Real estate giant Vinhomes eyes 300ha urban area in central Vietnam province

Vinhomes JSC, the real estate arm of Vietnamese private conglomerate Vingroup, has asked authorities in the central province of Nghe An to allow it to study the construction of a mega urban area in Vinh town.

The project is expected to cover about 200-300 hectares in Hung Dung ward and Hung Loc and Hung Hoa communes.

After receiving the Vinhomes proposal on January 23, the provincial People's Committee assigned the Department of Construction to coordinate with relevant agencies to introduce suitable locations for the developer based on local construction planning, and report the results to the committee before March 20, said the committee’s Vice Chairman Bui Thanh An.

Vinhomes said it is planning a large, upmarket urban area to contribute to the development of Vinh town in particular and Nghe An province in general.

Vinhomes is a leading real estate developer in Vietnam. Currently, Vinhomes and its parent company Vingroup are investing in several projects in Nghe An such as Cua Hoi Amusement Park; the Quang Trung Area B renovation project in Quang Trung ward, Vinh town; and Vinpearl Cua Hoi resort villa, entertainment area and hotel complex.

It earned a consolidated net profit of VND33.13 trillion ($1.36 billion) in 2023, representing a 14.9% year-on-year increase, according to the firm’s Q4/2023 consolidated financial statement.

Its consolidated revenue jumped 65% year-on-year to VND103.33 trillion ($4.23 billion), driven by deliveries of 9,800 low-rise apartments at the Vinhomes Ocean Park 2 and 3 projects in the east of Hanoi.

As of December 31, 2023, Vinhomes had total assets of VND447.36 trillion ($18.33 billion), up 23.6% from a year earlier. Its cash and cash equivalents rose 30.4% to VND14.1 trillion ($578 million), while inventories slipped 18.7% to VND52.34 trillion.

Its liabilities were up 24.2% year-on-year to VND265 trillion ($10.86 billion).

Vinhomes is listed on the Ho Chi Minh Stock Exchange (HoSE) as VHM, which closed the Tuesday session at VND44,200 ($1.79) per share.