According to Vinhomes CEO Nguyen Thu Hang, the company does not sponsor VinFast but this electric car company has its own channel to mobilize itself.
This information was answered by Ms. Nguyen Thu Hang, General Director of Vinhomes Joint Stock Company, in response to a shareholder’s question about doubts about this real estate giant’s cash flow “supporting” VinFast.
CEO Nguyen Thu Hang said that currently, Vinhomes lends very little to related companies in the Vingroup ecosystem – only about 1,200 billion VND. “We do not finance other companies in the ecosystem, especially VinFast. All transactions are recorded transparently in financial reports, because Vinhomes is a listed company,” Ms. Hang affirmed. .
According to this CEO, VinFast has its own capital calling channel and can mobilize itself. For other businesses, Vinhomes also only carries out some capital operations with very short terms, maximum one year.
Vinhomes CEO Nguyen Thu Hang at the annual meeting on the morning of April 24. Image: VHM
This year, Vinhomes also retained profits and did not pay dividends. Explaining this policy, Ms. Nguyen Thu Hang said to prepare resources in case the sales plan, domestic and international bond markets do not recover quickly and is also for the new growth cycle of the country. real estate market. Thanks to that, the company can proactively and quickly seize opportunities to maintain a pioneering position in the market.
At the meeting, Vinhomes’ board of directors also received a series of questions about the implementation of large commercial and social housing projects and an assessment of the market prospects as the largest investor in the country. .
Vinhomes Chairman Pham Thieu Hoa said the company is implementing legal procedures for two commercial housing projects in Dong Anh and Dan Phuong districts (Hanoi). “After completing the procedures, Vinhomes will open for sale these two projects, expected this year,” Mr. Hoa informed.
Vinhomes Dan Phuong and Co Loa projects (Dong Anh) both develop apartment products, villas and townhouses. The scale of the two projects is 130 hectares and 385 hectares respectively.
Similarly, two social housing projects that started construction earlier this year in Hai Phong and Khanh Hoa will be opened for sale by Vinhomes when the management agency completes the procedures.
Regarding this year’s real estate market, CEO Nguyen Thu Hang said that the market will recover, but not as quickly as expected.
Housing demand in Vietnam is still very large, driven by a young population and high urbanization rate. Housing supply in 2024 will recover in Hanoi, Ho Chi Minh City, and Hai Phong, but is still limited, especially products with full legal status and beautiful locations.
With three new laws recently passed, Mr. Pham Thieu Hoa believes that it will help make the real estate market clearer and more transparent. However, he said that for these laws to have a positive impact on the market, it is still necessary to wait for the implementing decrees being approved by the Ministry of Natural Resources and Environment and the Ministry of Construction.
According to Vinhomes Chairman, this year’s market is still forecast to have many challenges, but there are also many opportunities for businesses with a solid management foundation.
Vinhomes Chairman Pham Thieu Hoa at the annual meeting on the morning of April 24. Image: VHM
This year, Vinhomes targets revenue growth of more than 15% to a record level of 120,000 billion VND, equivalent to more than 4.77 billion USD. Profit after tax increased about 4.3% to VND 35,000 billion, also the highest since 2022.
Mr. Le Tien Cong, Chief Accountant of Vinhomes, affirmed that this revenue target is completely feasible based on the availability of the company’s projects and positive signals in the market recently.
He said Vinhomes’ revenue this year comes from the Royal Island, Ocean Park 2 and 3 projects, as well as one or two additional potential projects that can open for sale at the appropriate time of the year. Particularly, the Royal Island project launched in March 2024 with a scale of 877 hectares on Vu Yen Island, Hai Phong has had nearly 2,000 customers ordering.
In the next 5 years, according to Ms. Nguyen Thu Hang, Vinhomes will continue to firmly aim to be the largest real estate developer in Vietnam and possibly beyond in the region. The company’s land fund ensures stable development and mega projects in the coming years.
In a recent report, SSI Research also predicted that Vinhomes’ land fund could increase to nearly 22,000 hectares and continue to strengthen its leading position in the market. At the end of 2023 and early this year, Vinhomes and its member companies have applied and received initial approval for new projects in many provinces and cities such as Long An, Khanh Hoa, Tuyen Quang, Hai Phong with a total scale of nearly 2,200 hectares.
Mr. Tu
