Latest Update
HQC’s 2025 Annual General Meeting was held in the morning of May 10th in Ho Chi Minh City. Photo: Thanh Tu
|
Discussion
HQC’s share price of over VND 3,000/share reflects the true health of the enterprise
Why has the charter capital increased rapidly while the share price has decreased?
Chairman of the Board of Directors, Truong Anh Tuan: It is true that there is a contradiction between capital and share price due to market influences. In the early stages of listing, share prices in the overall market increased sharply. Subsequently, the general trend was downward, and HQC was also affected.
Regarding social housing, while deliveries were on schedule, profits were not high. In addition, the discontinuation of the VND 30,000 billion package for social housing, along with the impact of COVID-19 and the 2022 crisis, caused the market to stagnate. HQC’s share price is currently around VND 3,000/share, reflecting the true health and internal situation of the enterprise at this time.
Struggling with debt management for many years
Is HQC managing its associated companies, debts, and maintaining transparency?
Chairman of the Board of Directors, Truong Anh Tuan: This is a significant issue that the Board of Directors acknowledges and is focusing on resolving. Of the nearly VND 6,000 billion in capital, more than VND 3,000 billion has been invested in associated companies. These investments were previously less efficient due to interruptions in social housing policies. Since 2024, banks have resumed financing, and social housing policies have been strongly promoted through resolutions and laws. From 2025, HQC will implement a strategy to recover investment capital by strengthening cooperation, developing projects, and even acquiring land/projects in localities such as Dak Lak and Can Tho…
How does Hoang Quan develop its industrial real estate strategy amid the increasing FDI inflows?
Chairman Truong Anh Tuan: Currently, Hoang Quan Group invests in two industrial parks, Binh Minh and Ham Kiem. Recently, the Group acquired 100% of a new 150-hectare industrial park in Binh Thuan Province and is considering bringing it under HQC or a suitable subsidiary. However, industrial park development has faced challenges due to the US-China trade tensions and the 46% tax rate, which slowed down FDI inflows into Vietnam.
The government is currently in negotiations, and HQC is confident that an acceptable tax rate will be achieved. Even with high taxes, China can continue to be a major investor in Vietnamese industrial parks due to the need for production relocation. HQC is awaiting the upcoming negotiation results to make strategic decisions. If the new industrial park is implemented effectively under HQC, it is expected to generate a revenue of VND 1,000 billion and a profit of about VND 70 billion according to this year’s plan.
How does Hoang Quan plan to develop smart homes, especially for young people – the main group buying social housing?
Chairman Truong Anh Tuan: About 70% of HQC’s customers are young people (aged 20-35) with a high demand for convenient, green, and smart homes. This group is also the focus of the company’s social housing development strategy. In the past two years, HQC has experimented with smart and green home models, but mass implementation has been challenging due to various incompatible factors. Nevertheless, from this term until 2030, HQC will comprehensively integrate “smart” and “green” criteria according to ESG standards into its social housing products.
How can Hoang Quan develop sustainable green real estate while ensuring competitiveness in the context of high costs?
Chairman Truong Anh Tuan: Developing green and smart real estate is an inevitable trend, but it comes with challenges related to costs and construction schedules. HQC is hiring international consulting firms to optimize designs and provide suitable solutions for each project. More importantly, applying technology in design, construction, and governance will help reduce costs, shorten schedules, and simplify legal procedures. As a result, the final cost can be competitive and even lower than traditional products. Each project will have a unique set of solutions that match market conditions and demands.
What is Hoang Quan’s orientation in education and finance, especially in AI application?
Chairman Truong Anh Tuan: HQC considers AI as an essential tool in both education and finance. In education, HQC starts with internal training, providing mandatory ESG, technology design, management, and operation training for HQC employees. Previously, HQC invested in three universities, one institute, and several other schools. Currently, HQC prioritizes international cooperation.
In finance, HQC has invested about VND 3,000 billion in member companies and joint ventures. However, a well-structured financial investment orientation is still being developed and will be presented clearly at the 2026 annual meeting. Especially with the orientation of expanding land funds, financial investments will be accompanied by linkage models or capital structures suitable for each project.
Does HQC have any plans to handle its debts?
Chairman Truong Anh Tuan: The debts are mainly HQC’s investments in member companies for land accumulation. Previously, the capital could not be recovered due to legal and financial issues, but since 2025, the conditions for recovery have been met. HQC will strengthen cooperation or gain controlling interests (for example, in Tay Ninh Golden City). All financial reports are transparent and strictly compliant. New investments will be made faster and more efficiently.
The Board of Directors has not completed the plan for many years. Will there be a change in personnel in 2025 to ensure effectiveness?
Chairman Truong Anh Tuan: The current leadership is a “golden generation” with over 25 years of dedication, determination, and experience. However, a well-prepared “diamond generation” of young leaders is also ready to take over. There will definitely be a transition in 2025, with General Director Nguyen Thanh Phong becoming an advisor to ensure a combination of experience and innovation.
What is the current situation of the 198-hectare project in Binh Thuan Province in cooperation with Hai Phat (HPX)?
Chairman Truong Anh Tuan: Hoang Quan and Hai Phat have agreed to temporarily halt the implementation of this project. However, the two sides maintain their linkage and will seek new cooperation opportunities in the future.
| At Hai Phat’s 2018 roadshow (HPX), the company’s leaders announced their cooperation with Hoang Quan (HQC) to implement the 198-hectare Ham Tien project (Binh Thuan) with a total investment of VND 9,831 billion. The project was scheduled for completion from 2018 to 2024, with revenue recognition starting in 2020 at VND 1,800 billion. HPX’s leadership considered this the first step in Hai Phat’s joint ventures, and they expected more cooperation in the future, with HPX’s representative joining HQC’s Board of Directors. |
What is the current status of the linkage between HQC and Novaland in the social housing program?
Chairman Truong Anh Tuan: HQC and Novaland signed a cooperation agreement in 2024 to implement the program of 200,000 social housing units as committed by Novaland to the government. The two sides are currently looking for suitable land funds. A 10-hectare pilot project in Binh Thuan has been reported to the National Assembly delegation, Binh Thuan Province, and the Ministry of Construction.
What specifically is HQC’s investment in the US market, and is it effective?
Chairman Truong Anh Tuan: The project in the US is a residential area worth about $50 million, comprising 198 units and already completed. It is currently for rent. However, this is a personal investment, unrelated to HQC. Hoang Quan is encouraged to continue investing in the US to support trade balance between the two countries but will only do so if it ensures effectiveness.
The meeting concluded with all proposals being passed. Mr. Truong Anh Tuan continues as Chairman of the Board for the term 2025-2030, along with two Board members, Mr. Tran Anh Tuan and Mr. Ly Quang Minh.
Mr. Truong Anh Tuan speaks at HQC’s 2025 Annual General Meeting.
|
“Unfulfilled Chorus” for many years
At the beginning of the meeting, Chairman of the Board of Directors, Truong Anh Tuan, shared five significant difficulties facing the company.
First, low revenue and profit: HQC has a capital source of nearly VND 6,000 billion. Revenue and profit have not met the plan for the past nine years, with profits of only about VND 100 billion, far below expectations (usually VND 500-600 billion with a capital of VND 6,000 billion). Revenue in the real estate sector should reach at least 50% of the charter capital (VND 3,000 billion), but the current figure is lower. This is considered a significant difficulty.
Second, the share price is low. Currently, HQC shares are around VND 3,000/share, much lower than other enterprises at VND 20,000-30,000/share. This price reflects the company’s internal health. A significant challenge is how to raise the share price to at least the par value of VND 10,000/share.
Third, land funds and social housing targets are large. HQC has committed to providing 50,000 social housing units to the government, completing 10,000 units, with 40,000 units remaining. The goal is to finish the remaining units by 2030, equivalent to about 7,000-8,000 units per year, while the development requirement is “fast, many, good, cheap,” and an integrated ecosystem. To build 40,000 units, 200 hectares of land are needed, but HQC currently has only 50 hectares. Land conversion, procedures, and construction permits are also challenging.
Fourth, investment capital is substantial. The 40,000 social housing units correspond to an investment capital of about VND 40,000 billion. A minimum of VND 10,000 billion in medium and long-term loans from banks is required. Banks will only disburse when the project is feasible and can be repaid. The challenge is to demonstrate the project’s feasibility (land funds, methods, efficiency, and capital flow) to access bank capital and support customers with loans.
The final challenge is applying technology and ESG standards to projects. Mr. Tuan stated that applying technology and governance standards, especially ESG, to operations and projects is a significant challenge. Although it may increase costs, HQC must implement it.
Another ambitious year for high profits, issuing 50 million shares to convert debt
According to documents presented at the 2025 Annual General Meeting, HQC set a business plan with a revenue of VND 1,000 billion – the highest in eight years. About 80% is expected to come from the Golden City social housing project in Tay Ninh, with the rest from new urban area projects in Tra Vinh and HQC Tan Huong in Tien Giang.
The profit-after-tax target for 2025 is VND 70 billion – the highest in a decade and more than double the previous year. This year, the company also aims to complete at least 5,000 social housing units.
HQC: Nine consecutive years of unfulfilled plans
In addition, Hoang Quan promotes investment, joint venture investment, and business in commercial real estate, industrial real estate, resort real estate, etc. The company is currently focusing its resources on implementing the Ham Kiem 1 Industrial Park project (Binh Thuan), Binh Minh Industrial Park (Vinh Long), and several projects in Dak Lak Province…
HQC’s management board considers accessing the VND 120,000 billion credit package as a critical factor in supplementing construction capital and boosting the progress of social housing projects.
HQC also proposed issuing 50 million private shares to convert VND 500 billion of debt, with a conversion rate of VND 10,000 of debt for 1 newly issued share. The issuance targets creditors, thereby increasing the charter capital to about VND 6,266 billion. The issued shares are restricted from transfer for a minimum of one year.
– 11:35 10/05/2025
“Patience is Key: ADTD Shareholders Refrain from Dividends, Awaiting Project Permits”
The sluggish market conditions in the real estate sector prompted HAR to focus on financial cost-cutting measures and refrain from paying dividends. While a significant portion of the company’s capital is tied up in uninitiated projects, the leadership assures that the permitting process is currently delayed and advises shareholders to “exercise patience.”
“An Apology from the CEO: Reflecting on 2024 Results and Our New Venture into Industrial Real Estate”
The Annual General Meeting of 2025, scheduled for the afternoon of April 21st, was unable to proceed due to insufficient attendance. Nonetheless, the company’s leadership dedicated significant time to discussing the business’s plans in the context of the evolving real estate market.
The Bank Stock Soars: Record-Breaking Trading Volume of Nearly 160 Million Shares
A deluge of capital inflows propelled trading volumes on this banking stock to record highs, marking a historic milestone since its listing.
The Race for Industrial Land: Vietnam’s $30 Billion FDI Attraction by 2025
The Ministry of Finance’s Statistics Bureau has revealed that foreign investment (FDI) into Vietnam reached an impressive $6.9 billion in the first two months of 2025, a 35.5% increase compared to the same period last year. This surge in FDI not only fosters sustainable economic growth but also positions Vietnam as a powerhouse for high-tech manufacturing in the region.
What Do Economic Experts Say About the Development of the National Housing Fund?
The National Housing Fund is expected to be a “saving grace” for millions of low-income earners, offering them a chance to finally settle down and establish a home. But for this fund to truly make an impact, it requires a collaborative effort from the state, businesses, and the workforce alike.
