Vingroup subsidiary plans $364 mln charter capital increase
Vietnam Exhibition Fair Centre JSC, a subsidiary of Vietnam’s largest private conglomerate Vingroup, plans to issue 852.9 million shares this year with ratio of 1:5.12 and price of VND10,000 ($0.43) per share.
The expected proceeds of VND8.53 trillion ($363.7 million) will help raise the company's charter capital from VND1.67 trillion ($71 million) to VND10.2 trillion ($434.7 million), according to documents for its 2023 general meeting of shareholders, scheduled to take place on May 25.
Illustration of the National Exhibition Center project in Dong Anh district, Hanoi. Photo courtesy of the project.
The company (VEFAC) plans to use the proceeds to implement real estate projects, namely a new urban area in Xuan Canh, Dong Hoi, Mai Lam communes of Hanoi's Dong Anh district, with additional capital of VND6.98 trillion ($297.49 million), and the National Exhibition Center project in Dong Hoi and Xuan Canh communes of the same district, with additional capital of VND1.47 trillion ($62.56 million).
The new urban area project has a capital scale of VND34.88 trillion ($1.49 billion), while the figure for the National Exhibition Center project is more than VND7.34 trillion ($312.8 million).
In 2022, VEFAC's after-tax profit hit VND319.6 billion ($13.6 million), up 1.6 times compared to its plan, mainly thanks to "efficient financial investment activities".
In 2023, VEFAC continues to simultaneously implement projects in Hanoi including: the National Exhibition Center, the new urban area project in Dong Anh district, a service and trade complex at 148 Giang Vo street in Ba Dinh district, and the South Thang Long Avenue urban function area in Me Tri ward, Nam Tu Liem district, all in Hanoi.
- Related News
- Read More
VinFast sets new monthly EV delivery record in Vietnam
VinFast, an electric vehicle manufacturer under Vietnam's conglomerate Vingroup, delivered over 20,000 electric cars in December 2024, a 20% increase from the previous month and the highest monthly delivery for a car brand in the local market.
Companies - Sat, January 11, 2025 | 6:36 pm GMT+7
Russian PM’s visit to lift Vietnam-Russia relations
Russian Prime Minister Mikhail Vladimirovich Mishustin will pay an official visit to Vietnam from January 14-15, over six months after the state visit by President Vladimir Vladimirovich Putin.
Politics - Sat, January 11, 2025 | 10:42 am GMT+7
Half of Military Bank credit earmarked for retail banking, SMEs: CEO
At least 50% of Hanoi-based Military Bank’s (MB) credit expansion in 2025 will go to retail banking and small and medium enterprises, while the rest to large enterprises.
Banking - Sat, January 11, 2025 | 10:02 am GMT+7
Vietnam conglomerate Vingroup to set up robotics company
Vingroup, the largest private conglomerate in Vietnam, plans to establish VinMotion, a company specializing in research, development, and application of multifunctional robots.
Companies - Sat, January 11, 2025 | 9:44 am GMT+7
S Korea’s SK to sell part of stake in Vietnam conglomerate Vingroup
South Korean chaebol SK Group plans to sell about 50.86 million VIC shares of Vietnam’s conglomerate Vingroup as part of its investment portfolio restructuring strategy.
Companies - Sat, January 11, 2025 | 9:25 am GMT+7
Primary apartment sales in HCMC, surrounding areas rise 24% in 2024: report
Sales of primary apartments in Vietnam’s southern metropolis of Ho Chi Minh City and surrounding areas reached 12,506 units in 2024, up 24% year-on-year, according to a report by real estate service provider DKRA Group.
Real Estate - Sat, January 11, 2025 | 8:00 am GMT+7
Shares of Vietnam's leading developer Novaland sink to record low
Shares of Vietnam’s leading real estate developer, Novaland, fell below par value to VND9,920 ($0.39) apiece on Friday, marking their lowest level since the company’s listing in late 2016.
Companies - Fri, January 10, 2025 | 10:49 pm GMT+7
Vietnam’s Big 4 banks post record profits in 2024
The four largest banks in Vietnam by total assets - BIDV, VietinBank, Agribank, and Vietcombank - reported record profits totaling an estimated VND126 trillion ($4.97 billion) in 2024, marking an all-time high.
Banking - Fri, January 10, 2025 | 10:34 pm GMT+7
BRICS membership opens door for Indonesia to access Russia’s crude oil
Indonesia’s recent entry to the BRICS bloc could provide the nation with potential economic advantages, particularly in addressing trade deficit in the oil and gas sector, according to state news agency Antara.
Southeast Asia - Fri, January 10, 2025 | 9:22 pm GMT+7
Philippines' rice imports hit record high in 2024
The Philippines' rice imports in 2024 rose to a new all-time high of almost 4.7 million metric tons as the country turned to foreign supplies to plug its shortfall in domestic stocks and temper retail prices of the staple.
Southeast Asia - Fri, January 10, 2025 | 9:14 pm GMT+7
Indonesia pins hopes on BRICS membership
Amelia Anggraini, a member of the House of Representatives (DPR) of Indonesia, has said that Indonesia’s official membership of the BRICS grouping must bring real benefits to its people.
Southeast Asia - Fri, January 10, 2025 | 9:08 pm GMT+7
Malaysia looks to leverage RCEP during ASEAN chairmanship
As chair of the Association of Southeast Asian Nations (ASEAN) this year, Malaysia plans to focus on leveraging the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade agreement now in force.
Southeast Asia - Fri, January 10, 2025 | 9:06 pm GMT+7
Vietnam ministry asks AES to revise LNG power project feasibility study per new Electricity Law
AES should revise its feasibility study report for the Son My 2 LNG-to-power plant per the new Electricity Law 2024, says Deputy Minister of Industry and Trade Nguyen Hoang Long.
Energy - Fri, January 10, 2025 | 5:31 pm GMT+7
Vietnam 'sometimes' lacks electricity supply for semiconductor sector: gov’t
Vietnam’s electricity supply for the semiconductor sector is insufficient “in some locations sometimes,” the government admitted in a dispatch issued on Monday.
Economy - Fri, January 10, 2025 | 4:58 pm GMT+7
$2 bln LNG power plant in northern Vietnam to start construction in late 2025
The $2 billion LNG Thai Binh power plant project in Thai Binh province aims to complete its feasibility study in the second quarter of this year and begin construction in Q4/2025.
Energy - Fri, January 10, 2025 | 2:11 pm GMT+7
Vietnam most attractive alternative to China for manufacturing: consultant
China used to have many policies to attract foreign investors to build factories, but now there are many changes and Vietnam is the ideal alternative, says Kyle Freeman, a partner at Dezan Shira & Associates.
Economy - Fri, January 10, 2025 | 11:51 am GMT+7
