Tourism realty developer Crystal Bay Vietnam appoints Turkish CEO amid restructuring push

Crystal Bay Vietnam has named Turkish national Olgun Mert Atadan as chief executive officer, replacing Huynh Ngoc Duy, as the tourism property developer reshuffles leadership while working to ease financial pressures.

In a filing on changes to its business registration, the company said Duy stepped down as CEO and was reassigned as deputy chief executive in charge. Atadan, who lists a permanent address in Moscow, serves as CEO and is one of the firm’s four legal representatives.

Nguyen Duc Chi remains chairman of the board. Nguyen Thu Trang was reassigned from deputy CEO to deputy CFO.

In its six-month financial report for 2025, Crystal Bay posted a net loss of more than VND41 billion ($1.58 million), narrowing sharply from a loss of nearly VND325 billion ($12.51 million) in the same period a year earlier.

As of June 30, 2025, total liabilities stood at VND5.44 trillion ($209.47 million), equivalent to 3.44 times equity. Outstanding bond debt totaled more than VND2.28 trillion ($88.06 million), while other payables reached VND2.77 trillion ($106.08 million) and bank loans amounted to VND385 billion ($14.82 million).

The broader Crystal Bay ecosystem has drawn attention after establishing Crystal Bay Airlines in November 2025, signaling a strategic expansion into aviation even as the group continues to address financial challenges.

According to business registration data, Crystal Bay Airlines was incorporated on November 6, 2025 with charter capital of VND300 billion ($11.55 million). The company is registered across 51 business lines, with passenger air transport as its core activity.

Founding shareholders include Crystal Bay Tourism Group, which contributed VND282 billion ($10.86 million), equivalent to a 94% stake. Nguyen Duc Chi holds 5% and serves as chairman of the airline.

Crystal Bay has been active in aviation-linked tourism since 2022, organizing and operating international charter flights bringing visitors to Vietnam.

Born in 1969, Nguyen Duc Chi studied and conducted business for many years in Eastern Europe before founding Crystal Bay Group in 2016.

In tourism real estate, the group has developed large-scale projects, particularly in the southern province of Ninh Thuan, including Ninh Chu Sailing Bay, Mui Dinh Ecopark, and SunBay Park & Resort Phan Rang. Other developments include Cam Ranh Riviera Spa & Resort, Selectum Noa Resort Cam Ranh, and Cap Padaran Mui Dinh, with total investment exceeding $1 billion.