A $34 Million Real Estate Project: HVH and Ho Guom Group’s New Venture in Hoa Binh

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On May 15, the People’s Committee of Hoa Binh province approved the investment proposal of a joint venture between Ho Guom Corporation and HVC JSC to develop a villa and ecological tourism project in Mong Hoa, Hoa Binh city. The project, which was initially approved on March 20, 2023, spans over 28.7 hectares and will accommodate approximately 1,396 people. It includes 263 villas with permanent land use rights and 50-year land leases for commercial and service land. The project also allocates over 16,265 square meters for social housing, comprising 88 land lots and a two-story building. With a total investment of nearly VND792 billion, the project is expected to be completed by Q3 2026.

Artist’s impression of the villa and ecological tourism project in Mong Hoa, Hoa Binh city

The joint venture, established in late 2023, set up a project company called HVC and Ho Guom Hoa Binh JSC, with a charter capital of VND150 billion. The company is chaired by Ms. Vu Thi Nga, who also acts as its legal representative. HVC contributes 70% of the capital, while Ho Guom Corporation contributes the remaining 30%. According to HVC, over 90% of the project site has been cleared.

HVC, listed on the Ho Chi Minh Stock Exchange (HoSE) since November 30, 2018, specializes in mechanical and electrical contracting and the installation of high-end entertainment equipment. With a charter capital of over VND406 billion, the company is led by Mr. Tran Huu Dong as Chairman of the Board of Directors and Mr. Le Van Cuong as a member of the Board of Directors and General Director. As of the end of 2023, Mr. Dong was the largest shareholder, owning 21.93% of the capital, followed by Mr. Do Huy Cuong with 12.48% and Mr. Le Van Cuong with 10.548%.

In the first quarter of 2024, HVC reported impressive financial results, with revenue exceeding VND104 billion and net profit reaching over VND9 billion. This performance was driven by strong growth in their construction and installation segment. As of March 2024, HVC’s total assets were nearly VND613 billion, with payables of nearly VND116 billion and equity of over VND497 billion. Notably, their investment in progress increased by 3% due to the purchase of real estate in Mong Hoa, Hoa Binh.

Ho Guom Corporation, established in 2001, has a history in the garment manufacturing and trading industry. With a current charter capital of VND200 billion, the corporation has expanded its focus to real estate development, starting with the construction of Ho Guom Plaza in Ha Dong, Hanoi, in 2009. This VND2,000 billion project comprises high-end apartments, offices, and a commercial center. Additionally, the corporation is developing several resort projects in provinces like Hoa Binh, Quang Ninh, Thanh Hoa, and Yen Bai, marking its transition into the real estate sector.

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