Northern Vietnam urban-tourism project Cat Ba Amatina has new investor

Hanoi Anpha Real Estate Exchange Co., Ltd. (Hanoi Anpha) has become a major shareholder of Vinaconex ITC, the developer of the Cat Ba Amatina urban-tourism project in Hai Phong city, northern Vietnam.

According to the Hanoi Stock Exchange (HNX), Hanoi Anpha has acquired more than 48.4 million shares, or a 23.06% stake, in Vinaconex ITC (UPCoM: VCR).

Prior to the transaction, Hanoi Anpha did not hold any shares in VCR.

The transaction was carried out last Thursday, with a total value of over VND2.4 trillion ($91.81 million), translating to an average price of over VND49,600 ($1.9) per share, about 10% higher than the VND45,000 ($1.72) level recorded in the morning session on Wednesday (July 9).

On June 30, Vinaconex (VCG), a leading construction firm in Vietnam - approved the transfer of its entire 51% stake in its subsidiary Vinaconex ITC.

With the minimum price of VND48,000 ($1.84) per share, Vinaconex is expected to raise at least VND5.14 trillion ($196.7 million) in proceeds.

Hanoi Anpha was established on November 7, 2014 and is headquartered in Hanoi. Vu Dinh Chien serves as both the company's legal representative and general director.

As of June 2025, the company had a charter capital of nearly VND1.06 trillion ($40.55 million), with Chien holding a 90.468% stake. The remaining shares were owned by Bui Bich Hanh and Nguyen Thi Hoa, with 4.7% each.

Chien is also a senior executive at Licogi Corporation, another leading construction firm in Vietnam. He was recently appointed as a member of the company’s board of directors for the 2021-2026 term.

As of June 2025, he also served as chairman and general director of Gia Cuong Investment Co., Ltd., which holds more than a 19% stake in Licogi.

The 176.1ha Cat Ba Amatina project is located on Cat Ba archipelago. Its initial total investment is estimated at nearly VND11 trillion ($420.81 million).

As of end-Q1/2025, Vinaconex ITC had poured more than VND4.92 trillion ($188.22 million) into the project, or nearly 94% of its total assets.

However, the project has yet to deliver expected results. As of March 31, the company had accumulated losses of over VND545 billion ($20.85 million).

As of end-Q1/2025, its short- and long-term financial debt totaled nearly VND2.11 trillion ($80.72 million), accounting for more than 40% of the company’s capital structure. However, Vinaconex ITC did not disclose details on its lenders.

At the end of 2024, the company no longer reported the short-term debt of VND457.8 billion ($17.51 million) and long-term debt of VND1.37 trillion ($52.4 million) previously owed to private lender Sacombank’s Saigon branch.

Conversely, Vinaconex ITC incurred two new loans, comprising a short-term debt of VND457.9 billion ($17.52 million) and a long-term debt of VND1.62 trillion ($61.97 million) from VPBank, a private lender closely associated with Licogi.

It said the long-term loan from VPBank was secured under two credit agreements signed in 2024 to finance the Cat Ba Amatina project. The funding includes a refinancing loan to repay the company’s previous debt to Sacombank.

The two loan agreements have credit limits of VND1.5 trillion ($57.38 million) and VND2.8 trillion ($107.12 million), respectively. The interest rates applied in 2024 range from 8.7% to 9.5% per annum, subject to adjustment every three months.

The loans are secured by property rights arising from project land lots, land use rights for future-formed assets, and real estate assets within a portion of the Cat Ba Amatina project.

The Cat Ba Amatina project is planned to become a green-smart-premium urban resort complex, including 1,300 detached, semi-detached and terraced villas; mixed-use high-rise buildings; serviced apartments; luxury resort villas; and various hotel types such as mini hotels, five-star hotels, and ultra-luxury hotels. Additional features include indoor and outdoor entertainment zones, a commercial center, marina, and many other unique amenities.