Vinhomes spends $482 mln to establish 2 real estate firms
Vinhomes, a subsidiary of Vietnam’s largest private conglomerate Vingroup, has approved the decision to establish two real estate companies in Hung Yen province, with total charter capital exceeding VND11,433 billion ($482 million).
Vinhomes Central Park in the Tan Cang area, Ho Chi Minh City. Photo courtesy of the company.
Accordingly, Truong Loc Real Estate Development and Investment Co., Ltd., located in the Dream City ecological urban area in the northern province of Hung Yen, will have a charter capital of nearly VND4,425 billion ($186.67 million), with Vinhomes holding a 99.9% stake.
The second, Phat Dat Real Estate Development and Investment Co., Ltd., located in the Dai An urban area in Van Giang district, Hung Yen, will have charter capital of more than VND7,008 billion ($295.63 million), with Vinhomes' ownership rate at 99.9%.
As of December 31, 2022, Vinhomes has 34 subsidiaries, of which two are in the process of dissolution, namely Ecology Development and Trading JSC and Phu Gia Real Estate Trading Co., Ltd.
Vinhomes recently announced the transfer of its entire stake in Lang Van Development and Investment JSC to Vingroup. The company owns the Lang Van tourist and entertainment complex project with total investment of about $1.5 billion. After the transfer, Vinhomes will continue to implement the above project as planned.
Vinhomes reported after-tax profit of VND29 trillion ($1.24 billion) in 2022, down 25% year-on-year. Its consolidated net revenue was VND62,392 billion ($2.66 billion), down 26%.
Vinhomes JSC, listed on the HCMC Stock Exchange as VHM, is one of Vietnam’s largest real estate developers. It has been a pioneer in building and operating large-scale residential projects.
As of December 31, 2022, Vinhomes's total assets stood at VND361,200 billion ($15.4 billion), up 57% compared to the beginning of the year. Of this, cash and cash equivalents were more than VND14,700 billion ($626.86 million), up 53% thanks to the successful launch of the Vinhomes Ocean Park 2 - The Empire project.
Stable cash sources have helped Vinhomes proactively accelerate the construction and further development of major projects and reduce dependence on loans. As a result, net debt only accounted for about 14.4% of equity.
By the end of Q4/2022, Vinhomes' equity stood at VND148,400 billion ($6.33 billion), up 13% compared to the beginning of the year.
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