Hoang Huy Group

What Hoang Huy Group does

Hoang Huy Group (legally Công ty Cổ phần Đầu tư Dịch vụ Tài chính Hoàng Huy, HOSE: TCH) is a publicly listed Vietnamese conglomerate headquartered in Hai Phong with two operating segments: real estate development and commercial vehicle distribution. The real estate segment develops residential, commercial, and social housing projects across the social, mid-market, and premium tiers in Hai Phong and Hanoi, with completed projects including Pruksa Town (joint venture with Thai partner Pruksa Vietnam), Hoang Huy Riverside, Hoang Huy Mall, Hoang Huy Commerce (a 5,000 billion VND smart mixed-use complex designed by Humphreys & Partners Architects), Hoang Huy Grand Tower, HH3-HH4 social housing in Dong Quoc Binh, and Gold Tower in Hanoi. The group is now executing a larger pipeline including Hoang Huy New City (30,000 billion VND, 65-80 ha) and Hoang Huy Green River (32.5 ha). The automotive segment distributes US-made Navistar trucks and Dongfeng vehicles through an authorized dealer network spanning Vietnam, with subsidiary HHS (Hoang Huy International) operating 3S service centers.

Real estate has become the dominant revenue and profit driver since 2019, accounting for approximately 84% of revenue, with the company reporting FY2020 revenue of 4,423 billion VND (+98% YoY) and after-tax profit of 1,035 billion VND. For the 9 months ending December 2024, the company reported revenue of 3,808 billion VND (+74.4% YoY) and after-tax profit of 867 billion VND, completing 152.3% of its annual business plan. Real estate projects feature 'Smart Building 4.0' technology including Building Management System (BMS), Face ID biometric access, smart parking with license plate recognition, and integrated security cameras. The group operates a notably debt-light capital structure with under 90 billion VND in long-term financial debt against total assets of 15,349 billion VND as of December 2024. CRV (Tập đoàn Bất động sản CRV), the core real estate subsidiary, was separately listed on HOSE in October 2025 with FY2025 revenue target of 4,000 billion VND and proposed 20-23% dividend. Customers span individual homebuyers, social housing eligible buyers under Vietnam's Housing Law, the Hai Phong municipal government for resettlement programs, and logistics/freight companies purchasing commercial trucks.

Name

Hoang Huy Group

Legal name

HOANG HUY INVESTMENT FINANCIAL SERVICES JOINT STOCK COMPANY

Website

https://hoanghuy.vn

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Hoang Huy Group (HOSE: TCH) is a Vietnamese conglomerate headquartered in Hai Phong that develops residential, commercial, and social housing real estate across Hai Phong and Hanoi, and distributes Navistar and Dongfeng commercial trucks through an authorized dealer network in Vietnam.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

SIC

Real Estate Agents & Managers (For Others) (6531), Real Estate (6500)

akta.pro primary industry

HOA / Condominium Association Management (BPAJAFAH)

Keywords

• Residential real estate
• Commercial real estate
• Truck distribution
• Auto distribution
• Social housing

Headquarters

HQ city

Hai Phong

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development and Sales: Primary revenue driver. The company develops and sells residential projects across multiple segments including social housing, commercial apartments, shophouses, and villas in Hai Phong and Hanoi. Revenue is recognized upon project handover. The segment generates the majority of company revenue and profit, with gross margins above 40%. Major completed projects include Hoang Huy Riverside, Hoang Huy Mall, Hoang Huy Commerce (H1), Hoang Huy Grand Tower (So Dau), and social housing projects like Pruksa Town and An Dong.
2. Commercial Vehicle Import and Distribution: Distribution of US-made Navistar trucks and Dongfeng vehicles across Vietnam through an authorized dealer network. Revenue generated from vehicle sales and parts. Contributed 80-90% of total revenue in 2016-2018, declining to 33% by 2019 as real estate grew. Generates consistent cash flow. FY2019 (1/4/19-31/3/20) revenue from vehicles reached over 721 billion VND with gross profit of 212 billion VND.
3. Social Housing (Nhà ở xã hội): Development and sale of social housing apartments under government-mandated 20% land quota requirements, offered at government-regulated prices to eligible buyers. Projects include Hoang Huy New City and Hoang Huy Green River social housing components.
4. Financial Services: Listed on HOSE as TCH with annual shareholder meetings and investor relations activities. Revenue mix includes financial consulting and investment services. For FY2020, total revenue was 4,423 billion VND with after-tax profit of 1,035 billion VND.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Hoang Huy Group (HOSE: TCH) is a Hai Phong-headquartered diversified holding company operating two principal business segments. The dominant segment is real estate development, encompassing residential apartments, social housing, shophouses, office buildings, and the Wink Hotels hospitality brand, primarily concentrated in the Hai Phong market of northern Vietnam. The secondary segment is automotive distribution, importing and reselling Navistar heavy-duty trucks and Dongfeng passenger vehicles through a nationwide authorized dealer network.

Product overview

Hoang Huy Group (Công ty Cổ phần Đầu tư Dịch vụ Tài chính Hoàng Huy – TCH) is a diversified Vietnamese conglomerate primarily focused on real estate development and automotive distribution. The company operates in two main segments: (1) Real Estate Development – covering residential apartments, linked houses, villas, shophouses, social housing, and mixed-use complexes across Hải Phòng and Hanoi, with projects including Hoang Huy Commerce (smart mixed-use complex with 3 towers), Hoang Huy Riverside (premium riverside urban area), Hoàng Huy Mall (low-rise shophouse project), Hoang Huy Grand Tower (37-storey high-rise), Hoàng Huy New City (large-scale new urban area), Hoàng Huy Green River (upcoming urban project), HH3-HH4 Đồng Quốc Bình (apartment renovation), Gold Tower (Hanoi mixed-use), and Pruksa Town (joint-venture social housing); and (2) Automotive – importing and distributing American Navistar semi-trucks through an authorized dealership network across Vietnam, with a subsidiary (HHS) operating truck dealerships and service centers under the Hoàng Huy International brand.

Differentiator

Problem solved

Functional benefit

Brands

• Hoàng Huy Real Estate: Real estate development division of Hoang Huy Group, covering residential projects including apartments, shophouses, villas, and urban developments across Hải Phòng and Hà Nội.
• Hoàng Huy Auto
• Hoàng Huy Finance

Products and services

• Hoàng Huy Riverside residential apartments
• Hoàng Huy Grand Tower residential apartments
• Pruksa Town residential development
• Social housing projects
• Hoàng Huy Commerce office tower
• Shophouse developments
• Wink Hotels hospitality brand
• Navistar heavy-duty truck distribution
• Dongfeng passenger vehicle distribution

Quantifiable outcome

• 100% of delivered projects received full land use rights certificates (so do) for all customers
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Fission Group (Singapore)minorStrategic or Co-development Partner · 3 January 2020Melvin Poh, CEO and owner of Fission Group with 25+ years in real estate development, visited Hai Phong January 3-6, 2020 to explore cooperation with TCH. Fission Group and Centra Group have invested and distributed premium products in Singapore 2018-2019 with revenue reaching hundreds of millions of USD. Both parties agreed to cooperate in investing and developing TCH projects in Hai Phong, targeting premium real estate products with international quality standards.
• Pruksa Vietnam (Thailand)coreStrategic or Co-development PartnerJoint venture through subsidiary HHS (Hoang Huy Services) with Thai partner Pruksa for Pruksa Town social housing project at An Dong commune, An Duong district, Hai Phong. Total area ~21 ha. First social housing pilot project in Hai Phong. Pruksa Town fully completed with 100% residents receiving land titles. JV also developed housing at An Dong.
• Dongfeng Motor Corporation (China)coreChannel Partner/ Reseller/ DistributorHoang Huy Group serves as authorized distributor of Dongfeng commercial vehicles in Vietnam. Conducted customer conferences with Dongfeng representatives to launch new products and genuine parts. Promotional campaigns and dealer training on Dongfeng product differentiation and genuine parts identification. HHS previously operated as Dongfeng distributor.
• Navistar International (USA)coreChannel Partner/ Reseller/ DistributorSince May 2015, TCH has been the official authorized distributor of Navistar (US-made) trucks across Vietnam. HHS also joined the Navistar distribution network to expand reach. Sales volumes include 185 trucks in July 2020 peak month, 282 trucks in Q1 FY2020 generating ~250 billion VND revenue.
• Humphreys & Partners Architects (USA)minorStrategic or Co-development PartnerInternational architecture firm engaged for Hoang Huy Commerce project design. Humphreys & Partners Architects has delivered projects globally including A Partment Of The Future (Las Vegas), Trump Bay Street (Jersey City), Phoenix (Arizona), and Champa Legend (Nha Trang). Responsible for the flower-inspired tower design (Lotus, Camellia, Tulip towers).
• Ecoba (Vietnam)minorImplementation/ SI/ Consulting PartnerGeneral contractor for Hoang Huy Commerce project construction. Partnered with Coninco 3C as supervision consultant. Both companies collaborated on the rooftop ceremony March 2023, marking structural completion and entry into finishing phase.
• Coninco 3C (Vietnam)minorImplementation/ SI/ Consulting PartnerSupervision and quality control consultant for Hoang Huy Commerce project. Partnered with Ecoba general contractor for construction management. Contributed to on-schedule, quality-assured delivery leading to the project's rooftop ceremony March 2023.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Vinhomes (VHM): Vietnam's largest residential real estate developer listed on HOSE, part of Vingroup ecosystem. Develops large-scale urban areas and mixed-use complexes nationwide. Larger and more diversified than Hoang Huy with broader geographic footprint and capital resources, but operates in the same core residential development market.
• Thaco Group: Vietnam's largest private automotive manufacturer and distributor, owned by Tran Ba Duong. Operates in commercial vehicles, passenger cars, and agricultural machinery. Direct competitor in commercial truck distribution segment where Hoang Huy distributes Navistar and Dongfeng trucks.

Direct peers

• Nam Long Group (NLG): Vietnamese residential real estate developer listed on HOSE with focus on affordable and mid-market housing, including EHome and Flora product lines. Operates across southern Vietnam. Direct peer in residential development with similar product segmentation approach.
• Novaland (NVL): One of Vietnam's largest private real estate developers focused on mid-to-high-end residential projects, listed on HOSE. Develops urban areas, apartments, and mixed-use complexes with similar geographic focus on southern Vietnam. Direct comparable in business model, product mix, and target customer segments.
• Dat Xanh Group (DXG): Vietnamese real estate services and development company listed on HOSE, operating across southern Vietnam with brokerage, development, and property management services. Comparable in combining real estate services with development activities, with similar revenue scale.
• Phat Dat Real Estate (PDR): Vietnamese real estate developer listed on HOSE focused on residential and commercial projects, particularly in Ho Chi Minh City. Comparable mid-sized developer with similar project types including apartments, townhouses, and shophouses. Direct peer in residential real estate development with HOSE listing.
• Becamex IDC (BCM): Vietnamese industrial and residential real estate developer listed on HOSE, focused on Binh Duong province. Develops industrial parks, urban areas, and residential projects. Comparable in mixed industrial/residential development approach and similar scale of operations.
• Khang Dien House (KDH): Vietnamese residential real estate developer listed on HOSE, focused on mid-market housing in Ho Chi Minh City. Comparable in scale and product mix with similar townhouse and apartment projects. Direct peer in residential development with HOSE listing.
• Kinh Bac City Development (KBC): Vietnamese industrial and urban real estate developer listed on HOSE, focused on industrial parks and new urban areas primarily in northern Vietnam including Bac Ninh province. Comparable in developing large-scale mixed-use projects in northern Vietnam, with similar geographic exposure to northern industrial hubs near Hoang Huy's Hai Phong base.

Others

• Hoa Phat Group (HPG): Vietnam's largest steel producer and leading industrial conglomerate listed on HOSE with operations spanning steel, real estate, agriculture, and furniture. Has expanded into industrial real estate development. Larger and more diversified than Hoang Huy, but comparable as a Vietnamese industrial conglomerate with real estate exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

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 Hoang Huy Group