Vietnamese property major Hoang Huy’s subsidiary plans new share issuance before HoSE listing
CRV Real Estate Group JSC, a member of Vietnam's major property developer Hoang Huy Group, has approved a plan to issue an additional 16.81 million shares to existing shareholders at a 40:1 ratio and the price of VND26,000 ($1) per share.

An overview of the Hoang Huy New City-II project in Hai Phong city, northern Vietnam, in May 2025. Photo courtesy of Haiphong Highlights.
The public offering is expected to take place in 2025, once the company receives a registration certificate from the State Securities Commission, according to the plan, which was approved at CRV’s 2025 AGM held on Friday.
All proceeds will be used to invest in the 50-hectare Hoang Huy New City-II urban area in Thuy Nguyen district, the northern port city of Hai Phong. This is the company’s key project with a total investment of over VND15 trillion ($573.78 million).
On June 24, Hai Phong's Department of Construction confirmed that 543 future-formed commercial houses (low-rise residential units) within the Hoang Huy New City-II project met the conditions for sale. This represents a significant supply for the vibrant Thuy Nguyen and Hai Phong real estate markets.
Real estate is CRV’s core business sector. In addition to Hoang Huy New City-II, the company has launched several projects in Hai Phong since 2022, including Hoang Huy Commerce-H1 Tower (with an investment of over VND3.7 trillion or $141.52 million) and Hoang Huy-So Dau (VND1.49 trillion or $56.99 million).
In 2024 alone, the real estate segment generated VND841.7 billion ($32.2 million), accounting for 94% of the company’s gross profit. Consequently, CRV posted revenue of VND2.2 trillion ($84.14 million) and post-tax profit of VND462 billion ($17.67 million), exceeding the year’s targets by 15.5% and 12.8%, respectively.
Real estate will remain the firm’s strategic focus in 2025, driven by large-scale investment projects. Its board of directors stated that over the next 3-5 years, as more projects are completed and handed over, the company’s profitability will be maintained.
For the fiscal year 2025 (April 1, 2025 - March 31, 2026), shareholders at the AGM approved a target of VND4 trillion ($153 million) in sales revenue, up 82% year-on-year; and a post-tax profit of VND1.6 trillion ($61.2 million), 3.46 times higher than 2024.
The planned dividend payout ratio for 2025 is 20%. Business performance is expected to remain strong in 2026, with projected revenue of VND5 trillion and post-tax profit of VND2 trillion.
At the AGM, CRV also approved the proposal on listing its shares on the Ho Chi Minh Stock Exchange (HoSE). Earlier, on June 14, 2024, the company submitted its listing application to the HoSE. By June 20, 2024, the exchange issued a notice confirming receipt of the application, which is currently under review.
CRV is the core legal entity within the Hoang Huy Group ecosystem. In this structure, Hoang Huy Investment Services JSC (HoSE: HHS) owns 51% of CRV, while Hoang Huy Financial Services Investment JSC (HoSE: TCH) is the parent company holding a 51% stake in HHS.
Analysts expect that HHS’s increased ownership and status as CRV’s parent company will yield significant benefits, given CRV’s forecast strong and stable growth.
Furthermore, completing the parent-subsidiary holding structure will help Hoang Huy Group optimize operations, reduce costs, and create balanced value for shareholders across all member companies.
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