What Hung Thinh Corporation does

Hung Thinh Corporation (Tập đoàn Hưng Thịnh) is a privately-held Vietnamese real estate conglomerate founded in 2002 and headquartered in Ho Chi Minh City. The group operates across the full real estate value chain through wholly-owned subsidiaries including Hung Thinh Land (development), Hưng Thịnh Incons (construction, listed on HOSE as HTN), PropertyX (brokerage), Hưng Thịnh Hospitality (tourism/resort management), and emerging PropTech and Fintech arms. Over 23 years, Hung Thinh has developed 59+ projects spanning 3,300+ hectares of land reserves across Vietnam's key cities — Ho Chi Minh City, Hanoi, Dong Nai, Lam Dong, Khanh Hoa, Binh Dinh, and Gia Lai — and delivered more than 30,000 residential and commercial products to market. Flagship developments include the MerryLand Quy Nhon mega township, the Lavita Thuận An mixed-use complex, New Galaxy Bình Dương (3,000 apartments), the 8X affordable apartment series, Moonlight, Grand Center Quy Nhơn, Lumira Ville in Hải Phòng, and Vũng Tàu Melody.

The group's core product surface spans affordable apartments priced under 1 billion VND targeting young families and first-time buyers (the 8X series), mid-to-upper residential projects, mixed-use shophouse complexes, and large-scale integrated tourism-residential townships such as MerryLand Quy Nhon. Underpinning these is a layered technology stack: the TopenLand PropTech platform (launched 2022), a Hưng Thịnh Fintech Hub, and partnerships with FPT for Big Data and smart city solutions, KONE for vertical transportation, Samsung Vietnam for smart home research, and VNU-HCM for AI and circular economy research at MerryLand Quy Nhon.

Revenue is generated through a mix of transaction fees on residential, commercial, and tourism real estate development; construction services via listed subsidiary HTN; brokerage commissions via the PropertyX trading floor network; recurring property management fees; and managed services from hospitality operations. The group sells primarily through an integrated proprietary distribution network (Hung Thinh Land field sales plus PropertyX branches in Ho Chi Minh City, Hanoi, Bình Dương, Nha Trang, and Quy Nhơn) and through direct enterprise sales for large township projects. Customer segments span individual first-time affordable housing buyers, mid-market residential investors, and integrated tourism-resort operators, with a 2022-launched social housing initiative targeting 150,000 units for low-income workers.

Name

Hung Thinh Corporation

Legal name

Hung Thinh Corporation

Website

https://hungthinhcorp.com.vn

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hung Thinh Corporation (Tập đoàn Hưng Thịnh) is a private Vietnamese real estate conglomerate developing residential, commercial, and integrated tourism-residential townships across Vietnam through subsidiaries spanning development, construction, brokerage, hospitality, PropTech, and Fintech, serving affordable, mid-market, and integrated tourism-resort customers.

Ownership category

akta.pro rank

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Real Estate Investment and Development: Core revenue stream from investment and development of residential, commercial, and tourism real estate projects across Vietnam. Over 59 projects and 3,300 hectares of land reserves developed over 23 years.
2. Construction (Hưng Thịnh Incons): Construction services provided by subsidiary Hưng Thịnh Incons (HTN), which is listed on HOSE stock exchange. The company serves as general contractor for group projects.
3. Real Estate Brokerage (PropertyX): Real estate trading floor operations through PropertyX network providing brokerage services
4. Property Management: Commercial and residential property management operations
5. Tourism and Hospitality: Tourism and resort management including Hưng Thịnh Hospitality and management of MerryLand Quy Nhon
6. Digital Business (PropTech/Fintech): Digital platform operations including PropTech and Fintech ventures such as TopenLand platform and Hưng Thịnh Fintech Hub

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

Hung Thinh Corporation is a Vietnamese real estate conglomerate that invests in, develops, and sells residential apartments, commercial properties, integrated townships, and tourism/resort real estate across Vietnam. It also delivers general contracting and construction services through subsidiary Hung Thinh Incons, real estate brokerage through PropertyX, property management, and operates a PropTech platform (TopenLand) and Fintech Hub supporting its real estate operations.

Product overview

Tập đoàn Hưng Thịnh operates as a comprehensive real estate ecosystem comprising multiple integrated business lines. The core portfolio includes: Hung Thinh Land (real estate development), Hưng Thịnh Incons (construction/general contracting), and PropertyX (real estate exchange/brokerage). The group develops major integrated urban projects such as MerryLand Quy Nhơn, supported by PropTech platform TopenLand. Product offerings span residential apartments (8X series, Lavita Thuận An, New Galaxy Bình Dương, Grand Center Quy Nhơn, Lumira Ville), commercial properties, and social housing. The ecosystem also includes digital platform business, commercial real estate management, and tourism/resort management operations.

Differentiator

Problem solved

Functional benefit

Brands

• 8X: Affordable apartment series targeting young customers and first-time homebuyers in Ho Chi Minh City, including 8X Đầm Sen, 8X Thái An, and 8X Plus.
• MerryLand Quy Nhơn
• Lavita Thuận An
• New Galaxy Bình Dương
• Moonlight
• Grand Center Quy Nhon
• PropertyX
• TopenLand

Products and services

• Hung Thinh Land Real estate investment and development subsidiary delivering residential, commercial, and tourism property projects across Vietnam for individual buyers, investors, and institutional customers.
• Hung Thinh Incons (HTN) General contracting and construction services subsidiary for the group's real estate projects and external clients; serves as the in-house construction arm of the Hung Thinh ecosystem.
• PropertyX Real estate exchange and brokerage platform providing property trading and brokerage services through a network of trading floors across Vietnam.
• MerryLand Quy Nhon Large-scale integrated urban township development in Quy Nhon, Binh Dinh province, combining residential, commercial, tourism, and resort components. Includes Hollywood Hills precinct with YOO Inspired by Starck design and partnerships with Samsung Vietnam for smart home solutions.
• TopenLand Digital real estate technology (PropTech) platform providing technology services and solutions for real estate operations, including related services TopenAsset, TopenLaw, TopenValue, and TopenPay.
• 8X Affordable Apartment Series Affordable apartment product line targeting young families and first-time buyers in Ho Chi Minh City with prices under 1 billion VND and flexible payment policies. Includes 8X Dam Sen, 8X Thai An, and 8X Plus projects.
• Lavita Thuan An Mixed-use residential and commercial complex in Thuan An, Binh Duong province, featuring shophouses, high-rise apartments, and officetels across nearly 24,000 m² with over 2,400 units.
• New Galaxy Binh Duong Apartment complex in Binh Duong province with 6 towers of 19 floors on nearly 30,000 m², providing 3,000 apartments with comprehensive amenities.
• Grand Center Quy Nhon Apartment complex in Quy Nhon, Binh Dinh province, part of the group's expansion in central Vietnam.
• Lumira Ville Hai Phong Urban residential development project in Hai Phong city, representing a new chapter for the city's residential real estate market.
• Vung Tau Melody Residential apartment complex project in Vung Tau city, currently in final phase prior to customer handover.
• Social Housing Project Phu Thuan Social housing development of 300+ units in Phu Thuan ward, Ho Chi Minh City, targeting workers and low-income earners as part of Vietnam's social housing initiative.

Quantifiable outcome

• Over 30,000 real estate products delivered to market over 23 years of operations
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered strategic and minor.

• KONE VietnamstrategicTechnology or Integration · 1 August 2022Strategic partnership for smart city development. KONE Vietnam provides elevator and escalator solutions for Hung Thinh's urban development projects, contributing to smart and sustainable urban development goals.
• ICED (Institute for Circular Economy Development)minorStrategic or Co-development Partner · 1 March 2022Partnership with ICED (Institute for Circular Economy Development) under ĐHQG TP.HCM for circular economy research model at MerryLand Quy Nhon, signed March 2022.
• Vietnam National University Ho Chi Minh City (ĐHQG TP.HCM)strategicStrategic or Co-development Partner · 1 January 2021Strategic cooperation established in 2021 for research activities and technology applications across multiple fields. Collaboration includes AI, healthcare, urban management research, and circular economy research at MerryLand Quy Nhon. Partnership with GS. Ngo Bao Chau for mathematics and AI talent development program (2022-2026) with 5 billion VND/year budget.
• FPTstrategicTechnology or Integration · 1 January 2020Strategic partnership established in 2020 for digital transformation and smart city development. Collaboration includes Big Data, AI applications, construction technology, and smart city/smart urban management solutions for projects in Quy Nhon, Binh Dinh province.
• YOO Inspired by StarckminorStrategic or Co-development PartnerDesign partnership for Hollywood Hills precinct at MerryLand Quy Nhon, featuring YOO Inspired by Starck design concept.
• Quỹ học bổng Quang TrungminorOthersMain sponsor of Quang Trung Scholarship Fund supporting students from Binh Dinh studying in Ho Chi Minh City. Partnership for education and talent development since 2015.
• PropertyGuru VietnamminorGTM or Marketing PartnerPropertyGuru Vietnam Property Awards organizer recognizing Hung Thinh Corporation, Hung Thinh Land, and MerryLand Quy Nhon with multiple awards including Special Recognition for CSR, Best Community Developer, and Best Mega Township Development.
• Tỉnh Bình ĐịnhstrategicOthersPartnership with Binh Dinh Province government for regional development including MerryLand Quy Nhon integrated township, Quy Nhon football team sponsorship, youth football development, and various tourism and economic development initiatives.

Scale indicators6 records

Recent moves15 records

Expansion highlights6 records

Direct peers

• Vinhomes (VHM): Vinhomes is Vietnam's largest residential and integrated township developer and a subsidiary of Vingroup, with massive land reserves and flagship mega-projects across Vietnam. Directly comparable to Hung Thinh in product mix and integrated model, though at larger scale.
• Novaland (NVL): Novaland is one of Vietnam's largest private real estate developers with a similar portfolio spanning residential, integrated townships, and tourism real estate — most directly comparable in scale, geography, and product scope to Hung Thinh.
• Nam Long Group (NLG): Nam Long is a HCMC-headquartered developer focused on affordable housing (EHome series parallels Hung Thinh's 8X) and integrated townships. Closely comparable in product positioning for the affordable and mass-market segments.
• Khang Điền House (KDH): Khang Điền is a major HCMC-based residential developer focused on mid-to-high-end housing projects across Vietnam. Comparable in scale, geography (HCMC-centric), and project type to Hung Thinh's residential portfolio.
• Phát Đạt Real Estate (PDR): Phát Đạt is a Vietnamese residential and township developer with projects across Vietnam. Comparable mid-tier private developer profile and residential focus similar to Hung Thinh.
• Đất Xanh Group (DXG): Đất Xanh is a major Vietnamese property developer and brokerage operating across residential developments and real estate services. Comparable for its integrated business model spanning development and brokerage (mirroring Hung Thinh's PropertyX).
• Sunshine Group (KSF): Sunshine Group is a Vietnamese real estate developer with integrated township and resort projects targeting the high-end segment. Comparable to Hung Thinh's premium and resort-led MerryLand Quy Nhơn positioning.

Broad incumbents

• CapitaLand: CapitaLand is a major Singapore-listed real estate developer and asset manager with significant Vietnam operations offering integrated residential, commercial, and integrated townships. Comparable as a regional incumbent with sophisticated integrated capabilities serving Vietnam.

Emerging players

• PropertyGuru Group: PropertyGuru is Southeast Asia's leading PropTech/real-estate marketplace and the awards body that recognized Hung Thinh with multiple industry awards in 2022. Comparable as a regional PropTech platform that intersects with Hung Thinh's TopenLand PropTech business line.
• Batdongsan.com.vn: Batdongsan.com.vn is Vietnam's largest real estate portal and marketplace. Comparable to Hung Thinh's PropertyX brokerage and trading-floor platform within the Vietnamese real estate listing and brokerage ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hung Thinh Corporation