AsemconnectVietnam - On September 7th, AAV Group Joint Stock Company (AAV – UPCoM) announced the termination of the investment project to build the Con Son Resort in Tran Hung Dao Ward, Hai Phong City.

The reason is that during implementation, the project encountered several objective difficulties and obstacles, including prolonged compensation and land clearance; complex land ownership determination; and overlapping of a portion of the project area with the conservation and buffer zone of the Con Son – Kiet Bac historical site, affecting the progress and feasibility of continuing the project.
It is known that the Con Son Resort project was approved by the People's Committee of Hai Duong province (now Hai Phong city) with a detailed construction plan at a scale of 1/500 on February 1, 2013, and the adjusted plan was approved on October 6, 2016, with a planned area of 90.68 hectares.
According to the semi-annual financial report, as of June 30, 2026, AAV Group had invested nearly VND5 billion in the Con Son Resort project (the total project investment is expected to be VND550 billion).
Regarding business operations, in the first half of 2026, AAV Group recorded revenue of VND198.59 billion, an increase of 47.7% compared to the same period; after-tax profit recorded a loss of VND14.9 billion compared to a profit of VND0.6 billion in the same period, a decrease of 15.5 billion VND. The gross profit margin decreased from 5.8% to 5.3%. With losses incurred in the first half of 2026, as of June 30, 2026, AAV Group's total accumulated losses have reached VND65.26 billion, equivalent to 9.46% of its total charter capital (VND689.88 billion).
Source: VITIC/Bao Tai chinh – Dau tu