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
Vietnam's major developer Tan Hoang Minh wants to make Da Lat 'Asia’s most livable town'
Do Anh Dung, chairman of Tan Hoang Minh, on Tuesday proposed that authorities of Lam Dong province support the property developer in planning a 4,320-hectare smart urban area project in the resort town of Da Lat.
Real Estate - Wed, June 4, 2025 | 10:36 pm GMT+7
Vietnam’s economic landscape 'positive' amid global headwinds: Prime Minister
Vietnam’s socio-economic situation has been trending positively, with stable macroeconomic conditions, inflation under control, and major economic balances well maintained, says Prime Minister Pham Minh Chinh.
Economy - Wed, June 4, 2025 | 5:23 pm GMT+7
Unleashing the quantum power in banking
While quantum computing remains in its early stages, its potential to reshape the financial landscape is undeniable. Institutions that act now, by investing in research, forming strategic partnerships, and deploying pilot use cases, will be at the forefront of this transformation, writes Phillip Wright, COO at HSBC Vietnam.
Consulting - Wed, June 4, 2025 | 3:59 pm GMT+7
How Jardine Matheson expands footprint in Vietnam
From a quiet financial investment in 2008, Jardine Matheson, a diversified, Asia-focused investment company based in Bermuda, has steadily expanded its influence in Vietnam, one of Southeast Asia’s fastest-growing economies.
Companies - Wed, June 4, 2025 | 2:57 pm GMT+7
Vietnam, Japan see 'strong collaboration prospects in developing green, eco-friendly products'
Vietnam and Japan have vast potential for cooperation in the development of green and environmentally friendly products, said general secretary of the ASEAN-Japan Center (AJC) Kunihiko Hirabayashi.
Economy - Wed, June 4, 2025 | 12:16 pm GMT+7
Quynh Lap LNG-fired power project in central Vietnam seeks in-principle approval
The $2.15 billion Quynh Lap LNG-fired power project, located in Nghe An province, is drawing significant interest from both international and domestic investors.
Energy - Wed, June 4, 2025 | 9:28 am GMT+7
Indonesia's coal exports dip on weak demand
Indonesia's coal exports dropped 6.43% to 160 million tons during January-April, according to the Energy and Mineral Resources Ministry.
Southeast Asia - Wed, June 4, 2025 | 8:48 am GMT+7
Vietnam's benchmark VN-Index may reach 1,500 points: analyst
The current valuation of the Vietnamese stock market is quite attractive, and the VN-Index may return to its historical peak of 1,500 points by the end of this year, says Phan Dung Khanh, director of investment advisory at Maybank Investment Bank.
Finance - Wed, June 4, 2025 | 8:38 am GMT+7
Vietnam's agro-forestry-fishery export tops $28 billion in 5 months
Vietnam shipped $6.28 billion worth of agro-forestry-fishery products abroad in May, propelling the cumulative total for the first five months of the year to $28.04 billion, a year-on-year increase of 19.6% and 15.1%, respectively.
Companies - Wed, June 4, 2025 | 8:08 am GMT+7
Brewing change: Carlsberg Vietnam walks the talk on World Environment Day
On a bright morning in Phuoc Tinh commune, Long Dat district, Ba Ria-Vung Tau province, about 200 volunteers from Carlsberg Vietnam, including employees, senior leaders, and their families, rolled up their sleeves for a meaningful coastal clean-up.
Companies - Wed, June 4, 2025 | 8:00 am GMT+7
Vietnam plans to spend over $2 bln on US agri imports
Vietnam’s Ministry of Agriculture and Environment is expected to sign MoUs to purchase over $2 billion worth of U.S. agricultural, forestry, and fishery products.
Economy - Tue, June 3, 2025 | 10:01 pm GMT+7
New flight route to help Danang attract more wealthy tourists from Middle East
The new Dubai-Danang flight route has been launched, paving the way for an influx of high-spending travelers from the Middle East and Europe to the central Vietnam city, one of the country's top tourist attractions.
Companies - Tue, June 3, 2025 | 9:13 pm GMT+7
Food giant C.P. Vietnam’s 'diseased' pigs improperly quarantine-stamped: authorities
The widely circulated images of diseased pigs from C.P. Vietnam, a subsidiary of Thailand’s food giant Charoen Pokphand Foods Public Company Limited (CPF), date back to 2022, but the pigs were improperly stamped, Vietnamese authorities stated on Tuesday.
Companies - Tue, June 3, 2025 | 5:36 pm GMT+7
Son Hai Group proposes expanding 263km stretch of Vietnam's North-South Expressway
Vietnam’s Son Hai Group is seeking Prime Minister Pham Minh Chinh's approval to invest in the expansion of a 263-kilometer stretch of the eastern section of the North-South Expressway.
Infrastructure - Tue, June 3, 2025 | 3:53 pm GMT+7
FedEx establishes direct serve in Vietnam on surging demand
FedEx Express Corporation, one of the world’s largest express transportation companies, has transitioned to a direct-serve presence in Vietnam amid the Southeast Asian country’s growing international shipping demand.
Industries - Tue, June 3, 2025 | 2:55 pm GMT+7
Vietnam’s steel giant Hoa Phat to deliver thousands of containers to domestic shipping lines
Vietnam’s largest steelmaker, Hoa Phat Group, will supply thousands of containers to VIMC Container Transport JSC (VIMC Lines) and Vinafco Shipping JSC under recently signed contracts.
Companies - Tue, June 3, 2025 | 12:16 pm GMT+7
