Vietnam Rubber Group (VRG) is completing its restructuring scheme for 2021-2025 to submit to the Committee for Management of State Capital at Enterprises. One of the highlights is that industrial real estate will be one of three core business sectors, and the company will foster divestment from the rubber sector to mobilise resources for the industrial real estate sector. Developers eager to cultivate funding in industrial real estate - illustration photo VRG general director Le Thanh Hung said that by 2025, the group’s revenue is expected to increase by 30 per cent, and profit will increase by 25 per cent. The group’s consolidated revenue is expected to climb to VND161 trillion ($7 billion), and consolidated pre-tax profit will be $1.49 billion. The after-tax profit of the parent company will be $536.9 million. “To achieve the above goals, the group will apply for a license to convert part of the rubber area to land for industrial production, contributing to improving … [Read more...] about Developers eager to cultivate funding in industrial real estate
Real estate
Binh Dinh Province approves joint venture to implement VND2.9-tril urban project
The development of the urban center of Quy Nhon City. (Photo: SGGP) Accordingly, Binh Dinh approved the investor to implement the above project as a joint venture among Phu Tai Joint Stock Company, Truong Hai Trading Construction Joint Stock Company, and the Northern Service Development Investment Joint Stock Company. Phu Tai Joint Stock Company, established in 2004, and headquartered in Quy Nhon City, is a multi-industry business enterprise. Currently, this enterprise is developing many projects in Quy Nhon City, such as Phu Tai Residence, Hoang Van Thu Apartment Building (Phu Tai Central Life), and Long Van 4 in Quy Nhon City. Truong Hai Trading Construction Joint Stock Company, headquartered in Hanoi, was established in May 2016. Its main business is in architecture and technical consulting. The Northern Service Development Investment Joint Stock Company, headquartered in Hanoi, was established in October 2021, with the main business in the wholesale trading of automobiles … [Read more...] about Binh Dinh Province approves joint venture to implement VND2.9-tril urban project
1,000-ha urban area to HCMC’s east to welcome residents by year end
Quoc Dung, a businessman, was impressed when he saw the expansive view of Aqua City, which spans 1,000 hectares while taking a yacht tour of Ho Chi Minh City's eastern urban area. According to him, this is not just a huge real estate development but also a livable city with a green ecosystem and low construction density. Hai Yen, Dung's wife, returned to the project after six months. She also expressed her surprise at the rapid change in the project. Yen feels more secure in her investment and looks forward to settling in the city and experiencing the high-class utility ecosystem here. Hai Yen and her husband return to the project after six months. Photo by Novaland Phan Thi Thu Thuy, a businesswoman with extensive knowledge in healthcare, is eager to make a home in the urban area. She said that the natural landscape and natural scenery were important factors in her decision to invest in Aqua City. In addition to having a home surrounded by nature, Aqua City … [Read more...] about 1,000-ha urban area to HCMC’s east to welcome residents by year end
Vingroup chairman sets up joint property investment company
The buyer of each of these pieces will be certified of their asset and earn profit should the property value go up. VIM also offers a minimum annual profit guarantee in case market conditions are unfavorable, but the company has not revealed a specific figure. "We expect to create a product to help customers with small capital to invest in the property market and help boost the secondary market," said CEO Phan Thanh Long. Vuong, chairman of conglomerate Vingorup, contributes VND16.2 trillion ($678.39 million) worth of capital using 243 million of Vingroup’s VIC shares. This means he accounts for a 90% stake in the VND18 trillion company. Joint property investment has been adopted by several companies in Vietnam in recent years. … [Read more...] about Vingroup chairman sets up joint property investment company
IXT released report on Vietnam’s insurance consumers
Vietnamese consumers are more open to online insurance The State Bank of Vietnam’s recent interest rate hike to stabilise the VND and curb inflation has not dimmed the central bank's outlook for economic growth. Despite pandemic-related uncertainties, geopolitical instabilities, and rising inflation, the Vietnamese economy is expected to grow by 7 per cent in 2022, according to the IMF. Vietnam's insurance penetration rate remains between 2.3 per cent and 2.8 per cent, lower than in most emerging and developed markets. However, the insurance industry is embarking on a digital transformation journey that could transform the entire insurance value chain. Experts predict a compound annual growth rate of 23.7 per cent for the life insurance market between 2020 and 2025 and 8.5 per cent for the general insurance industry between 2021 and 2026 in terms of gross written premium. “With the goal of increasing Vietnam's digital economy’s contribution to 20 per cent of GDP by 2025, … [Read more...] about IXT released report on Vietnam’s insurance consumers
