Tiếng ViệtMST Investment Joint Stock Company (MST) has successfully won the auction for the entire debt of Greenhill Village JSC at VietinBank – Thu Thiem Branch for VND 410 billion, matching the starting price.
Overview of the Greenhill Village Debt Auction
On November 29, 2024, the Ho Chi Minh City Center for Asset Auction Services confirmed the auction result, officially granting MST ownership of the debt. According to VietinBank Thu Thiem, as of May 14, 2024, Greenhill Village’s outstanding debt at the bank totaled VND 495 billion, comprising:
- Principal: approximately VND 393 billion
- Accrued interest: approximately VND 85 billion
- Overdue penalty interest: VND 16.5 billion
The collateral for the debt consists of land use rights and all associated interests in the Greenhill Village resort project (Ghenh Rang Ward, Quy Nhon City).
MST Expands Investment in Greenhill Village
Prior to this acquisition, in 2023, MST had spent VND 198.3 billion to acquire an 18% stake in Greenhill Village. At the same time, Vina2 Investment and Construction JSC (VC2) — in which MST holds a 36.16% stake — had announced plans to purchase another 18% stake in Greenhill Village but had yet to complete the transaction.
On November 7, 2024, MST’s Board of Directors approved the signing of an EPC general contractor agreement with Greenhill Village, under which:
- Principal: Greenhill Village JSC
- Contractor: MST
- Contract value: VND 2,014 billion (excluding VAT)
- Construction duration: 5 years
Additionally, MST is collaborating with Huy Duong Group JSC on the project, with a total cooperation value of VND 1,810 billion and a capital contribution period of 180 days. Huy Duong Group — an MST associate company (with MST holding a 19% stake) — recently raised VND 900 billion through bond issuance at an interest rate of 12.5% per annum for a 5-year term.
Strategic Implications
By acquiring Greenhill Village’s debt and assuming the role of general contractor, MST continues to expand its M&A strategy focused on financially distressed projects. This approach not only enables the company to accumulate valuable land banks but also secures long-term project pipelines, further strengthening its position in real estate investment, construction, and luxury resort development.