Apartment buildings in Vinhomes Ocean Park 2 in Hưng Yên Province. — Photo grandworld.vinhomes.vn

The Board of Directors of Vinhomes has recently announced the establishment of four subsidiary companies, all of which will focus on real estate.

The resolutions passed by the board pave the way for the formation of the Vịnh Xanh Real Estate Development Company, the Vịnh Xanh 1 Real Estate Development LLC, the Lighthouse Real Estate Development LLC and the Lighthouse 1 Real Estate Development LLC.

All four subsidiary companies specialise in real estate and are headquartered at Đại An Urban Area, Nghĩa Trụ Commune, Văn Giang District, Hưng Yên Province.

These companies are expected to have a combined registered capital of over VNĐ14.4 trillion (US$568.6 million).

Vinhomes will contribute both assets and cash to these subsidiaries.

With this development, Vinhomes, the largest real estate enterprise in Việt Nam, is set to expand its portfolio to a total of 42 subsidiary companies.

In its recent consolidated financial statements for the first half of 2024, Vinhomes posted a total net revenue of more than VNĐ36.4 trillion, with a consolidated profit after tax of VNĐ11.5 trillion for the six-month period.

The achievements were driven by substantial transactions from the sale of large plots at the Vinhomes Royal Island project and ongoing project handovers. — VNS