Vietnamese property major Hoang Huy’s subsidiary eyes HCMC bourse listing in H2

CRV Real Estate Group JSC, a member of Vietnam's major property developer Hoang Huy Group (TCH), seeks to list its shares on the Ho Chi Minh City Stock Exchange (HoSE) in the second half of this year.

Strong profit growth target for 2025-2026

CRV’s executives forecast 2025 to remain a volatile and challenging year for the broader economy. Therefore, the company plans to continue focusing on project development management and property investment.

With several large-scale real estate projects in the pipeline, scheduled for handover and rollout over the next three to five years, CRV anticipates sustained profit generation.

In fiscal year 2025, CRV expects to book a substantial profit from real estate projects invested both directly and through subsidiaries as they reach the handover phase.

From April 1, 2025 to March 31, 2026, the company targets revenue from sales and services of VND4 trillion ($153.48 million), up 82%, and after-tax profit of VND1.6 trillion ($61.39 million), 3.5 times higher than in fiscal 2024. The planned dividend payout for 2025 stands at 20%.

The company anticipates continued positive performance in 2026, with revenue projected at VND5 trillion ($191.85 million) and after-tax profit rising to VND2 trillion ($76.74 million).

The business plan will be submitted to the company’s AGM scheduled for July 4.

Despite economic headwinds, CRV posted revenue of nearly VND2.2 trillion ($84.42 million) and after-tax profit of VND462 billion ($17.72 million) in 2024, exceeding its targets by 15.5% and 12.8%, respectively. The outperformance was driven by stable and effective real estate operations.

Eyeing early listing on HoSE

CRV holds a portfolio of large-scale property projects in the northern port city of Hai Phong, including Hoang Huy-So Dau (VND1.5 trillion or $57.56 million), Hoang Huy Commerce (VND3.7 trillion), and Hoang Huy New City II (VND15.1 trillion).

With a strategic vision to become one of Vietnam’s leading real estate developers, the company has been channeling resources into key property projects in Hai Phong. This helps to strengthen the CRV brand and reputation across the northern real estate market.

At the upcoming AGM, the company will submit its plan to list shares on the HoSE. The board sees the listing as a way to boost capital-raising capacity for projects, while advancing corporate governance, transparency, and operational efficiency.

The listing procedures are expected to be completed in Q3 or Q4/2025.

On HoSE, shares of parent company TCH closed Monday at VND19,450 ($0.75) apiece.