Vietnam developer Sonadezi gets $14 mln land lease advance from Taiwanese firm

Vietnamese developer Sonadezi has obtained a VND359.4 billion ($14.2 million) short-term advance on leasing land and industrial park facilities from Taiwanese-invested Electronic Tripod Vietnam Company Limited.

Sonadezi, listed on the Ho Chi Minh Stock Exchange as SZC, has recorded the transaction in its financial statements.

Tripod Vietnam, a subsidiary of Taiwanese electronics manufacturer Tripod Technology, has leased 18 hectares of land at the Sonadezi Chau Duc Industrial Park in the southern province of Ba Ria-Vung Tau.

The southern coastal province has been ranked fourth in terms of attracting FDI in the first nine months of the year at $1.7 billion, up 384% year-on-year.

A major investment was Tripod Technology’s land lease to develop a $250 million plant with an annual capacity of 1,800 tons. Once operational, the factory, expected to be the largest hi-tech foreign-invested project in the IP, will employ 1,700 workers.

SZC made a post-tax profit of VND226.9 billion ($8.9 million) on net revenue of VND641 billion in the first nine months of this year, up 39.4% and 14.6% year-on-year, respectively, according to the firm’s financial statements.

Vietnam registered FDI worth $24.78 billion in the first nine months of this year, up 11.6% year-on-year, according to the Ministry of Planning and Investment.