HPX to Divest 100% Stake in Vinh My Resort Developer Heritage Vietnam
This Aveluro analysis covers HPX on HOSE in the Real Estate sector. The classified event type is stake change, with neutral sentiment and a deterministic market-impact score of 7.0/10. Source coverage came from CafeF - Bất động sản, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Hai Phat Investment (HPX), listed on HOSE, has approved a plan to divest its entire 100% stake in Heritage Vietnam Real Estate, the developer of the Vinh My resort tourism project in Hue. The move likely signals HPX’s exit from the VND 1,656B project. In a separate disclosure, the wife of HPX Chairman Do Quy Hai registered to purchase 15 million HPX shares, increasing her stake from 1.65% to 6.59%.
Key Facts
- HPX will transfer its full 100% ownership in Heritage Vietnam Real Estate, a wholly-owned subsidiary established in May 2020.
- As of June 30, 2026, HPX had invested VND 250B in the subsidiary, equivalent to 100% of its charter capital.
- The Vinh My resort project spans 39.58 hectares in Vinh My commune, Phu Loc district, now part of Hue city.
- Total project investment is over VND 1,656B, with owner’s equity of more than VND 248B.
- The project is designed to accommodate up to 1,500 overnight guests and 1,000 visitors per day, with a 50-year operating period.
- The project timeline runs from January 2021 to December 2026.
- Chairman’s wife Chu Thi Luong registered to buy 15 million HPX shares from September 17, 2026 to October 16, 2026, raising her ownership from 1.65% to 6.59%.
- Chairman Do Quy Hai previously bought 10 million HPX shares between July 9, 2026 and August 6, 2026, increasing his stake from 13.43% to 16.71%.
What Happened
HPX’s board passed a resolution to divest its entire capital contribution in Heritage Vietnam Real Estate, a single-member limited liability company. The company will transfer its stake to interested organizations and individuals, and has authorized the Chairman of the Board, the legal representative, or a delegated person to decide all matters related to the transfer. The subsidiary was established in May 2020 and, as of June 30, 2026, had received VND 250B from HPX, representing 100% of its charter capital.
In early 2021, the People’s Committee of the former Thua Thien - Hue province approved the investment policy for the Vinh My resort tourism project, with Heritage Vietnam Real Estate as the developer. The project covers approximately 39.58 hectares in Vinh My commune, Phu Loc district, now under Hue city. It includes four main functional areas: resort villas, commercial services, hotels, and local cultural experience zones. The total investment exceeds VND 1,656B, with owner’s equity of over VND 248B, and an operating period of 50 years. The divestment suggests HPX may also withdraw from the Vinh My project. Separately, HPX announced that Chu Thi Luong, wife of Chairman Do Quy Hai, registered to buy 15 million HPX shares via order matching and/or put-through from September 17 to October 16, 2026, aiming to increase her personal ownership. If successful, her stake will rise from over 5 million shares (1.65%) to over 20 million shares (6.59%). Previously, Chairman Do Quy Hai bought 10 million HPX shares from July 9 to August 6, 2026, raising his ownership from 13.43% to 16.71%.
Market Context
HPX closed at VND 4,030 on September 28, 2026, on the Ho Chi Minh Stock Exchange (HOSE). The real estate sector has faced liquidity challenges and regulatory scrutiny, with many developers restructuring portfolios to focus on core operations. The divestment of a non-core resort project aligns with a broader trend of Vietnamese real estate firms streamlining assets to reduce debt and improve cash flow. The insider buying by the chairman’s wife, following his own recent purchase, may signal confidence in the company’s prospects despite the divestment.
Strategic Significance
The divestment of Heritage Vietnam Real Estate allows HPX to exit a capital-intensive resort project that may not align with its core residential and urban development strategy. The Vinh My project, with a total investment of VND 1,656B, required significant funding and had a development timeline extending to December 2026. By selling its 100% stake, HPX can reallocate capital to more immediate opportunities and reduce exposure to the hospitality segment, which has been slower to recover. The concurrent insider buying by the chairman’s wife, increasing her stake to 6.59%, could be interpreted as a vote of confidence in HPX’s revised strategy and financial health. However, the divestment also raises questions about the company’s long-term growth pipeline and its ability to execute on remaining projects.
What to Watch
- Completion of the 15 million share purchase by Chu Thi Luong, expected between September 17 and October 16, 2026.
- Disclosure of the buyer(s) and transaction value for the Heritage Vietnam Real Estate stake.
- HPX’s Q3 2026 earnings release for updates on divestment proceeds and capital allocation.
- Any further announcements regarding HPX’s involvement in the Vinh My resort project.
- Changes in HPX’s ownership structure and potential impact on governance.