Vietnam real estate businesses focus on survival, not growth: CEO
Infrastructure and real estate developers in Vietnam are now focusing more on survival rather than growth, and the Ho Chi Minh City Infrastructure Investment JSC (CII) is no exception, said the company’s CEO Le Quoc Binh.
At the firm's second extraordinary general meeting of shareholders (EGM) in 2023 on Tuesday, Binh reported that CII’s business results for the third quarter and the whole year had not met expectations at the beginning of the year, as legal procedures had hindered almost all projects.
At the meeting, shareholders approved the adjustment of business lines and the strategic development orientation for the 2024-2030 period.
The Ho Chi Minh City Infrastructure Investment JSC (CII) holds its second extraordinary general meeting of shareholders (EGM) on October 17, 2023. Photo courtesy of the company.
CII determined that transportation infrastructure investment will continue to be a priority area. It plans to invest up to VND74.82 trillion ($3 billion) in six projects, including the Ho Chi Minh City-Trung Luong-My Thuan Expressway project phase 2 with investment capital of VND22 trillion ($895.4 million); a VND19 trillion ($773.3 million) project to improve travel capacity in the northwest region of HCMC; and a VND12 trillion ($488.4 million) project to upgrade and expand National Highway 1A from the Tan Kien intersection to Long An.
A VND10.1 trillion ($411 million project to improve traffic capacity on Pham Van Dong-Nguyen Xi-Ung Van Khiem-Nguyen Huu Canh route; a VND6.63 trillion ($269.84 million) project to upgrade and expand the North-South axis (Nguyen Huu Tho road) section from Nguyen Van Linh to Ben Luc Long Thanh Expressway; and a VND5 trillion ($203.5 million) project to upgrade and expand the route connecting to Ho Chi Minh City-Trung Luong Expressway are also in the pipeline.
In 2023, CII has targeted VND5.15 trillion ($209.6 million) in revenue, down 31.4% from the previous year. The parent company's after-tax profit is expected to hit VND469 billion ($19 million), a year-on-year decrease of 49.5%.
CII is listed on the Ho Chi Minh Stock Exchange as CII, and hit its floor price at VND15,050 ($0.61) on Wednesday.
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