Tiếng ViệtMST has adopted a niche market strategy, particularly targeting M&A of projects that require financial restructuring, as part of its preparation for a medium- and long-term growth cycle.
At the end of November, MST Investment Joint Stock Company (MST) successfully acquired the entire debt of Greenhill Village JSC at VietinBank – Thu Thiem Branch for VND 410 billion. Greenhill Village is the developer of the Greenhill Village Quy Nhon resort project (16.62 ha, total investment of VND 2,596 billion), with the primary collateral being land use rights within the project.
Pursuing Value Creation at Greenhill Village
MST has been pursuing Greenhill Village since 2023, when it spent VND 198.3 billion to acquire an 18% stake in the company. Winning the debt auction has enabled MST to expand its investment and secure project pipelines for the next five years.
In addition, MST signed an EPC general contractor agreement with Greenhill Village, undertaking the supply of materials, equipment, and project execution with a total contract value of VND 2,014 billion (excluding VAT), to be implemented over five years. MST also partnered with Huy Duong Group JSC on this project, with a total cooperation value of VND 1,810 billion, of which Huy Duong Group successfully raised VND 900 billion through bond issuance.
Impressive Business Results
Despite the challenging real estate market, MST has maintained growth momentum. Revenue rose from VND 465 billion in 2021 to VND 1,207 billion in 2023, while after-tax profit remained stable at around VND 70 billion. Key growth drivers include successful bidding and execution of major projects such as:
- Him Lam Commercial and Service Urban Area in Dien Bien (VND 1,000 billion, co-invested by MST – Vina2 consortium)
- Package XD-04 – Construction of lighting systems at the intersection of National Highway 46B and the Diễn Châu – Bãi Vọt toll station in Nghe An
- Profits from business partnerships and investments in subsidiaries and affiliated companies
Strategic Development Plan
MST aims to become a leading enterprise in real estate investment, hospitality, and luxury resort development. In the near future, the company will focus on three strategic directions:
- Participating in public investment projects
- Investing in and developing real estate projects, including Greenhill Village Quy Nhon, a project in Dien Bien, and utilizing its existing land bank
- Expanding M&A activities and equity investments in potential companies and projects, to support corporate restructuring strategies, land bank accumulation at reasonable costs, and streamlined legal procedures
With a well-defined strategic roadmap, MST is steadily affirming its position in the real estate and construction markets.