Hodeco Partners with HUB and KBC
In June 2025, the Board of Directors of Ba Ria – Vung Tau Housing Development JSC (Hodeco, stock code: HDC) approved the investment in Chau Duc, Tan Hoi 3, and Tan Hoi 4 industrial clusters. These industrial clusters will be invested in, managed, and operated by newly established legal entities.
Previously, at the 2025 Annual General Meeting held in May, Hodeco’s leadership shared plans to venture into the industrial real estate sector. This move comes as the tourism real estate segment faces lengthy investment timelines and lower-than-expected profit margins.
HDC’s CEO, Le Viet Lien, stated that the company has long planned to acquire shares in Thua Thien Hue Construction and Installation JSC (stock code: HUB, HoSE) to enter the industrial real estate market.
In addition to construction, mining, building materials, and rental real estate, HUB is developing the Phu Bai 1&2 Industrial Park.
Hodeco plans to invest approximately VND 400–500 billion alongside HUB to initially develop several industrial clusters in the South (Tay Ninh, Chau Duc, Ba Ria – Vung Tau), with future expansion into larger industrial parks.
The company has outlined plans to acquire clean land in Ba Ria – Vung Tau, Tay Ninh, and surrounding areas for industrial park projects. Hodeco is also collaborating with experienced partners like Kinh Bac Urban Development Corporation (stock code: KBC) to establish a robust development foundation.
The latest milestone in Hodeco’s partnership with Kinh Bac was announced on July 31, 2025, with the receipt of the Business Registration Certificate for Hodeco – Tay Ninh LLC.
Hodeco – Tay Ninh was established on July 26, 2025, with its headquarters in Thanh Dien Ward, Tay Ninh Province. Its primary business activity is residential construction. The company has a charter capital of VND 200 billion, with HDC contributing VND 176 billion (88%) and VSP Capital contributing VND 24 billion (12%).
Nguyen Dinh Duy serves as the Chairman of the Members’ Council and the company’s legal representative. Mr. Duy is also a member of HDC’s Board of Directors.
Notably, VSP Capital was only established in April 2025 and is headquartered in Ben Nghe Ward, District 1 (now Sai Gon Ward), Ho Chi Minh City. Its primary business activity is consulting (excluding financial, accounting, and legal consulting). With a charter capital of VND 10 billion, Phan Minh Toan Thu and Nguyen Xuan Cuong (who serves as CEO and legal representative) each hold 50% of the shares.
Mr. Thu holds several key leadership positions within Kinh Bac Urban Development Corporation, including Director of KBC’s Ho Chi Minh City Branch, Chairman of Bac Giang – Long An Industrial Park LLC, Director of Tan Tap Industrial Infrastructure Development LLC, Director of Da Nang – Long An LLC, and Director of Tan Phu Trung – Tay Ninh Industrial Park LLC.
CEO Group Develops Tien Lang Airport Industrial Park – Zone B
In late May 2025, CEO Group JSC (stock code: CEO) approved the establishment of CEO Industrial Park Development JSC (CEO IP) with a capital contribution.
CEO IP was established in early June with a charter capital of VND 450 billion, 99% of which is held by CEO. CEO’s CEO, Cao Van Kien, serves as the legal representative of the new company.
On June 3, 2025, CEO’s Board of Directors adjusted the allocation of nearly VND 2.6 trillion raised from the 2022 share issuance. The company reduced the amount allocated for working capital and canceled plans to increase capital for Phu Quoc Investment and Development JSC (VND 105 billion). Instead, VND 245 billion was allocated to capitalize CEO IP.
CEO Group stated that this adjustment aligns with its medium- to long-term strategy to expand its investment portfolio into the industrial park sector. This decision was made as revenue from real estate—historically a significant contributor—has declined substantially over the past three years, dropping from over VND 2.1 trillion in 2022 to VND 576 billion in 2024.
In 2025, real estate revenue reached approximately VND 50 billion in the first quarter and increased to VND 233 billion in the second quarter.
However, as of July 15, 2025, the group had only contributed VND 50.5 billion to its subsidiary. In the latest development, on July 15, 2025, Hai Phong City authorities granted CEO IP an investment approval decision for the Tien Lang Airport Industrial Park – Zone B project.
Khang Dien House’s Le Minh Xuan Industrial Park Project
Khang Dien House Investment and Trading JSC (stock code: KDH, HoSE) is venturing into the industrial park sector with the expanded Le Minh Xuan Industrial Park project. Spanning 109.9 hectares, the project is located adjacent to the Le Minh Xuan Industrial and Small Industry Cluster in Binh Chanh District. Upon completion, it is expected to provide employment for approximately 10,000 people.
Previously, Khang Dien House acquired Binh Chanh Construction and Investment JSC (BCCI), owned by tycoon Tram Be, one of the largest landholders in Ho Chi Minh City (now Khang Phuc House Investment and Trading LLC).
As of early 2015, the construction in progress costs for the expanded Le Minh Xuan Industrial Park were recorded at nearly VND 211 billion. A year after KDH’s acquisition, the project received investment approval from the Prime Minister. The implementation period is from December 2016 to December 2023, with a total investment of over VND 1.147 trillion. The project has a 50-year operational lifespan.
Of the total 109.9 hectares, 89 hectares have been leased. Khang Dien House has obtained a construction permit for the infrastructure and began construction in 2025, with plans to commence operations in 2027.
As of the end of Q2 2025, KDH has recorded construction in progress costs of VND 1.052 trillion and improvement costs of VND 1.981 trillion for the Le Minh Xuan Industrial Park project.
The assets generated from Phase 1 of the expanded Le Minh Xuan Industrial Park project have been pledged as collateral for a VND 958 billion loan from Military Commercial Joint Stock Bank – Transaction Office 2.
Licogi 13
Primarily operating in the construction sector, in April 2025, Licogi 13 JSC (stock code: LIG) received approval from the Quang Tri Provincial People’s Committee for the investment and development of Phase 3 of the Quan Ngang Industrial Park, covering over 116 hectares with a total investment of VND 710 billion.
A month later, LIG’s Board of Directors approved the establishment of Quan Ngang 3 Industrial Park Investment JSC with a charter capital of VND 106.5 billion. LIG contributed VND 55.4 billion (52%), with LIG’s CEO, Pham Van Thang, serving as the representative manager.
“The Industrial Giant of Thailand: A Mid-Year Review of WHA Corporation’s 2025 Performance.”
WHA Group witnessed a remarkable performance in the first half of 2025, with a net profit of 3.1 billion baht (approximately $97 million). This success is largely attributed to their thriving industrial estate business, which resulted in the sale of nearly 177 hectares of land in Thailand. The group also made strides in Vietnam, with 22 hectares of land sold in the country. This impressive growth showcases WHA Group’s dominance in the industry and their ability to drive profits through strategic land sales and development.
The Billion-Dollar Project: Unraveling the Mystery of Thaco’s Venture and its Massive Land Compensation Gains
“PHR reports impressive profit growth for the first half of 2025, but the spotlight is now on the anticipated trillion-dollar boost from Thaco’s $3 billion project.”
“Hodeco Scraps Plan to Pay 2024 Dividends in Stock”
Hodeco plans to hold an extraordinary general meeting on September 30, 2025, where it will propose to shareholders the cancellation of its plan to issue shares as a dividend for the fiscal year 2024.
The Real Estate Market: A Wealth of Opportunities.
As of Q2 2025, real estate inventory levels climbed to new heights, with many businesses burdened by massive work-in-progress assets, accounting for up to 85% of their total holdings in some cases. This paints a picture of mounting pressure on companies to alleviate this mounting inventory conundrum.
“Real Estate Tycoon with Thousands of Hectares of Land, Dang Thanh Tam, Flourishes with Trump International Hung Yen Development”
The urban development giant, Kinh Bac, is projected to reach staggering figures in revenue and profit for the year 2025. According to a securities analysis by DSC, the corporation is estimated to attain a revenue of VND 6,213 billion and a profit of VND 2,054 billion. This impressive performance is attributed to the strategic launch and sale of real estate projects, which have injected significant capital into the company’s coffers.
