Vietnam’s ceramics and building material corporation Viglacera has got nod from the Ministry of Construction to establish a real estate company, named Visaho, with a charter capital of VND35 billion ($1.6 million).
The ministry announced that during the first phase of development, Visaho will firstly garner a capital of VND15 billion, 36 per cent of which is contributed by Viglacera as the parent firm. Three other shareholders will hold the remaining 64 per cent.
The charter capital will then be increased by VND20 billion to meet the target.
“The establishment of Visaho is to implement Viglacera’s strategy in developing and investing in properties, including housing facilities and offices for lease by 2020,” the ministry said in a statement.
The new company will be based at its parent firm’s building in Nam Tu Liem District, Hanoi.
Viglacera is the major investor of a spate of industrial parks in northern Vietnam, including the Yen Phong Viglacera IP in Bac Ninh province, where Samsung Display has gained approval to expand its factory by $3 billion.
The Samsung Display investment has helped the total investment into the park reach the $7.5 billion milestone. “Yen Phong Viglacera is one of the most efficient industrial parks in the country in terms of the use of land and investment capital,” commented the Xay Dung publication, the mouthpiece of the construction ministry.
Meanwhile, Viglacera is also developing a lot of other residential projects.
According to the latest financial statement available on the company’s website, Viglacera earned VND1.84 trillion in revenue and nearly VND81.5 billion in profit after tax during the first quarter of 2015. In April, Viglacera said it will be publicly listed in the third quarter.