Real estate giant Everland and quiet M&A deals
With big ambitions, real estate developer Everland has been continuously expanding its land bank over the past year through acquisitions of stakes in major projects and companies across the country.

The Crystal Holidays Harbour Van Don complex in Quang Ninh province, northern Vietnam. Photo courtesy of Crystal Holidays Harbour Van Don.
The latest list of entities related to Everland features a new name: Huynh Gia Huy JSC.
Le Dinh Tuan, younger brother of Everland chairman Le Dinh Vinh, became chairman and legal representative of Huynh Gia Huy on March 25, 2024.
Notably, this move occurred just a few days before Novaland Group, listed on the Ho Chi Minh Stock Exchange (HoSE) as NVL, divested its entire stake in Huynh Gia Huy JSC for VND1.9 billion ($77,409).
Huynh Gia Huy was established in 2005 and is the developer of the Royal Ruby Villa Mui Ne (also known as Nova Hill Mui Ne), a VND1.4 trillion ($57 million), 40-hectare resort project in Phan Thiet town, the south-central province of Binh Thuan. It began handing over products to customers in Q2/2021.
Regarding Novaland and Everland, CRH International Service and Investment JSC, with Everland holding 19% of charter capital, signed an asset transfer contract with Nova Dream JSC - a member of NovaGroup - on August 10, 2023.
In the southern region, Everland is present in the Dai Phuoc Eco-Tourism Urban Area project invested by DIC Corp (HoSE: DIG) in Nhon Trach district, Dong Nai province.
In 2018, DIC Corp signed a contract to transfer the land use rights at the Dai Phuoc project to DCP Asia JSC for VND183.5 billion ($7.5 million). Notably, Le Dinh Tuan, younger brother of Everland chairman Le Dinh Vinh, is currently CEO and legal representative of DCP Asia JSC.
Everland An Giang, whose 16.67% stake is held by Everland, owned 18.9 million shares, or 42%, of DCP Asia as of May 2024.
At the end of 2023, Everland An Giang signed a deposit contract with DIC Corp to acquire 14.3 hectares of the Dai Phuoc Eco-Tourism Urban Area project.
In Hanoi, Everland signed a deposit contract with An Khanh New City Development Joint Venture Company on August 11, 2023 to acquire a land plot in Hoai Duc district. The group transferred VND637.5 million ($26 million), part of the deposit amount, to An Khanh.
The project acquired by Everland is Sky Lumiere Center, covering 4.85 hectares. The group stated that the land has been cleared and granted a land use right certificate.
Everland is also competing with Trung Yen Trading and Investment JSC in a bid for the G19 New Urban Area project in Kim No commune, Dong Anh district, Hanoi.
The G19 New Urban Area covers more than 26.1 hectares, with an estimated total investment of over VND2.43 billion ($98.84 million).
Everland’s steps in Van Don
While Everland has been continuously increasing its land bank over the past year, Van Don island district in the northern province of Quang Ninh remains a key focus, with the Crystal Holidays Harbour Van Don project in the Ao Tien High-End Port and Tourism Urban Area. The 26-hectare project has a total investment of VND5.5 trillion ($224 million).
The project developer is Everland Van Don JSC, a joint venture between Everland Group (holding a 60% stake) and local investors, including Mai Quyen Tourism Co., Ltd. and Ta Duc Quyen (40%)
Everland's ambitions in Van Don extend beyond Crystal Holidays Harbour Van Don. Its chairman Le Dinh Vinh held a 22% stake in Heritage Holdings JSC (as of October 2017) and was a founding shareholder with a 68% stake in Van Don Heritage Road JSC.
Van Don Heritage Road features a collaboration between Everland and Mai Quyen Tourism, with 32% of the company's equity owned by Mai Quyen (30%) and individuals in the group (2%) as of October 2017.
In Heritage Holdings, the controlling 66% stake belongs to Crystal Bay Group, led by businessman Nguyen Duc Chi. The remaining 12% is held by GID Holding Co., Ltd., a legal entity established by a group of young entrepreneurs from Dien Chau district, the central province of Nghe An - Chi's hometown.
Despite holding a minority stake, Le Dinh Vinh has a big role in the Van Don Heritage Road mega-project which is expected to include nine functional zones spanning over 3,300 hectares in the island.
Vinh is currently vice chairman of Van Don Heritage Road JSC and chairman of Heritage Holdings JSC.
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