One of Vietnam’s leading real estate developers, Him Lam Land Trading Corporation, has changed its name to Truong Son Land Corporation starting Wednesday.
The change in the brand name has surprised businesses and home buyers. Its website is currently inaccessible.
The company said that the name change was part of a brand repositioning plan that will not affect relationships, transactions and civil obligations as well as the implementation of signed contracts and agreements. All rights, responsibilities and obligations of the company will continue to be fulfilled in accordance with the law, it said.
Per a notice sent to partners Wednesday, the general director and legal representative of the newly named company continues to be Nguyen Ngoc Thuy, who has held the position since its inception.
Deputy general director Le Bich Ngoc told The Investor that the brand name change aimed to create independence from identification with its parent company, in accordance with the company’s future development strategy.
Him Lam Land was established in 2008 as a part of the ecosystem of Him Lam Joint Stock Company - a business associated with the name of Duong Cong Minh - chairman of private lender Sacombank.
Apart from the company name, projects developed and sold by Him Lam Land have been associated with the "Him Lam" brand, like Him Lam Phu An, Him Lam Nam Khanh, Him Lam Riverside and Him Lam Cho Lon.
In 2017, Him Lam Land set the goal of listing its shares on the stock market as it implemented the Him Lam Phu Dong project in Binh Duong province, but the plan was cancelled.
Since 2018, the company has not implemented new projects in Ho Chi Minh City, and its land funds in Ho Chi Minh City and Dong Nai province have gradually been sold to partners like Hung Thinh Land and Van Phuc Group.
The company reported a sudden surge in profit to VND2,380 billion ($97.82 million) in 2022, 14 times that of 2021. By the end of last year, its equity and liabilities stood at VND2,144 billion ($88.12 million) and VND14,794 billion ($608 million), respectively, with no bond debt.
Him Lam Land became well known on the stock market after becoming a major shareholder of DIC Corp, listed on the Ho Chi Minh Stock Exchange as DIG – a hot real estate stock in the 2021-2022 period.
The relationship between the two companies was highlighted in September 2020 when DIC Corp leaders presented a plan to cooperate with Him Lam Land to invest VND10 trillion in the North Vung Tau new urban area project. But the plan was not approved.
In early October 2020, Him Lam Land became a major shareholder of DIC Corp, owning 21.5% of its charter capital. However, Him Lam Land began to divest capital from DIC Corp in mid-2021 and was no longer a major shareholder in the latter a year later.