A shopping mall inside Vinhomes Ocean Park. — VNS Photo Mai Hương
With a market capitalisation of up to US$11 billion, Vinhomes is now the most valuable enterprise in the real estate industry and the second largest company on the market after Vietcombank.
The stock market has just extended its rally to eight consecutive sessions with a strong driving force from Vinhomes (VHM). The stock gained by 4.61 per cent on Monday to VNĐ59,000 a share, the highest in nearly 10 months. VHM has increased by 44 per cent over the historic bottom it hit in early March.
The market cap of the leading property developer rose by about VNĐ78 trillion ($3.3 billion) after four months to VNĐ257 trillion.
The bullish trend was thanks to recent positive news of some novel projects.
The Department of Planning and Investment of Long An Province said that at the end of the time calling for investment in the Hậu Nghĩa - Đức Hòa new urban area project, only one investor registered to implement the project, which is Green City Development JSC, a member of Vinhomes. This is also the unit in charge of the Vinhomes Grand Park project.
The project is built on an area of about 197.2 hectares with a total investment of nearly VNĐ28.3 trillion. It is expected to be implemented within six years from the date of approval of the investor, and the operation period is 50 years.
In Hải Phòng Province, Vinhomes was also approved by the City People's Committee as an investor in a New Urban Area Project in Dương Kinh and Kiến Thụy Districts with a total investment of more than VNĐ23 trillion.
The total project area is nearly 241 hectares, with an implementation period of 50 years.
At the end of June, the Khánh Hòa Provincial People's Committee recognised the alliance of Cam Ranh Investment, Vinhomes, and Vines Energy Solutions, as the only investor meeting the preliminary requirements for capacity and experience in registering to implement the Cam Ranh Bay Urban Area project.
Ambitious goals
At the 2023 Annual General Meeting of Shareholders, Phạm Thiếu Hoa, Chairman of the Board of Directors of Vinhomes, said that the company would continue to research and launch new urban projects in 2023, depending on the market situation.
The Vinhomes-branded mega-projects will have unique landscapes, high-class utilities, and the application of smart features in operation management.
In 2023, it set ambitious plans with a revenue target of VNĐ100 trillion and profit after tax of VNĐ30 trillion, up 60.3 per cent and 2.9 per cent over last year, respectively.
Mirae Asset believes that the remaining parts of Ocean Park 2 and Ocean Park 3 will be the main drivers of Vinhomes' growth this year. The property developer is expected to complete the sale of Ocean Park 2 and 3 projects in 2023-24.
On Tuesday, VHM shares corrected after the winning streak of five days. It ended the session at VNĐ58,800 per share, down 0.34 per cent. — VNS