The Hoang Anh Gia Lai Group, a private trading company, will form a joint venture in Thailand which will specialize in construction and trading apartments.
The Bangkok-based joint venture between Hoang Anh Housing Company, an affiliate of the group, and a Thai partner is set to invest US$20.4 million in building the HAGL Bangkok Apartment.
The project is expected to break ground in October and be completed in December, 2008.
The Hoang Anh Gia Lai Group, involved in a range of businesses from property to wood processing to tourism, has VND1 trillion ($62 million) worth of chartered capital.
It recently increases growth by selling 25 percent of the total shares to nine strategic foreign and domestic investors: France’s investment fund Jaccar, Dragon Capital, Vietcombank Fund Management, Saigon Securities Inc, Thanh Viet Investment Fund, SBS Securities, the Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), Quan Dat Architectural and Glass, and Cuu Long Steel Company.
Top plan
The corporation sets to invest $20 million or more in developing 10,000ha forest of rubber trees in Laos and 5,000ha in Vietnam between now and 2012.
Hoang Anh Gia Lai also plans to pour trillions of dong into high-end office, hotel and apartment projects in Vietnam and overseas in the next four years.
It is commencing series of property projects in Ho Chi Minh City, including 4,000 apartments near Phu My Hung urban town in South Saigon. Its aim is to be the leader in high-end and deluxe apartments in 2012 with 15,000 completed apartments.
The group will be listed on the domestic stock exchange by the second quarter of 2008.
There are also plans to merge affiliates Hoang Anh Quy Nhon, Hoang Anh Saigon and Hoang Anh Housing Company into the conglomerate to increase financial capacity.
Last year, Hoang Anh Gia Lai posted revenue of VND289 billion ($18 million) and after-tax profit of VND50.5 billion ($3.1 million) and expected the revenue of VND813 billion ($51 million) with VND158 billion ($10 million) profit this year.
Overall, Vietnamese businesses invest an estimate of $350 million overseas in 2007, which is 25 percent increase from the annual according to the local investment authorities.
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