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FECON picked as investor of VND3.2-trillion projects in northern Vietnam

The Saigon Times

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HCMC – FECON Corporation, whose FCN shares are traded on the Hochiminh Stock Exchange, has announced that it has been chosen as the investor of two property projects in the northern provinces of Bac Giang and Thai Nguyen, with a total investment of over VND3.2 trillion.

The People’s Committee of Thai Nguyen Province on January 27 announced that FECON Pho Yen JSC, a subsidiary of FECON Corporation, had been named the investor of the Nam Thai urban project covering nearly 25 hectares in the province’s Pho Yen City.

The urban project, commercially known as the Square City project, will require VND2.25 trillion in investment funded by FECON Pho Yen Company and other legal sources. The project is slated for completion in 2026 and will be operational for 50 years.

The provincial government asked the investor to allocate resources and closely coordinate with the relevant units to complete legal procedures to start work on the project as planned.

On December 26 last year, the government of Bac Giang Province issued a decision establishing the 75-hectare Danh Thang-Doan Bai industrial cluster in the province’s Hiep Hoa District. According to the decision, FECON Hiep Hoa JSC, another business arm of FECON Corporation, was named the project developer.

The industrial cluster will cost nearly VND1 trillion funded by FECON Hiep Hoa Company and other legal sources. The investor was told to map out a plan to begin work on the project this year and put it into operation in the third quarter of 2024.

Closing the trading session today, January 30, FCN advanced 3.85% to VND12,150.

With 210 advancers and 218 decliners, the benchmark VN-Index of the HCMC market shed nearly 15 points, or 1.3% to its intraday low of 1,102.57.

One upside of this session was an upsurge in market turnover, with volume expanding over 29% and value rising 16% against last Friday at more than 798 million shares and over VND13.6 trillion, the highest in the past month. Shares traded in put-through transactions accounted for around VND1 trillion of the total value.

Bank stocks were considered the major drag of the main index, as many of them slipped to their intraday lows. VCB fell 3.3%, while ACB, EIB, and STB also declined over 3% each.

Meanwhile, HDB was the only bank stock to buck the trend, expanding 3.1% to close at its intraday high of VND18,250, with a matching volume of nearly 3.7 million shares. Besides, foreign investors net bought more than 2.5 million HDB shares.

Stocks in the real estate sector also extended losses, with major poor performers coming from the Vingroup family including VHM down 3.3%, VIC sliding 2.5% and VRE contracting 1.6%.

Other stocks in the securities, insurance, retail, and fishery processing sectors also saw slight falls.

On the Hanoi bourse, the HNX-Index closed almost unchanged against the session earlier, at 220.78, with 123 winners and 68 losers.

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