Vingroup sets up new real estate firm
Vietnam’s largest private conglomerate Vingroup has established a new real estate company in Hai Phong city, with charter capital of VND10 billion ($426,300).
The new firm, NYV Development JSC, will receive an 80% capital contribution from Vingroup, equivalent to VND8 billion ($341,000).
Pham Nhat Vuong, chairman of Vingroup. Photo courtesy of the company.
In October 2022, Vingroup's chairman Pham Nhat Vuong set up a new real estate investment and management company by transferring 243 million Vingroup shares (VIC) to the entity as capital contribution.
The new venture, called VMI Real estate Investment and Management JSC (VMI JSC), has a charter capital of VND18 trillion ($754 million), with Vuong holding a 90% stake.
The shares were worth VND16.2 trillion ($678.4 million) per the average market price over 50 trading sessions as of September 13, 2022.
A company representative then said the new firm would buy existing or future properties of Vinhomes, the housing unit of Vingroup, 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.
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.
In early March, Vinhomes, a subsidiary of Vingroup, decided to establish two real estate companies in Hung Yen province, with total charter capital exceeding VND11.43 trillion ($482 million).
Vingroup earned a post-tax profit of VND1.98 trillion ($84.52 million) in 2022, versus a loss of VND7,558 billion ($322.3 million) in 2021.
The corporation, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, is eyeing post-tax profit of VND2 trillion ($85.25 million) in 2023, unchanged from 2022, according to documents released for its annual general meeting in May.
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