The Board of Directors of Vincom Retail JSC has passed a resolution to contribute capital to establish a subsidiary.
Accordingly, the expected subsidiary is Vincom NCT Real Estate LLC, headquartered at 54A Nguyen Chi Thanh, Hanoi (TNR Tower or Vincom Center Nguyen Chi Thanh).
Vincom NCT Real Estate LLC has a chartered capital of over VND 3,620 billion, of which Vincom Retail owns 99.99%. The company’s business sector is real estate business.
TNR Tower, also known as Vincom Center Nguyen Chi Thanh, houses the headquarters of Vincom NCT Real Estate LLC.
Along with the establishment of Vincom NCT Real Estate LLC, Vincom Retail also signed a deposit agreement with Vingroup JSC (stock code: VIC), Vinhomes JSC (stock code: VHM), and Vinwonders Nha Trang to acquire assets from projects in Hai Phong, Quang Ninh, and Khanh Hoa provinces to expand the company’s commercial land fund.
The Board of Directors of Vincom Retail authorized the company’s General Director to decide and implement detailed commercial issues related to this cooperation.
As of March 31, Vincom Retail had four subsidiaries: Vincom Retail Operation LLC, Suoi Hoa Urban Investment and Development LLC, Vincom Retail Investment JSC, and Vincom Retail Landmark 81 LLC.
Regarding personnel, on April 22, the position of General Director of Vincom Retail was transferred from Ms. Tran Mai Hoa to Ms. Pham Thi Thu Hien. Prior to this, Ms. Hien served as Deputy General Director of Business and Marketing of Vincom Retail.
At the 2024 Annual General Meeting of Shareholders, Ms. Mai Hoa was elected as the Chairman of the Board of Directors, replacing Ms. Thai Thi Thanh Hai. Vincom Retail also dismissed Ms. Le Mai Lan from the position of Board member, Mr. Chu Anh Dung from the position of Chief Inspector, and Ms. Tran Thanh Tam and Ms. Nguyen Thu Phuong from the positions of Inspectors.
At the same time, Vincom Retail elected Mr. Nguyen Hoai Nam as a new Board member, Mr. Nguyen Thanh Trung as Chief Inspector, and Mr. Tran Xuan Hai and Mr. Hoang Duc Hung as Inspectors.
Earlier in April, Vingroup announced that Vincom Retail JSC was no longer a subsidiary of the group.
In the first quarter of this year, VRE’s net revenue reached nearly VND 2,255 billion, up 16% over the same period last year.
Vingroup announced that it had completed the transfer of 55% of the charter capital of SDI Trading and Development Investment LLC, which owns 99% of the charter capital of Sado Trading and Services JSC. As Sado is currently a major shareholder of VRE, holding 41.5% of its charter capital, through this transaction, Sado and VRE are no longer subsidiaries of Vingroup. Currently, VIC only directly owns 18.4% of Vincom Retail’s charter capital.
After the transaction, Vingroup announced an unexpected surge in profit in the first quarter, reaching VND 1,335 billion. According to VIC’s financial report, Vingroup made a profit from the liquidation of financial investments and the transfer of subsidiaries, amounting to VND 17,690 billion.
In the first quarter of this year, VRE’s net revenue reached nearly VND 2,255 billion, up 16% over the same period last year, mainly due to the timely transfer of commercial real estate properties in the Quang Tri project.
The shopping mall business recorded a revenue of VND 1,928 billion, equivalent to the same period. The real estate transfer business recorded a revenue of VND 277 billion, compared to only VND 2.8 billion in the previous period. After deducting expenses, VRE’s net profit was nearly VND 1,100 billion, up 6%.
