Jul 27, 2020 / 14:22

Vingroup to carry out four projects worth US$3.43 billion in Hanoi

The Hanoitimes - The four projects include the Center for National Exhibition Fair project and three housing developments.

Vietnam Exhibition Fair Center Joint Stock Company (VEF), a subsidiary of Vietnamese conglomerate Vingroup, has plans to invest VND78,700 billion (US$3.43 billion) in four projects in Hanoi, VnExpress reported.

They include the Center for National Exhibition Fair project and three housing developments.

 The project of National Fair Exhibition Center is expected to be carried out in Dong Anh district

VEF's own equity will make up 15-20% of the cost of the four projects while the rest will come from loans and other sources.

The National Fair Exhibition Center project is expected to be carried out in the outlying district of Dong Anh with an investment of VND7.336 trillion (US$320 million), of which 15% is sourced from the investor’s own funds. Construction can kick off in the fourth quarter (Q4) of this year and is scheduled to be completed in Q3/2024.

The other three projects include Dong Anh New Urban Area (Vinhomes Co Loa), a complex of apartments and shopping mall at No.148 Giang Vo street (Vinhomes Gallery) in Ba Dinh district, and South Urban Area Project in Thang Long Boulevard. These projects will cost VND34.879 trillion (US$1.5 billion), VND 17.440 trillion (US$759 million) and VND19.090 trillion (US$828.6 million), respectively.

According to VEF, Vinhomes Co Loa is expected to be built from 2020 to 2025, the remaining two projects will be executed in accordance with the schedule approved by competent agencies.

VEF had total assets of VND6.8 trillion (US$291.8 million) as of end-June. It is 83.3% owned by Vingroup and 10% by the Ministry of Culture, Sports and Tourism.