Vinhomes subsidiary to build $1.15 bln urban area in Long An province
Green City Development JSC, a subsidiary of Vietnam's leading real estate developer Vinhomes, has been approved as the main investor for a VND28.2 trillion ($1.15 billion) new urban area project in Duc Hoa district, Long An province.
The Hau Nghia-Duc Hoa new urban area will cover nearly 200 hectares in Duc Hoa district’s Hau Nghia township and the communes of Duc Lap Thuong and Tan My, according to a decision signed by provincial Vice Chairman Huynh Van Son.
A map of the VND28.2 trillion ($1.15 billion) Hau Nghia-Duc Hoa new urban area project in Duc Hoa district, Long An province, southern Vietnam. Photo courtesy of Long An's news portal.
Green City will implement the project in six years from the date of investment approval. It will contribute VND4.2 trillion ($170.87 million) or 15% of the project’s total investment, while the remaining 85% (about VND24 trillion or $976.4 million) will be mobilized from other sources.
The project, which has a lifespan of 50 years, will feature villas, townhouses, apartments, resettlement land plots and social housing as well as technical and social infrastructure.
Green City was the only applicant after Long An province called on investors for the project.
Vinhomes holds a 99.88% stake in Green City, which is known as the investor of the Vinhomes Grand Park urban project in Thu Duc city, Ho Chi Minh City.
Vinhomes' consolidated net revenue, including revenue from its various activities, business cooperation contracts (BCCs) and real estate transfers, reached VND108.4 trillion ($4.41 billion) in the first nine months of this year, up 118% year-on-year.
The company's consolidated after-tax profit in the period exceeded its year plan, reaching VND32.4 trillion ($1.32 billion), up 62% a year-on-year.
As of September 30, Vinhomes' total assets and equity were valued at VND417 trillion ($16.97 billion) and VND181 trillion ($7.37 billion), up 15% and 22% respectively from the beginning of the year, cementing its position as one of the largest real estate developers in Vietnam.
Vinhomes, a subsidiary of Vingroup, is listed on the Ho Chi Minh Stock Exchange (HoSE) as VHM. It closed Friday at VND39,200 ($1.59), down 6.22%.
Long An is an manufacturing hub in southern Vietnam, together with HCMC, Binh Duong and Dong Nai province.
- Related News
- Read More
Malaysia expected to remain magnet for FDI
Malaysia’s foreign direct investment (FDI) is expected to remain robust in the long term, but there could be repercussions in the short term as investors hold back on their investment decisions amid heightened global uncertainties.
Southeast Asia - Sat, February 15, 2025 | 9:01 pm GMT+7
Laos to build $1.9 bln wind power plant to export electricity to Vietnam
The Lao Government and Chitchareune Construction - a Lao builder will jointly build the 1,200 MW Nong wind power plant, with an investment of $1.9 billion, to export electricity to Vietnam.
Energy - Sat, February 15, 2025 | 8:46 pm GMT+7
Malaysia needs more funding for semiconductor sector
Malaysia needs more funding for the implementation of the National Semiconductor Strategy (NSS) to enhance its competitiveness with neighboring countries, said Penang Chief Minister Chow Kon Yeow.
Southeast Asia - Sat, February 15, 2025 | 4:31 pm GMT+7
Thailand considers easing rules on income from overseas
Thailand’s government is considering easing personal income tax rules for individuals’ overseas income to encourage the remittance of those funds back into the country, said a senior official.
Southeast Asia - Sat, February 15, 2025 | 4:29 pm GMT+7
Nissan to close factory in Thailand
Japanese automaker Nissan has announced plans to close one of its two automobile factories in Thailand this year, following the collapse of merger talks with Honda.
Southeast Asia - Sat, February 15, 2025 | 4:10 pm GMT+7
Vietcombank leads Vietnamese banks in 2024 pre-tax profit
Vietcombank reported a pre-tax profit of VND42.2 trillion ($1.66 billion) last year, ranking as the most profitable Vietnamese lender, according to the Vietnam Banking Association (VNBA).
Banking - Sat, February 15, 2025 | 4:04 pm GMT+7
Vietnam's leading trade firm Hapro appoints new general director
Hanoi Trade Corporation (Hapro), a leading producer and exporter of agricultural produces in Vietnam, has appointed deputy general director Duong Thi Lam as general director, effective from March 1, 2025.
Companies - Sat, February 15, 2025 | 2:18 pm GMT+7
Private Vietnamese lender DongA Bank renamed Vikki Bank
DongA Bank, a private lender in Vietnam, has changed its name to Vikki Bank, with approval from the State Bank of Vietnam (SBV).
Banking - Sat, February 15, 2025 | 10:59 am GMT+7
Korea's SK Group seeks partnerships in LNG-fired power projects in Vietnam
South Korean chaebol SK Group seeks to jointly build LNG-fired power plants in Vietnam and then develop facilities utilizing electricity generated by those power plants.
Energy - Sat, February 15, 2025 | 9:26 am GMT+7
World’s largest shipping line MSC docks at southern Vietnam port
Phuoc An Port, the largest seaport in Dong Nai province, on Thursday welcomed the first ship from MSC, the world’s largest shipping line, opening up significant opportunities for boosting international trade in Vietnam’s southern region.
Economy - Sat, February 15, 2025 | 8:17 am GMT+7
Vietnamese chemical-pharmaceutical industry eyes yearly growth of 8-11% by 2045
Vietnam's chemical-pharmaceutical industry is expected to achieve an annual growth rate of 8-11% by 2045, according to a newly-approved program on the industry’s development until 2030, with a vision to 2045.
Southeast Asia - Fri, February 14, 2025 | 11:28 pm GMT+7
Vietnam PM urges world's food industry leader JBS S.A to invest in livestock farming, meat processing
Brazil’s JBS S.A, the world’s largest meat processing enterprise, should consider investing in livestock farming, meat processing, industrial crops, and coffee processing in Vietnam, said Prime Minister Pham Minh Chinh.
Industries - Fri, February 14, 2025 | 11:08 pm GMT+7
China proposes new initiatives of cooperation with ASEAN
China has unveiled new proposals to boost cooperation with ASEAN in key areas such as maritime cooperation, artificial intelligence, transportation, blue economy, women’s and children’s health, and the environment, towards strengthening the comprehensive strategic partnership between the two sides.
Southeast Asia - Fri, February 14, 2025 | 8:17 pm GMT+7
Honda Vietnam’s motorcycle, car sales decline in Jan
Honda Vietnam's motorcycle sales reached 198,911 units, marking a 12.6% decline from January 2024, while it sold 1,826 cars, a 9.7% decrease year-on-year.
Southeast Asia - Fri, February 14, 2025 | 8:15 pm GMT+7
Vietnam auto sales fall 2% to 18,893 in Jan amid EV trend
Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 18,893 units in January 2025, down 2% year-on-year and 40% from December 2024.
Companies - Fri, February 14, 2025 | 4:50 pm GMT+7
China-based Red Board Electronics to invest $110 mln in northern Vietnam
China-invested Red Board Electronics Limited will invest $110 million in Vietnam’s northern province of Ha Nam to manufacture printed circuit board (PCB).
Industries - Fri, February 14, 2025 | 3:25 pm GMT+7
