Steel-maker Hoa Phat eyes urban complex project in Hue
The center of Hue, home to the Imperial City, a UNESCO heritage site. Photo courtesy of the Government Portal.
Hoa Phat Group, Vietnam’s leading steel producer, said it wants to develop a sizable, modern urban complex in the former imperial city of Hue.
In a meeting early this week, Tran Dinh Long, chairman of Hoa Phat, asked Thua Thien-Hue leaders to designate a suitable site for a “large-scale, modern and worth-living urban complex” in the former imperial city.
Chairman of the central province Nguyen Van Phuong said following the Polibureau’s Resolution 54 dated December 2019, Thua Thien-Hue aims to become a centrally-managed city by 2015. Given the target, the province has deployed measures to lure investments, including urban developments like what Hoa Phat proposed.
Ho Chi Minh City, Can Tho, Hanoi, Haiphong and Da Nang are currently Vietnam’s only five centrally-managed cities.
While steel is Hoa Phat’s core business, Long peviously said the group would expand into the real estate sector. Since the end of 2020, Hoa Phat has restructured to focus on steel-making, agriculture and property.
The group’s real estate business has been handled by Hoa Phat Real Estate Development JSC, which was established in 2020. The business line consists of two majors - industrial real estate (industrial zones) and urban complexes.
Hoa Phat Group’s board recently approved a plan to increase the chartered capital of Hoa Phat Real Estate Development JSC from VND2.7 trillion to VND6 trillion (nearly $263 million).
In the urban real estate segment, Hoa Phat has invested in such projects as the 2.5ha Mandarin Garden 1 Complex in the Southeast Tran Duy Hung Urban Area, the 1.3ha Mandarin Garden 2 complex at 493 Truong Dinh Street and the 70 Nguyen Duc Canh apartment complex, all in Hanoi.
Regarding industrial real estate, the group is investing in the 600ha Pho Noi A Industrial Park and the 97.5ha Yen My II Industrial Park phase 1 in the northern province of Hung Yen; and the 131ha Hoa Mac Industrial Park in Ha Nam province, which neighbors Hanoi.
In the first two months of the year, Hoa Phat’s construction steel sales reached 828,000 tonnes, a 2.2-fold increase year-on-year. Of this, 174,000 tonnes were shipped overseas, 2.6 times higher than the same period last year. Major export markets are Singapore, Hong Kong, Canada, Japan, South Korea and Cambodia.
The group’s complete construction steel products are expected to grow over 20 percent this year against 2021, according to the company’s release.
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