Hodeco (HDC) to Sell Stalled Hodeco Seavillage Project for VND 1,050 Billion

Overview

Hodeco (HDC), listed on HOSE, has approved in principle the transfer of its entire Hodeco Seavillage project in Vung Tau for an expected VND 1,050 billion, according to a board resolution dated 22 September. The decision ends roughly 15 years of legal and planning delays on the 2.58-hectare site and follows the company’s completed divestment from the Dai Duong tourism project for close to VND 2,000 billion.

Key Facts

• Board resolution dated 22 September approves in principle the transfer of the entire Hodeco Seavillage project at an expected value of VND 1,050 billion.
• The project covers approximately 2.58 hectares on the 3/2 road axis, Rach Dua ward, in the Vung Tau area of Ba Ria - Vung Tau.
• Planned development comprises 132 commercial apartments, 795 condotel units and 39 townhouses.
• Hodeco received its initial investment certificate for the project in 2011, when the site spanned about 4.74 hectares.
• The 1/500 detailed plan was adjusted in 2020, cutting the site to roughly 2.58 hectares.
• Site clearance and land-use obligations were completed in early 2026, but the project still lacks a construction permit.
• The company previously completed the full divestment of its stake in the entity holding the Dai Duong tourism project in Vung Tau, valued at close to VND 2,000 billion.

What Happened

The board of directors of CTCP Phat Trien Nha Ba Ria - Vung Tau (Hodeco, ticker HDC) passed a resolution on the principle of transferring the entire Eastern Residential Area project on 3/2 road, commercially known as Hodeco Seavillage. The resolution, disclosed on 22 September, sets the expected transfer value at VND 1,050 billion and authorises the Chairman and/or the General Director to carry out the necessary procedures. The filing does not name the buyer or disclose the transaction timetable.

Hodeco Seavillage has been pursued since 2011, when the company received an investment certificate for a roughly 4.74-hectare hotel and residential scheme with villas, three apartment blocks of about 850 units and a 300-room hotel. Implementation stalled on land and legal issues; in 2016 about 2.6 hectares remained under the provincial land development centre, and in 2020 authorities approved a 1/500 plan adjustment reducing the site to about 2.58 hectares. Site clearance was completed in early 2026, but the project remains in planning adjustment and without a construction permit. Hodeco had previously planned to finish legal procedures and start development from 2027.

Market Context

HDC closed at 11,800 on 22 September 2026 on HOSE. The proposed transfer comes as the company reshapes its portfolio, having already exited the Dai Duong tourism project for close to VND 2,000 billion. Vietnamese real-estate developers have spent recent years working through legal bottlenecks on legacy land banks, with several choosing asset sales over direct development to shorten cash-conversion cycles.

Strategic Significance

The sale converts a 15-year non-performing land asset into cash at a stated VND 1,050 billion, against cumulative investment of only VND 37 billion cited in the headline. For long-term holders, the thesis is balance-sheet simplification: Hodeco is trading development risk on a stalled coastal project for liquidity it can redeploy into priority schemes. The key competitive question is whether the buyer prices the site for its approved 132 apartments, 795 condotel units and 39 townhouses, or discounts it for the unresolved planning and permit status.

What to Watch

• Disclosure of the buyer’s identity and the signed transfer agreement value.
• Progress on the remaining 1/500 planning adjustment and issuance of the construction permit.
• HDC’s Q3 2026 earnings release and any update on how proceeds will be redeployed.
• Further divestment announcements as Hodeco continues to restructure its project portfolio.
• Any change to the VND 1,050 billion expected price before a binding contract is signed.