Vingroup chairman establishes new $754 million real estate investment firm

By Trang Nguyen

Thu, October 6, 2022 | 4:35 pm GMT+7

Pham Nhat Vuong, chairman of Vietnam's largest private company Vingroup, has spent 243 million of the group’s VIC shares to set up a new real estate investment and management company.

The shares, worth VND16,200 billion ($678.4 million) per the average market price of 50 trading sessions as of September 13, make up Vuong's capital contribution to the new company.

The new venture, called VMI Real estate Investment and Management JSC (VMI JSC), has a charter capital of VND18,000 billion ($754 million), with Vuong holding a 90% stake.

Pham Nhat Vuong, chairman of Vingroup. Photo courtesy of the company.

A representative of the new company said it will support small-capital investors buy and manage real estate properties and develop the secondary market of Vinhomes, a subsidiary of Vingroup.

The company will buy existing or future properties of Vinhomes and divide the equity into 50 parts. Customers can invest in the portions through a business cooperation contract. The person who cooperates with VMI JSC will be certified by the company for their property rights and receive profits generated thereof in proportion to the investment ratio.

VMI JSC will offer flexible investment cooperation policies based on market realities while committing to a minimum annual profit to ensure participants get a fixed income in the event of adverse market movements.

The investment cooperation policies will be publicly announced by VMI JSC on the online real estate information platform.

Vingroup is Vietnam's largest listed conglomerate by market capitalization and its chairman, billionaire Vuong, is the richest man in the country by stock market assets, according to Forbes.

Tags:

Comments (0)

Latest|Most liked

Tags:

Vietnam's private lender VIB seeks strategic shareholders: chairman

Vietnam International Bank's (VIB) board of directors is now in discussions with banks and investment funds to find suitable partners for the lender, ensuring a mutually beneficial partnership that goes beyond finance.

Banking - Fri, March 28, 2025 | 8:31 am GMT+7

Vietnam tech giant FPT opens semiconductor R&D center in central Vietnam

Vietnam’s leading tech group FPT on Thursday inaugurated its high-tech and semiconductor R&D center at the Danang Software Park No. 2 in the central city of Danang.

Industries - Fri, March 28, 2025 | 8:00 am GMT+7

HCMC's international financial center development to be phased out: city leader

Ho Chi Minh City aims to become an international financial center, with related development plan divided into three phases, said Vo Van Hoan, its Vice Chairman.

Economy - Thu, March 27, 2025 | 11:11 pm GMT+7

Car producers in Thailand postpone export models

Car manufacturers in Thailand have decided to delay making some models for export due to U.S. President Donald Trump's new tariff policy.

Southeast Asia - Thu, March 27, 2025 | 10:17 pm GMT+7

Indonesia approves $7 bln budget for food security in 2025

Indonesia’s Ministry of Finance on Wednesday announced that the government has approved a budget of IRD118 trillion ($7.1 billion) for food security programs in 2025.

Southeast Asia - Thu, March 27, 2025 | 10:14 pm GMT+7

Honda Vietnam rolls out first domestically produced electric scooter

Honda Vietnam has officially launched its first domestically produced electric scooter, the ICON e:, marking a significant step in the company’s electrification and sustainable mobility strategy in Vietnam.

Southeast Asia - Thu, March 27, 2025 | 10:09 pm GMT+7

Vietnam's Quang Ngai seaport system requires over $420 mln investment by 2030

The seaport system in the central Vietnam province of Quang Ngai will need about VND10.83 trillion ($423.54 million) in investment by 2030, according to the detailed 2021-2030 development plan for local seaport land and water areas, with a vision to 2050.

Southeast Asia - Thu, March 27, 2025 | 10:06 pm GMT+7