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The deal was completed in February at a cost of $45 million.
The five properties are the Victoria Phan Thiet Resort &Spa, Victoria Sapa Resort & Spa, Victoria Can Tho Resort, Victoria Chau Doc Hotel and Victoria Hoi An Beach Resort & Spa.
They are four or five-star standards, and offer a total of 430 rooms.
Tran Trong Kien, chairman of Thien Minh Group, with the International Finance Corporation (a member of World Bank) as a shareholder, said he had also won the contract for managing the 120-room Victoria Angkor Resort and Spa in Cambodia.
"As a key component in the strategy, the acquisition of the five hotels and resorts under the Victoria brand in Vietnam along with the management contract for the Victoria Angkor Resort and Spa in Cambodia has significantly strengthened Thien Minh Group's expansion plans," he said.
Along with working on Victoria's current expansion plans, Thien Minh Group will also look at strengthening the existing management capacity and make further investments in these properties, according to Kien.
Currently, Thien Minh Group's portfolio includes brands such as Buffalo Tours, Intrepid Indochina, Mai Chau Lodge, Jetwing Indochina and Festival Hue Hotel.