Vietnam’s leading IP builder Idico books record net profit in 2024 on strong sales
Idico Corporation, a leading industrial park developer in Vietnam, reported a record-high net profit of VND1.99 trillion ($78.21 million) in 2024, up 43% year-on-year.
According to its Q4/2024 earnings report, the firm (HoSE: IDC) recorded VND8.84 trillion ($346.63 million) in revenue last year, up 22% from 2023.
Incomes increased across most of IDC’s business segments compared to the previous year. The industrial park segment generated VND3.98 trillion ($156.2 milion), up 21%. The electricity business reached VND3.37 trillion ($132.1 million), up 15.3%.
Construction revenue surged by 69% to VND246 billion ($9.64 million), while road toll collection rose by 5.4% to VND464 billion ($18.18 million). The real estate segment experienced the most significant growth, increasing five-fold to VND531 billion ($20.8 million).
An industrial park developed by Idico Corporation. Photo courtesy of IDC.
As of end-2024, Idico’s total assets hit nearly VND18.8 trillion ($736.68 million), rising by VND1 trillion ($39.18 million) from the beginning of last year. Its short-term receivables fell significantly to VND1.51 trillion ($59.3 million) from VND2.4 trillion.
Since May 2024, Idico has received in-principle approval for three industrial park projects covering a total of 800 hectares, increasing the number of industrial parks under its management to 13, with a combined area of 4,236 hectares.
The most recent project, approved by Deputy Prime Minister Tran Hong Ha on May 1, involves the construction of the first phase of the Vinh Quang Industrial Park in Hai Phong, a northern port city.
The project will span 226 hectares in Vinh Bao district and is expected to cost VND3.55 trillion ($139 million).
- Related News
- Read More
S Korea's powdered milk export to ASEAN soars
South Korea's powdered milk products have surged in popularity across Southeast Asia, with exports nearly tripling over the past decade as demand for Korean formula milk remains on the rise.
Southeast Asia - Thu, February 20, 2025 | 9:42 pm GMT+7
Singapore's economy projected to grow 1-3% this year
The Singaporean Ministry of Trade and Industry has forecast the country’s economic growth to range between 1-3% in 2025.
Southeast Asia - Thu, February 20, 2025 | 9:39 pm GMT+7
Philippines considers nickel export ban
The Philippine Government is considering a ban on raw nickel ore exports to boost its domestic processing industry.
Southeast Asia - Thu, February 20, 2025 | 9:37 pm GMT+7
Condé Nast Traveler suggests Phu Quoc as one of world's most affordable travel destinations for 2025
Condé Nast Traveler has ranked Vietnam as one of the most budget-friendly destinations for travel in 2025, with Phu Quoc being highlighted as a must-visit location in the S-shaped country thanks to its pristine beaches and resorts that "cannot be found anywhere else."
Travel - Thu, February 20, 2025 | 9:31 pm GMT+7
Nguyen Van Duoc elected HCMC Chairman
Nguyen Van Duoc, deputy Party chief of Ho Chi Minh City, was elected Chairman of the southern economic hub on Thursday.
Politics - Thu, February 20, 2025 | 8:16 pm GMT+7
Standard Chartered Hanoi Heritage Marathon set to take place in Nov
The Standard Chartered Hanoi Heritage Marathon, the 10th race in the globally renowned Standard Chartered Marathon series, will take place in Hanoi on November 9, 2025, following the success of its inaugural event in November last year.
Travel - Thu, February 20, 2025 | 5:06 pm GMT+7
UAE’s DP World to help southern Vietnam province build free trade zone
The UAE-headquartered DP World, a global leader in logistics, will help the southern coastal province of Ba Ria-Vung Tau build a free trade zone (FTZ), the first of its kind in southeastern Vietnam.
Infrastructure - Thu, February 20, 2025 | 4:47 pm GMT+7
Vietnam to develop offshore wind power after 2030: ministry
The Vietnamese Ministry of Industry and Trade has proposed delaying the development of offshore wind power until after 2030, instead of meeting the initial target of 6,000 MW within the next five years.
Energy - Thu, February 20, 2025 | 4:38 pm GMT+7
Mining, steel, construction firms set to capitalize on Vietnam's nuclear power development
The mining sector is expected to benefit significantly from the development of the Ninh Thuan nuclear power plants in Vietnam, said Nguyen The Minh, head of research at broker Yuanta Securities Vietnam.
Industries - Thu, February 20, 2025 | 3:28 pm GMT+7
$1.9 bln LNG power project in northern Vietnam calls for mine clearance bids
The $1.9 billion Quang Ninh LNG power plant, the first such facility in northern Vietnam, is inviting bids for the mines and explosives clearance package.
Energy - Thu, February 20, 2025 | 2:20 pm GMT+7
Steel maker Hoa Sen to pour $90 mln into central Vietnam factory expansion
Hoa Sen Nhon Hoi-Binh Dinh One Member LLC, a subsidiary of Hoa Sen Group, will invest over VND2.3 trillion (over $90 million) to expand its steel plant in the south-central province of Binh Dinh.
Industries - Thu, February 20, 2025 | 11:48 am GMT+7
Samsung’s profit falls in Vietnam, doubles globally in 2024
Samsung Electronics recorded a profit of $25.3 billion in 2024, up 122% year-on-year, but the total profit of its four major factories in Vietnam fell 11.4% to $3.2 billion.
Companies - Thu, February 20, 2025 | 10:23 am GMT+7
Serviced apartments see strong growth in Hanoi, face challenges in HCMC
The serviced apartment market in Hanoi experienced significant growth in 2024, driven by strong foreign direct investment (FDI) flows, while it faced challenges from declining FDI and increasing competition in Ho Chi Minh City.
Real Estate - Thu, February 20, 2025 | 8:15 am GMT+7
Swedish textile firm Syre eyes $1 bln fiber factory in central Vietnam
Sweden’s textile company Syre wishes to invest in a polyester fiber recycling factory in the south-central province of Binh Dinh, with an estimated investment ranging from $700 million to over $1 billion.
Industries - Wed, February 19, 2025 | 9:50 pm GMT+7
Thailand urges central bank to boost economy
Thai Prime Minister Paetongtarn Shinawatra has called on the Bank of Thailand to lower interest rates in a bid to ease financial pressures on the public.
Southeast Asia - Wed, February 19, 2025 | 9:40 pm GMT+7
Singapore’s gold export to US increases sharply
Gold shipments from Singapore to the U.S. in January climbed to the highest level in almost three years.
Southeast Asia - Wed, February 19, 2025 | 9:24 pm GMT+7
