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Vinhomes gets nod for US$1-billion residential project in Haiphong

The Saigon Times

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HCMC – Vinhomes JSC, which trades its VHM shares on the Hochiminh Stock Exchange, has been approved to be the investor of a large-scale residential area project in the northern port city of Haiphong.

The residential area project requires an estimated cost of over VND23,200 billion, equivalent to around US$1 billion.

According to the local authority’s decision, Vinhomes JSC would pour nearly VND3,500 billion, or 15% of the total investment, into the project, while the remaining VND19,700 billion would be mobilized from other sources.

This project is set to cover around 107 hectares in Hoa Nghia Ward, Duong Kinh District, and around 122 hectares in Kien Thuy District, adjacent to Highway 5B which connects Haiphong City with Hanoi and Quang Ninh Province.

The project consists of high-rise apartment units, 5,000 townhouses, and 1,300 villas. The project’s operational term is 50 years from the day Vinhomes receives land from the city.

Vingroup, the parent firm of Vinhomes, has also invested in many large-scale projects in Haiphong City. The company has developed two urban areas, including the 78-hectare Imperia project and the nearly-50-hectare Mariana project.

Vingroup has invested in the amusement park and residential area on Vu Yen Island, with an estimated total capital of nearly VND19,000 billion. The VinFast automobile factory project, with a total investment of US$1.5 billion, is also located in an industrial zone on Cat Hai Island, Haiphong.

Closing the trading session today, July 13, VHM stock surged by 2.18% to VND56,300 per share, with over three million shares changing hands.

Regarding the stock market today, the benchmark VN-Index of the Hochiminh Stock Exchange added 11.22 points, or 0.97%, against the previous session, at 1,154.42, with advancers outnumbering decliners by 334 to 97.

Trade on the southern bourse totaled over VND16.6 trillion with 806.7 million shares changing hands, up 2% in volume over the session earlier. Around 46 million shares valued at around VND1.18 trillion were traded in block deals.

GAS, MSN, VHM, and VCB were the main drivers of the market today.

GAS rose by 2.9% to VND99,300, while MSN increased by 2.9% to VND81,800. These are also the two best-performing stocks in the VN30 basket. Following them, VHM surged by 2.2% to VND56,300, and VCB edged up by 0.9% to VND104,900.

The stocks VJC, VPB, SSI, SAB, and NVL rose by between 1.1% and 2.4%.

GEX and DIG recorded the highest trading volume, with 38 million and 35.98 million shares traded, respectively.

On the Hanoi Stock Exchange, the HNX-Index added 1.09 points, or 0.47%, to 229.97 points, with 112 winners and 72 losers. The total trading volume reached 99.2 million shares, with a value of over VND1.56 trillion.

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