From a charter capital of 860 billion VND at the end of 2019, Allgreen - Vuong Thanh - Trung Duong Co., Ltd. (TDG Group) increased its capital to 1, 478.5 billion VND in November 2025. According to the enterprise registration update on March 6, 2026, charter capital continued to increase to 1,884.4 billion VND.
Thus, after more than 6 years, the enterprise has supplemented nearly 1,000 billion VND of charter capital in the context of The Maris Vung Tau accelerating construction, completion and putting the first sub-zones into use.
Notably, owner's equity as of December 31, 2025 reached nearly 1,454.3 billion VND, an increase of about 80.9% compared to the previous period. This increase mainly comes from the fact that owners continue to add capital to the enterprise, creating more room to implement projects and consolidate the financial safety factor.
Capital structure associated with long-term investment cycle
According to information provided by the enterprise, property rights and cash flow formed from The Maris Vung Tau project are used as collateral at HDBank Vung Tau Branch.
The total value of project assets is recorded at over 13,113 billion VND, while outstanding loans at banks are about 3,700 billion VND. The enterprise said that the project's revenue reached over 21,657 billion VND.
With a scale of 23ha, including apartments, villas, hotels and resort facilities, the project needs medium and long-term capital for the construction, infrastructure completion and operation organization process.
Therefore, debt structure needs to be assessed along with the progress of asset formation, cash flow generation capacity and the performance of payment obligations. The increase in equity, businesses maintaining profits and projects having completed products are indicators that capital is being converted into real assets.
Completing social insurance and tax obligations
According to the list announced by Ho Chi Minh City Social Insurance, Allgreen - Vuong Thanh - Trung Duong were previously recorded for late payment of social insurance for 6 months, with an amount of more than 3.1 billion VND. Data was calculated until the end of June 30, 2026 and updated on the payment order situation until the end of July 8, 2026.
Representatives of TDG Group said that the late payment is arising in the context of a prolonged payment cycle in the market, cash flow has short-term fluctuations, while the enterprise focuses resources on project construction and completion activities.
By August 3, 2026, the investor has completed the relevant social insurance obligations. According to the enterprise, the handling of late payments is to ensure the rights of employees and maintain stability in management and operation.
At the same time, the enterprise also said that it has completed 100% of its tax obligations to the State.
Project progress is guaranteed
On July 17, 2026, the Alaric apartment tower began to be handed over to the first owners.
The project's commissioning helps customers proactively plan resorts or exploit assets, and also marks a shift of The Maris Vung Tau from a focused construction phase to actual handover and operation.
Besides the Alaric, the Polaris tower has completed its rooftop, while the Atlantic and landscape, infrastructure and utility items continue to be deployed.
Overall, debt structure and long-term cash flow generation capacity are still factors that need to be further monitored. However, the increase in equity, maintenance of profits, completion of financial obligations and bringing Alaric into handover shows that the company's resources are gradually being converted into actual progress at The Maris Vung Tau.
