Hoa Binh Construction Joint Stock Company (Hoa Binh Construction, stock code: HBC) has recently announced that it has won the contracts for 5 social housing construction projects of the Ministry of Land, Public Projects, Housing, and Urban Development of Kenya.
Accordingly, Hoa Binh Construction is the main contractor responsible for designing and constructing residential buildings and infrastructure for the following units: Embakasi Integrated Service Training Unit, Ruiru Police Headquarters, Buruburu Integrated Service Training Unit, National Police Service Training College Kiganjo, and Kenyan Technical University.
A project implemented by Hoa Binh Construction
Mr. Le Viet Hai, Chairman of the Board of Directors of Hoa Binh Construction, stated that these 5 projects consist of approximately 3,400 apartments with a total investment value of about 72 million USD.
According to Mr. Hai, Africa is a large and potential construction market. Hoa Binh Construction will focus on social housing projects and gradually move towards high-end products. The company has chosen Kenya as its first target market in this continent.
In addition, the company has also received invitations to enter the final round for two other social housing projects in Kenya after passing the credibility and capacity assessment of contractors. These two projects comprise about 6,200 apartments with a value of nearly 92 million USD. If awarded, the total value of Hoa Binh Construction’s social housing construction contracts in Kenya would reach 163.6 million USD.
The leaders of Hoa Binh Construction have stated that the company has identified a five-year strategy to promote project implementation in foreign markets, specifically in the United States, Vanuatu, Australia, and Africa. Among them, Africa is the most potential market due to its abundant labor force. Hoa Binh Construction is expected to achieve revenue of 1 billion USD from foreign markets by 2028.
Receiving positive information, HBC stock price on the stock exchange even hit the ceiling, surging 7% to 9,200 VND/share in the session on February 20. At the end of the session, the stock still rose 5%, reaching 9,030 VND/share.
