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Wednesday, October 5, 2022

Vinhomes pledges to build 500,000 budget homes at below VND1 billion each

The Saigon Times

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HCMC – Vinhomes Joint Stock Company (VHM) will strive to complete the construction of 500,000 social homes valued at VND300-950 million each across Vietnam in the next five years, said a VHM leader.

The housing developer yesterday, May 12, held its 2022 annual shareholders meeting, where its board chairman Pham Thieu Hoa said that one of the new strategic orientations of Vinhomes in the upcoming time is focusing on developing social housing projects for low-income people in the country. The low housing price will be made possible owing to the land being allocated free of land use fees.

According to Hoa, “HAPPY HOME” has been chosen as the brand name of Vinhomes social housing products.

Earlier at the meeting, Vinhomes announced its business plan for 2022. It targets VND75 trillion of revenue and VND30 trillion of after-tax profit this year, both down 12% and 23% year-on-year.

The company also passed a plan to pay a cash dividend of 20% to shareholders. The payment will be made in the third or fourth quarter of the year.

Vinhomes is also planning to implement more mega urban projects in prime locations this year, with convenient traffic infrastructure facilities and a green living space.

Board chairman Hoa added that the company will launch four housing projects in the final months of the year, including Vinhomes Ocean Park 2, Dai An, Vinhomes Dan Phuong and Vinhomes Co Loa.

On the local stock market, VHM closed 1.31% lower at VND68,000 today when most stocks plunged deep into the red.

The benchmark VN-Index on the Hochiminh Stock Exchange lost 56.07 points, or 4.53% against the previous session at 1,182.77, with 37 winners and 436 losers. Trade on the HCMC bourse improved 46.44% in volume and 29% in value at nearly 817 million shares and over VND20.3 trillion. Shares traded in block deals contributed nearly VND1.9 trillion to the overall value.

On the Hanoi bourse, the HNX-Index shed 13.13 points, or 4.16% against the session earlier at 302.39, with 45 advancers and 201 decliners.

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