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HOI AN SOUTH DEVELOPMENT LTD

Active

Business ID 4000789705

84-235 / 858 7777

HOI AN SOUTH DEVELOPMENT LTD

Active

Business ID 4000789705

84-235 / 858 7777

HOI AN SOUTH DEVELOPMENT LTD

Active

Summary

Name:

HOI AN SOUTH DEVELOPMENT LTD

Business ID (TIN):

4000789705

Date of Registration:

10 Dec 2010

Registered Office:

Quang Nam Department of Planning and Investment

Address:

Tay Son Tay Village, Duy Hai Commune, Duy Xuyen District, Quang Nam Province, Vietnam

Phone:

84-235 / 858 7777

Financial Statement:

2020, 2021, 2022, 2023, 2024

HOI AN SOUTH DEVELOPMENT LTD (CÔNG TY TNHH PHÁT TRIỂN NAM HỘI AN), widely recognized under its short name HASD, is one of Vietnam’s most ambitious foreign-invested integrated resort projects. Officially registered on December 10, 2010, under Business ID 4000789705, the company is headquartered in Tay Son Tay Hamlet, Duy Hai Commune, Duy Xuyen District, Quang Nam Province, and operates under the jurisdiction of the Quang Nam Department of Planning and Investment.

With a charter and paid-up capital of USD 262.47 million and full ownership by HOI AN SOUTH INVESTMENTS PTE. LTD. (Singapore), the enterprise boasts a grand vision—a sprawling destination that includes a luxury resort complex, casino, golf course, theme park, and associated hospitality and real estate activities, all bundled under the “Hoiana” brand (https://www.hoiana.com).

The project employs 2,482 workers, making it a significant local employer. Key management personnel include General Director Mr. Nguyen Vinh Tran (Vietnamese) and CEO Mr. Teo Aung Peng (Singaporean), who lead operations in both leisure services and real estate transactions.

Financial Overview: Rapid Sales Growth, Soaring Losses

The company’s financials reveal a high-stakes game of scale versus solvency. In 2023, revenue skyrocketed to USD 90.9 million, a 155.63% increase over 2022 and nearly eight times the 2021 figure. This steep rise is likely attributable to the ramp-up in casino and resort operations post-COVID and a surge in domestic and regional tourism.

However, net profit remains deeply negative at USD -130.77 million, and the trend is worsening. The company has posted three consecutive years of heavy losses, totaling over USD 336 million in cumulative losses from 2021 to 2023. Losses in 2023 alone represented a 13.67% decline from the previous year, despite the revenue boom—suggesting structural inefficiencies or massive cost burdens, potentially linked to depreciation, financing, or marketing overheads.

Capital Structure: A Red Zone of Negative Equity

Of greatest concern is the company’s owner’s equity, which stood at negative USD 200.87 million as of the end of 2023—a 59.3% deterioration from 2022. With total assets at USD 1.04 billion, this negative equity places HOI AN SOUTH DEVELOPMENT firmly in technically insolvent territory, where liabilities exceed total assets. The net worth also declined by 58.72%, matching this equity erosion.

Moreover, the company’s working capital is severely negative at -USD 368.73 million, which indicates an urgent liquidity risk. Without continued external financing or cash injections from the parent company, the business may face significant constraints in servicing short-term liabilities or sustaining operations at scale.

Final Assessment

From a financial risk management perspective, HOI AN SOUTH DEVELOPMENT LTD (CÔNG TY TNHH PHÁT TRIỂN NAM HỘI AN) is a high-risk, high-potential FDI project. The company is clearly investing in long-term infrastructure with tourism and entertainment appeal, and its revenue trajectory is strong. However, the scale of accumulated losses, severely negative equity, and depleted working capital signal serious financial instability.

The viability of the project in the long term will hinge on three critical factors:

The parent company’s willingness and capacity to provide sustained capital support.
The ability to drastically improve profitability through operational streamlining.
External factors such as regulatory clarity on casino operations and the resilience of Vietnam’s tourism recovery.

Without a substantial course correction, the project may remain financially underwater—even as its physical footprint continues to expand along Vietnam’s central coast.

Legal Profile

English Name:

HOI AN SOUTH DEVELOPMENT LTD

Vietnamese Name:

CÔNG TY TNHH PHÁT TRIỂN NAM HỘI AN

Short Name:

HASD

Business ID (TIN):

4000789705

Date of Registration:

10 Dec 2010

Registered Office:

Quang Nam Department of Planning and Investment

Ownership Status:

FDI

Operation Status:

Active

Contacts

Key Decision Makers:

+ STEVEN W

+ LAM C.K

+ GILLIAN M

+ JIMMY, R.Y.L

+ LOK M.W

Address:

Tay Son Tay Village, Duy Hai Commune, Duy Xuyen District, Quang Nam Province, Vietnam

Phone:

84-235 / 858 7777

Business Sector

Key business lines:

VSIC:

5510 Short-term accommodation activities

Industry Sales Growth

CAGR (2019 - 2023)

0.93%

YoY (2023)

18.00%

Companies by industry

Company distribution and propportions

25,621

0.8812%

Key Industry Players

Top 10 companies in short-term accommodation activities industry

ocean place joint venture company ltd saigontourist group terra joint - stock company chains caravelle hotel joint venture company ltd ho tram project company limited petrosetco vung tau general services joint stock company phu quoc tourism development and investment joint stock company hoi an south development ltd sun phu quoc limited liability company vega city joint stock company

Payment History

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Financial Performance

Assets	96.38%
Owner’s Equity	52.32%
Working Capital	-51.09%
Net Worth	95.69%
Sales	9.63%
Operating income	-83.76%
EBIT	-19.72%
Gross Profit Margin	-29.55%
Debt to EBITDA	-50.80%

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Business Operation

Assets

Owner's Equity

Sales

Profit

Company Standard Report

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EBT

EBITDA

Working Capital

Tangible Net Worth

Financial Ratios

Balance Sheet

Profit and Loss Statement

Cash Flow Statement

Comprehensive Report

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Subsidiary and Affiliated Company

Management and Directors

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Business Operation

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Industry Information

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Negative Payment Records

Banking Information

Litigation Records; Negative News

Financial Ratios

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Profit and Loss Statement

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Opinion from Analysts

Specific Questions About HOI AN SOUTH DEVELOPMENT LTD

When did HOI AN SOUTH DEVELOPMENT LTD start operating?

HOI AN SOUTH DEVELOPMENT LTD was started in 10 Dec 2010

What industry does HOI AN SOUTH DEVELOPMENT LTD operate in?

HOI AN SOUTH DEVELOPMENT LTD is operating in "Short-term accommodation activities" industry

How can I contact HOI AN SOUTH DEVELOPMENT LTD?

HOI AN SOUTH DEVELOPMENT LTD phone numbers is 84-235 / 858 7777

What adverse news is there about HOI AN SOUTH DEVELOPMENT LTD?

HOI AN SOUTH DEVELOPMENT LTD’s has 2 bad news

What is stock symbol of HOI AN SOUTH DEVELOPMENT LTD?

HOI AN SOUTH DEVELOPMENT LTD is not listed company

Where is the location of HOI AN SOUTH DEVELOPMENT LTD?

HOI AN SOUTH DEVELOPMENT LTD is located at Tay Son Tay Village, Duy Hai Commune, Duy Xuyen District, Quang Nam Province, Vietnam

What is HOI AN SOUTH DEVELOPMENT LTD’s business registration?

HOI AN SOUTH DEVELOPMENT LTD business registration is 4000789705

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HOI AN SOUTH DEVELOPMENT LTD

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HOI AN SOUTH DEVELOPMENT LTD

Financial Overview: Rapid Sales Growth, Soaring Losses

Capital Structure: A Red Zone of Negative Equity

Final Assessment

Company Profile Report

Company Standard Report

Comprehensive Report

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HOI AN SOUTH DEVELOPMENT LTD

HOI AN SOUTH DEVELOPMENT LTD

HOI AN SOUTH DEVELOPMENT LTD

Financial Overview: Rapid Sales Growth, Soaring Losses

Capital Structure: A Red Zone of Negative Equity

Final Assessment

Company Profile Report

Company Standard Report

Comprehensive Report

GET IN TOUCH FOR EXCLUSIVE DEALS!

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