Steel-maker Hoa Phat eyes urban complex project in Hue
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.
- Read More
Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm
Summit Agro International Ltd., a member of Japanese conglomerate Sumitomo, has acquired a 49% stake in Hop Tri Investment Corporation, a leading crop protection firm in Vietnam.
Companies - Fri, November 22, 2024 | 8:25 pm GMT+7
E-wallets get thin as banking apps prosper in Vietnam
E-wallets appear unable to compete strongly against online banking applications in Vietnam, several market observers say.
Banking - Fri, November 22, 2024 | 7:15 pm GMT+7
Use social media influencers in targeted manner for e-commerce success: Vietnam execs
Vietnamese companies should use new generation influencers in a targeted manner, prioritizing specific market segments, standardizing quality and focusing on strong product categories to achieve e-commerce success, says Nguyen Ngoc Luan, CEO of Meet More Coffee.
Companies - Fri, November 22, 2024 | 4:26 pm GMT+7
VinFast’s parent, PV Power partner to speed up charging station expansion
Vietnamese private conglomerate Vingroup, the parent firm of electric vehicle manufacturer VinFast, and state-controlled PV Power have entered an agreement to develop charging stations across the country and promote rooftop solar installations.
Companies - Fri, November 22, 2024 | 4:11 pm GMT+7
Petrovietnam, Petronas to boost renewable energy cooperation
Petrovietnam and Petronas, two state-owned oil & gas giants of Vietnam and Malaysia, will further cooperate in renewable energy, including exchange of information, knowledge, and experiences.
Energy - Fri, November 22, 2024 | 2:59 pm GMT+7
FTSE Vietnam ETF may heavily buy Vinhomes, sell Vingroup in upcoming reshuffle: broker
FTSE Vietnam ETF is forecast to strongly buy in several Vietnamese heavyweights such as Vinhomes, Hoa Phat, and Vietcombank in its upcoming portfolio reshuffle.
Finance - Fri, November 22, 2024 | 2:45 pm GMT+7
$681 mln central Vietnam urban area project eyed by Sun Group gets authorities' nod
A VND17.3 trillion ($681 million) urban area project that is drawing the interest of major realty developer Sun Group has received an in-principle approval from Khanh Hoa province's administration.
Real Estate - Fri, November 22, 2024 | 1:53 pm GMT+7
Vietnam foreign ministry dismisses allegations of tightening visa rules for foreigners
Allegations of Vietnam tightening visa policies and control over foreigners are "baseless", Foreign Ministry spokeswoman Pham Thu Hang said Thursday.
Politics - Fri, November 22, 2024 | 11:29 am GMT+7
Thailand-invested food giant CP fined $31,000 for environmental violations
Vietnam’s southern province of Dong Nai has issued a fine of VND790 million ($31,080) to Thailand-invested C.P. Vietnam Corporation for violating environmental regulations.
Companies - Fri, November 22, 2024 | 10:48 am GMT+7
Vietnamese billionaire’s daughter spends $25 mln on Masan share purchases
Nguyen Yen Linh, the daughter of chairman Nguyen Dang Quang of consumer goods giant Masan Group (HoSE: MSN), has purchased nearly 8.5 million MSN shares over the past three weeks, meeting 85% of her target.
Finance - Fri, November 22, 2024 | 10:27 am GMT+7
PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty
The Vietnamese economy will still fare well, and the local stock market will remain appealing despite the recent pullback following Donald Trump’s election win for a second term, said Petri Deryng, portfolio manager of Finland-based the PYN Elite fund.
Finance - Fri, November 22, 2024 | 8:25 am GMT+7
Central Vietnam province plans to build $2.4 bln LNG power plant from 2031
The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.
Energy - Thu, November 21, 2024 | 10:41 pm GMT+7
Indonesia, France step up cooperation in economy, defence
Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.
Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7
Thai economy to maintain upward momentum in 2025
The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.
Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7
Former parliament chairman Vuong Dinh Hue warned for violations
The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.
Politics - Thu, November 21, 2024 | 10:10 pm GMT+7
Sumitomo insists on building LNG power plant in central Vietnam
Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.
Energy - Thu, November 21, 2024 | 8:53 pm GMT+7