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OGC’s Annual General Meeting for 2024 was held on the morning of May 16th.
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Looking back at 2023, OGC acknowledged significant growth compared to 2022. Specifically, the company recorded consolidated total revenue of VND 1,073 billion, a 3% increase from the previous year. Net profit reached over VND 94 billion, a surge of 132% year-on-year.
At the meeting, the management revealed notable changes across OGC’s business segments.
In the food industry, its subsidiary OCH has been executing plans to expand its food business through mergers and acquisitions (M&A) of companies in the same industry, aiming to maintain its competitive edge as a business owning established food brands. OCH also continues to intensify its focus on research and development (R&D), thereby accessing new products, ingredients, and trends from developed countries with similar culinary cultures to Vietnam.
Regarding OCH’s hotel business operations, the OGC management observed encouraging signs in the tourism market during the first four months of 2024. Total international visitor arrivals reached 6.2 million, a substantial increase of 68% compared to the same period in 2023 and a nearly 4% rise compared to pre-COVID-19 levels. This indicates a strong recovery in Vietnam’s tourism industry.
OGC shared that in the first quarter of 2024, Sunrise Nha Trang hotel achieved an occupancy rate of over 80%, while StarCity Nha Trang reached approximately 60%.
Goal to Triple or Quadruple OCH’s Assets, Aiming for Independent Operations
Over the next five years, OCH plans to construct and acquire through M&A a portfolio of 10 hotels in major Vietnamese cities. Through investments in associated companies, OCH is now the largest shareholder in hotel projects such as Dusit Cung điện Từ Hoa Hanoi (scheduled to open in 2024), Melia Ha Long Bay (under construction), and MGallery Ninh Van Bay (in the design phase), in addition to already operating hotels Sunrise Nha Trang and StarCity Nha Trang. OCH has also invested in Grade-A office buildings Leadvisors Tower and Leadvisors Place.
OGC sets the goal for OCH to triple or quadruple its capital base and total assets, with profit levels scaling up to VND 1,000 billion in the next five years.
Meanwhile, the parent company, OGC, will focus on enhancing and developing its internal capabilities, rather than relying heavily on the business performance of its subsidiaries.
“OGC aims to provide OCH with the autonomy to grow and collaborate more with strategic partners and other investors to expand its asset base. This strategy will not only help OCH broaden its scope but also indirectly boost OGC’s development through economic linkages and shared interests,” OGC’s management emphasized.
OGC has formulated plans to expand its business operations, address challenges in key projects, and identify projects that will be transferred to OGC for independent development. This lays the foundation for the company’s stable growth in the coming years.
In 2024, OGC is also in discussions with potential partners to add a key industry to its portfolio, leveraging existing resources and laying the groundwork for future strategic moves.
Focusing on Two Key Projects in Hanoi and Ho Chi Minh City
As part of its 2024 direction, CEO Pham Hung Viet shared that OGC will accelerate two key projects in Hanoi and Ho Chi Minh City.
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CEO Pham Hung Viet
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The first project is located at 25 Tran Khanh Du, Hanoi, spanning approximately 5,500 square meters with a total investment of VND 940 billion. This project comprises 21 floors and 2 basement levels, offering around 42,000 square meters of floor space.
Mr. Viet stated that the project has a cleared site, and the company has submitted documents and a proposed solution to the Ministry of Defense for approval to proceed.
The second project is situated in Ho Chi Minh City, named Legafashion House, a complex featuring offices and a commercial center. It covers 5,600 square meters with a projected total investment of VND 950 billion. The complex includes 25 floors and 2 basement levels.
According to Mr. Viet, the project has completed land clearance and obtained necessary approvals for land use. It has also undergone design reviews and obtained approvals for its construction permit. Currently, the project is undergoing adjustments to its planning timeline in coordination with Ho Chi Minh City’s departments.
Thien Van
