In the afternoon of September 22, 2024, Prime Minister Pham Minh Chinh received leaders of several enterprises planning to make significant investments in the province, including Mr. Gary Tseng, CEO of Phat Trien Phu My Hung JSC.
Accordingly, Cong Doan Ngan Hang Cong Thuong JSC (owned by Phu My Hung) has recently received approval from Bac Ninh province for the Hong Hac – Xuan Lam eco-urban project in Thuan Thanh town, with a total investment of VND 27,000 billion, equivalent to approximately USD 1.06 billion.
Mr. Gary Tseng shared that Phu My Hung has been investing in Vietnam for the past 30 years, starting in Ho Chi Minh City, and in recent years, the company has begun investing in other provinces.
The company also proposed that the Vietnamese government, ministries, and sectors facilitate and support Phu My Hung’s expansion of its investments in Vietnam. They also expressed their aspiration to participate in the Vietnamese stock market to raise additional capital for their ventures.
Regarding Phu My Hung’s proposals, the Prime Minister affirmed that he would direct relevant ministries, sectors, and localities to research, consider, and address their concerns.
Developer of Ho Chi Minh City’s Prestigious Urban Area
According to its website, Phat Trien Phu My Hung JSC was established on May 19, 1993, as a joint venture between Cong Ty TNHH Mot Thanh Vien Phat Trien Cong Nghiep Tan Thuan (IPC Vietnam, formerly known as Cong Ty Phat Trien Cong Nghiep Tan Thuan) and Phu My Hung Asia Holdings (formerly known as CT&D Group from Taiwan).
Phu My Hung is one of the largest and earliest real estate enterprises in Vietnam. They were responsible for constructing the Nguyen Van Linh Boulevard, a vital transportation artery facilitating the movement of goods between Ho Chi Minh City and the Mekong Delta provinces and vice versa.
Within the 2,600-hectare scope of the new urban development project along the 17.8-kilometer-long Nguyen Van Linh Boulevard in southern Ho Chi Minh City, the master planner Skidmore, Owings & Merrill (USA) designed 21 functional subdivisions. Of these, Phat Trien Phu My Hung JSC is developing five urban clusters spanning 750 hectares: the New Urban Center (Zone A – 409 hectares), the University Village (Zone B – 95 hectares), the High-Tech Center (Zone C – 46 hectares), the Cargo Distribution Center II (Zone D – 85 hectares), and the Cargo Distribution Center I (Zone E – 115 hectares).
The Phu My Hung urban area in District 7, Ho Chi Minh City, is one of the most luxurious and modern urban areas in Vietnam.
Phu My Hung Reports Significant Profits in the First Half
In a recent report to the Hanoi Stock Exchange (HNX), the company disclosed that it had earned a post-tax profit of VND 1,367 billion in the first half of this year, doubling its profit compared to the same period last year. In 2022 and 2023, the company’s profits were VND 3,615 billion and VND 2,197 billion, respectively.
As of the end of June, Phu My Hung’s owner’s equity stood at VND 12,655 billion, a decrease of VND 1,300 billion. Meanwhile, total liabilities increased to nearly VND 22,400 billion, with bond debt amounting to nearly VND 8,000 billion.
No More Red Eyes: Hunting for Apartments Over $43,000 in Major Cities
The sub-2 billion VND apartments in Ho Chi Minh City have been absent for years, putting immense pressure on the housing market in Vietnam’s most populous city. The resurgence of apartments priced above 1 billion VND in near-central and satellite town locations will help alleviate this bottleneck. This new offering provides a glimmer of hope for homebuyers, promising a chance to secure a home in desirable locations without breaking the bank.
“Vingroup Signs MoU with Warner Music Group and Indochina Productions”
On September 25, 2024, Vingroup (HOSE: VIC) inked a memorandum of understanding with two powerhouses in the global music and film industries, Warner Music Group and Indochina Productions. This collaboration not only brings world-renowned music stars to Vietnam but also serves as a launchpad for the country’s tourism and cultural image to reach a global audience of hundreds of millions.
Racing to Complete the High-Speed North-South Railway by 2045
As we delve into the developments regarding the high-speed rail project on the North-South axis, Deputy Prime Minister Tran Hong Ha emphasized the meticulous selection process for technology, management models, and operations. This meticulous process is geared towards establishing a comprehensive and autonomous railway industry and service during a meeting on the 25th of September.
