Song Hong Corporation (SHG, UPCoM: SHG) has announced the approval of an investment cooperation agreement for a parking lot project in the commercial, service, and office area located at plots H1-P3 and H1-CC3 in Linh Nam Ward, Hanoi. The project spans 13,588 square meters, with a total investment of approximately VND 276 billion. SHG contributes 10%, equivalent to nearly VND 28 billion, while Minh Ngoc Construction and Import-Export Joint Stock Company (Minh Ngoc) invests 90%, amounting to over VND 248 billion.
The project timeline includes legal procedures and land clearance in 2026, followed by construction from 2027 to 2028. Operations are expected to commence in Q1 2029.
Established in October 2009, Minh Ngoc initially operated as Minh Ngoc Import-Export Trading Joint Stock Company. In June 2023, the company rebranded to its current name and shifted its focus to real estate, with its headquarters in Dan Phuong Industrial Cluster, Hanoi.
In May 2020, Minh Ngoc increased its chartered capital from VND 37.49 billion to VND 207.49 billion. Since November 2024, Mr. Pham Xuan Vinh has served as both Director and Legal Representative of Minh Ngoc. Mr. Vinh also holds the position of Chairman of SHG’s Board of Directors since July 15, 2025.
Notably, just one day after assuming the chairmanship of SHG, Mr. Vinh delegated his responsibilities to Vice Chairman Dang Minh Quang, effective from July 16, 2025, until further notice. This decision was attributed to Mr. Vinh’s need to address critical matters related to a major shareholder.
The Long-Awaited Parking Lot: Local Authorities Proposed Project Revocation After Years of Delay
The Ha Noi People’s Committee has received a proposal from the Hoang Mai District People’s Committee to revoke the Dai Kim public parking and green space project. The proposal suggests that the project be handed over to the local authorities for execution as per the master plan.
