Tiếng ViệtMST Investment (HNX: MST) has been named the winner for the land use rights to a site spanning 5.4 hectares in Hoai Duc (Hanoi), with a bid of over VND 1,160 billion. Notably, this marks the second trillion-dong project the company has added to its land bank in less than two weeks.
Adding two projects with combined investment of over VND 3 trillion in Hanoi and Nghe An
On August 8, 2026, the People’s Committee of Hoai Duc District issued Decision No. 5074/QĐ-UBND, officially recognizing MST as winner of the land use rights auction for the project to construct low-rise housing for sale in An Khanh Commune (formerly An Thuong Commune – Location X2), Hoai Duc District, Hanoi.
The winning bid totals more than VND 1,160 billion, covering a total area of nearly 54,000 m². Of this, over 20,700 m² is zoned for low-rise row houses; more than 20,600 m² is allocated for internal transport; 5,100 m² is designated for social housing development; and the remainder comprises of amenities such as green spaces, sports facilities, parking areas, and community center. Upon fulfilling financial obligations as notified by the tax authorities, the land will be handedover to MST in accordance with the 2024 Land Law.
Notably, according to the company, the actual total investment for the An Khánh project may amount to nearly VND 2.1 trillion.
The project in Hoai Duc is considered a key component of the land bank expansion strategy outlined in MST’s Q2/2026 financial statements. Previously, the company’s Extraordinary General Meeting of Shareholders (EGM) in 2026 had approved a change in the intended use of proceeds from a VND 1,100 billion bond issuance. The successful bid for this project demonstrates that the funds raised from the bond issuance have been utilized on plan.
Less than two weeks earlier (on July 28, 2026), the Nghe An Provincial People’s Committee awarded MST the contract for the Western Urban Area project in Tan Ky Commune, Nghe An Province; spanning 15.7 hectares and entails a total investment of nearly VND 926 billion. Thus, within a short period, MST has secured two projects for its land bank with combined value of nearly VND 2,100 billion and total investment exceeding VND 3,100 billion, thereby bolstering its pipeline of projects alongside Him Lam Dien Bien, I-Tower, and Hera Resort Quy Nhon projects.
Alongside its ongoing expansion of land bank, MST’s financial performance has shown notable highlights. In the first six months of 2026, the company recorded revenue of nearly VND 895 billion (up 22%) and a net profit of VND 16.2 billion (up 53% yoy). Specifically, net profit for second quarter of 2026 reached VND 8.5 billion, or up 2.5 times from same period last year.
According to the company, these results were driven by accelerated construction and starting to handover the I-Tower Quy Nhon Commercial, Service, and Apartment Complex. Additionally, MST has launched sales of the Greenhill Village Quy Nhon resort project and maintained good progress on construction projects, thereby generating stable cash flow for reinvestment into further major land bank developments.