Real estate major DIC plans high-end medical centers for Vietnam expats

By My Ha, Lan Do
Sat, April 27, 2024 | 4:40 pm GMT+7

Real estate major DIC Corp has plans to build facilities offering advanced medical care for long-term expat residents in the central province of Thanh Hoa and the southern province of Ba Ria-Vung Tau.

The plan was revealed at the 2024 AGM of Construction Investment and Development Joint Stock Corporation (DIC Corp) held Saturday in the coastal town of Vung Tau, home to its headquarters.

 Vietnamese real estate major DIC Corp holds its 2024 AGM in Vung Tau town, southern Vietnam, April 26, 2024. Photo courtesy of DIC.

Vietnamese real estate major DIC Corp holds its 2024 AGM in Vung Tau town, southern Vietnam, April 26, 2024. Photo courtesy of DIC.

Chairman Nguyen Thien Tuan said they will use the group’s land fund for education, healthcare and social housing projects.

The corporation will research and study models for the construction of high-quality hospitals, medical examination and treatment facilities, providing healthcare similar to what is available in developed countries like Japan and South Korea

DIC Corp also planned to invest in green and smart industrial parks, Tuan said, adding that four sites were under consideration: 1,000 hectares in the Chau Duc II area in Ba Ria-Vung Tau province; 270 hectares at the Pham Van Hai Industrial Park in Ho Chi Minh City, where DIC is applying to be an investor; 400 hectares of rubber plantation at the Hang Gon Industrial Park located at the end of the Long Thanh - Dau Giay highway in Dong Nai province; and the Long Son Industrial Park in Vung Tau town.

Restructuring investment

DIC Corp general director Nguyen Quang Tin said they expected a capital budget of VND7,213 billion ($284.6 million) this year, 6.4 times the amount in 2023.

Of this VND6,401 billion ($252.6 million) and VND811 billion ($32 million) will comprise project and financial investments, respectively.

The corporation also intended to divest stock from DIC Anh Em, Dai Phuoc Thien An Co., Ltd., DIC Hoi An, and Phu Rieng Kratie Rubber JSC, while contributing money to DIC No. 2, DICcons, DIC Hospitality, DIC Vision and DIC Phuong Nam, Tin said

He said they would prioritize resources to expedite compensation and site clearance; and invest in completing infrastructure for critical projects that can generate revenue throughout the year, like the Nam Vinh Yen new urban area and commercial residential area in the northern province of Vinh Phuc, Vi Thanh commercial area in the Mekong Delta province of Hau Giang, Lam Ha Center Point housing area in the northern province of Ha Nam, and Chi Linh central area in Vung Tau town.

To achieve its investment objectives, DIC intends to raise its share capital to more than VND10,203 billion ($402.6 million) through shareholder offerings, private offerings and ESOP issuance.

Specifically, the company will offer 200 million shares to existing shareholders at VND15,000 ($0.59) per share, a private offering of 150 million shares at not less than VND20,000 per share, an ESOP of 30 million shares at VND15,000 per share, and bonus distribution of 30.5 million shares.

With the offerings, DIC seeks to raise at least VND6,450 billion ($183.5 million) to pay bond principal and interest and to fund other projects like phases 2-3 of the Cap Saint Jacques complex; the Vi Thanh commercial residential area, the Lam Ha Center Point housing area, and the Nam Vinh Yen new urban region.

Tin said that a major commercial bank, BIDV, has agreed to assist DIC Corp in developing all its projects over a five-year (2024-2028) period.

Robust rebound

Tin said that 2023 was a challenging year, but it is also the year when the government significantly reduced barriers for the real estate market, with interest rates returning to 10% by the end of the year.

During the year, DIC reported consolidated revenue of VND1,337 billion ($52.7 million), just 33% of the annual plan; and a pre-tax profit of VND166 billion ($6.5 million), just 12% of the year’s target. As a result, the company intended to distribute dividends at a rate of 5% rather than the previously announced 8-15%.

Despite the difficulties, DIC Corp had reached a state of balance by end-2023 with no overdue payments, trillions of VND in deposits and secured project funding, Tin informed.

This year, the company is targeting much better business results with revenues of VND2,300 billion ($90.7 million), up 72% year-on-year; and a consolidated pre-tax profit of VND1,010 billion ($39.8 million), six times the 2023 performance. The dividend rate will return to 8-15%.

Responding to shareholders' questions about plans of the year, Tin said the board had been methodical in its calculations.

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