB Bank provides financing throughout the project cycle until the project becomes eligible for issuance of certificates and construction.
For certain other projects, MST acts both as the general contractor and as the project developer. In such cases, credit financing is provided to the project owner, which helps reduce pressure on MST’s liabilities and lowers the risk of interconnected credit exposure.
Project Milestones and Capital Roadmap for 2026–2027
According to financial data, MST has largely arranged sufficient funding of approximately VND 1,250 billion, comprising both equity and debt financing, for the capital requirements of the Hera and Him Lam Dien Bien projects in 2025.
Entering 2026, MST will shift its focus toward the sales phase and capital payback, as both the Hera and Dien Bien projects are expected to meet the conditions for sales launch in 2026. At the same time, the Company will proceed with site clearance and infrastructure construction at the Tan Ky project in Nghe An.
To secure resources for its overall capital requirements, MST is working with strategic investors to prepare for a convertible bond issuance in July 2026. The new funding is expected to be flexibly allocated to three core projects — Hera, Him Lam Dien Bien, and Tan Ky — or used to activate potential new M&A opportunities.
The coordinated maneuvering of equity capital, divestment proceeds, credit, and convertible bonds demonstrates that MST has established detailed contingency funding plans, forming a multi-layered financial buffer.
This proactive capital arrangement provides a solid foundation for MST to stay on track with its existing project pipeline, maintain continuity in project development, and move toward its profit recognition cycle during 2026–2027.