HA LONG SUN LIMITED LIABILITY COMPANY

HA LONG SUN LIMITED LIABILITY COMPANY (CÔNG TY TNHH MẶT TRỜI HẠ LONG) – Business ID/TIN: 5701723020 – Head Office: No. 9, Ha Long Street, Bai Chay Ward, Ha Long City, Quang Ninh Province, Vietnam. 

HA LONG SUN LIMITED LIABILITY COMPANY is a major private enterprise operating in Vietnam’s tourism, entertainment, and infrastructure development sectors. Established in August 2014 and registered with the Quang Ninh Province Department of Planning and Investment, the company has over 11 years of operating history and remains in active legal status. It is best known for its large-scale investments in amusement parks, theme parks, and integrated tourism complexes, particularly in Ha Long City and other key destinations.

Business Overview

HA LONG SUN primarily focuses on the development and operation of amusement parks and theme parks, while also maintaining registered business lines spanning real estate development, construction, road transport, tour operations, hospitality services, and supporting commercial activities. This diversified registration reflects the company’s role as a project-based operator within complex tourism ecosystems rather than a single-line service provider.

With approximately 1,500 employees, the company is one of the larger private employers in Quang Ninh Province's tourism and leisure industry. Its scale and asset base position it as a strategic player in Vietnam’s high-end tourism infrastructure segment.

Legal Status and Capital Structure

HA LONG SUN is structured as a privately held limited liability company. As of the end of 2023, it reported a charter capital of approximately USD 725.8 million, while paid-up capital stood at around USD 197.9 million. This gap between charter and paid-up capital is notable and typical of large, long-term infrastructure developers, where capital is injected progressively in line with project timelines.

Key Personnel

The company is chaired by Nguyen C. T., who plays a central role in overseeing strategic direction and major investment decisions. Day-to-day operations are managed by Le V. Q., Director of the company. The leadership structure reflects a centralized governance model, common among large Vietnamese private groups engaged in capital-intensive tourism and real estate projects.

Financial Performance

Financially, HA LONG SUN displays a profile characteristic of large-scale tourism infrastructure developers. As of the end of 2024, total assets reached approximately USD 738.3 million, representing a year-on-year increase of nearly 18%. Owner’s equity rose sharply to about USD 392.8 million, up more than 76% year-on-year, indicating substantial capital reinforcement.

However, revenue performance has weakened. Total sales declined significantly from USD 166.6 million in 2022 to USD 24.6 million in 2024, while the company recorded a net loss of approximately USD 21.3 million in 2024. This reversal from profitability in earlier years reflects the cyclical and project-driven nature of the tourism sector, where revenue timing may lag behind heavy upfront investment and operating costs.

Critical Risk Factor

One critical risk facing HA LONG SUN is earnings volatility linked to high fixed costs and capital-intensive operations. The sharp decline in revenue, combined with a net loss in 2024, indicates sensitivity to fluctuations in tourism demand, macroeconomic conditions, and project commissioning schedules. Prolonged downturns in tourism or delays in monetizing new attractions could continue to pressure cash flow and profitability despite the company’s strong asset and equity base.

Outlook

Overall, HA LONG SUN LIMITED LIABILITY COMPANY remains a financially significant and strategically important tourism developer in Vietnam, backed by substantial assets and equity. While short-term profitability has weakened, its long-term prospects remain closely tied to the recovery of tourism demand, the successful operation of large-scale entertainment projects, and disciplined capital management in the coming years.