Tiếng ViệtFollowing a period of land bank accumulation and resource mobilization, attention toward MST Investment JSC (HNX: MST) is now squarely focused on project execution. A series of key projects, including Hera Resort and Him Lam Dien Bien, are officially entering their sales roadmap in 2026, marking the monetization phase of MST’s asset
Hera Resort: From Construction Site to Sales Opening
MST has identified 2026 as a pivotal year in its operational transition: moving from an intensive investment and construction phase into product commercialization. At the center of this shift is Hera Resort, also known as Greenhill Village Quy Nhon Resort.
Located along National Highway 1D in Ghenh Rang Ward, the project spans 16.62 hectares with total investment of nearly VND 2.6 trillion. It is designed to bring to market a premium hospitality product mix, including 145 fully sea-facing villas, a five-star hotel block, and 500 condotel units.
The transition of cashflow at Hera Resort is directly supported by tangible on-site progress. To date, the project has completed all land leveling works and infrastructure systems, while construction is being carried out simultaneously across the bungalow area, central restaurant, and villa section. In particular, the eastern section is being prioritized for soft opening in 2026, alongside the plan to commence construction of the 500-room hotel block from mid-year.
To maintain this execution pace, MST plans to allocate approximately VND 600 billion to the project in 2026. With legal paperworks now completed, including approval for the adjusted 1/500 master plan, and with the project meeting sales eligibility requirements, MST is preparing to enter a new accounting recognition phase. Outstanding balances and construction advances that were previously accumulated will begin converting into revenue once sales commence, positioning the company to capture the recovery momentum of the hospitality real estate market in Central Vietnam.
Him Lam Dien Bien: A Catalyst from On-Site Execution
While Hera Resort represents MST’s resort real estate segment, Him Lam Dien Bien provides tangible evidence of the company’s capabilities in infrastructure and residential development.
The project has a total planned area of more than 4.8 hectares and total investment of approximately VND 980 billion. MST Invest leads the joint venture with an 85% capital contribution. The project includes 1.8 hectares for residential (comprising of 83 subdivided land lots and 66 townhouses/shophouses), 0.7 hectares for commercial, and 2 hectares of transport infrastructure and green space.
In terms of construction progress and capital planning, the project officially broke ground in August 2025. Following VND 50 billion of equity capital already disbursed in 2025 for construction-in-progress items, including site clearance and technical infrastructure works, the project is expected to receive a further allocation of approximately VND 300 billion in 2026. Continuous financing support from MB Bank is a key factor ensuring the steady progress of
Notably, the project has been officially approved by authorities as eligible for presale through investment contracts. This legal advantage, combined with on-site progress that remains in line with the roadmap, enables MST to begin product handovers and revenue recognition as early as Q4 2026. By securing both construction progress and the legal framework for capital mobilization, the company gains full control over its timing, reinforcing the feasibility of medium-term financial projections.
Future Land Bank: A Growth-Driven Vision
From the perspective of product pipeline continuity, MST’s investment portfolio reflects a well-calibrated rotation strategy. As Hera Resort and Him Lam Dien Bien prepare to enter their revenue recognition phase, new land banks are being targeted for development.
A notable example is the Tan Ky project in Nghe An, which has entered the site clearance and infrastructure construction phase, with an estimated equity capital requirement of VND 50 billion. At the same time, proceeds from the divestment of Trainco, expected to be paid in June 2026, will be directly allocated as charter capital for projects in Phu Tho and for expanding MST’s investment portfolio in Nghe An.
This disciplined capital rotation ensures that MST maintains a successive cash flow pipeline for new project implementation while sustaining a stable profit stream over the coming years. Moreover, beyond its traditional ecosystem, the company’s expansion into industrial infrastructure and PropTech apps is expected to represent the next noteworthy transition in the coming period.