Understand any stock in simple English
Enter a ticker to learn what the company does and how it makes money.
Sun Group Corporation (Công ty cổ phần Tập đoàn Mặt trời)
Sun Group is a Vietnamese private company that builds and runs giant resorts, theme parks, and cable cars, mostly in places tourists want to visit.
Sun Group is a Vietnamese developer of resorts and entertainment complexes. It builds the big, showy places people visit on vacation — beach resorts, theme parks, and cable cars that haul tourists up mountains and across islands — and then it runs them.
The company is private and was founded in 2007 by Đặng Minh Trường and others. It made its name with cable cars, including a line in Da Nang that set world records, and it turned that into a much bigger business: hotels, amusement parks, and whole tourism complexes. Its best-known project is probably Sun World Ba Na Hills, the hilltop park near Da Nang famous for the giant Golden Bridge held up by stone hands. It has also backed large projects in places like Phu Quoc and Sapa, and it has moved into other property, including residential and urban developments. The money comes from ticket sales, hotel stays, and selling or leasing property, and it earns well because it controls the whole experience — the ride up the mountain, the park at the top, and often the hotel you sleep in. There are reasons to be careful. Sun Group is private, so it doesn't publish the sort of detailed accounts a listed company must. Its fortunes are tied to Vietnamese tourism, which can swing sharply with the economy and with events nobody can control, and its projects are enormous and expensive, which means a lot of borrowing and a lot of risk if visitors don't show up. Vietnam's real estate and tourism markets have had rough patches, and a developer that bets big on both feels that.
Still, when Vietnam's tourists come, Sun Group is one of the first companies to profit. It sells an experience rather than a product, and it has become one of the country's most visible builders of places people go to have fun.
Saved answer · last researched 10 Nov 2026
BIG PICTURE
Sun Group's core company lifted profit nearly threefold as owners poured in capital
- 84% Owners' capital as share of total equity
- 16% Retained profits and other equity
At the end of June 2026, 84% of the core Sun Group company's equity came from money its owners put in, not from years of retained earnings. Shareholders added more than 18,300 billion dong during 2025 alone, lifting owners' capital to 29,128 billion dong. That cash is the fuel for new resorts, parks and property projects across Vietnam, so the company's expansion depends on owners continuing to fund it rather than on profits from selling tickets. Source: Nguoi Quan Sat / Kien Thuc Dau Tu, data from 2026
Timeline
Sun Group Starts in Vietnam
The company was actually born in Ukraine in 1998, of all places. It only came to Vietnam in 2007, when it set up Sun Group Corporation and a cable car company, and started building in Da Nang — a hillside attraction, a beach resort, a city hotel. Those early projects became the engine room of a whole ecosystem of real estate, entertainment and resorts.
A Very Big Balance Sheet
By the end of 2025 the company's total assets had jumped by nearly two-thirds in a single year, and it raised fresh charter capital of its own — more than eighteen trillion dong — so that its equity grew more than two and a half times. The point of all that money was simple: fund very large projects, and stay the key unit in Sun Group's plans.
Profits Fall, Safety Improves
Here is a strange pairing: profit fell hard that year, down about 74% before tax and 80% after, to just a few hundred billion dong. And yet the company got safer, not weaker. Because the new equity was so large, its debt relative to equity dropped from 2.25 to 1.12 times, and its ability to cover short-term bills rose from 1.47 to 2.19 times.
Into Digital Assets
In January 2026 the company put real money behind a new idea, contributing most of the capital for a new digital-asset business called Viet Nam Digital Asset and taking 64% of it. Its job is the plumbing — IT infrastructure, data processing, data storage — as Vietnam writes rules for digital assets and prepares a pilot crypto exchange. After years of hills and resorts, this was the group stepping into a new growth area.
A Giant Project in Ho Chi Minh City
Soon after, Ho Chi Minh City authorities approved a consortium of Sun Group companies to invest in the Bình Quới - Thanh Đa new urban area, a site of roughly 424 hectares meant for about 54,000 people, with total investment near 98,700 billion dong — over 3.7 billion dollars. It was a major push of the project portfolio into the biggest city in the country.