Hodeco Giving Helping Hand to Urbanization

11:04:18 AM | 7/25/2022

After 32 years of construction and development (1990-2022), Ba Ria - Vung Tau House Development Joint Stock Company (Hodeco) has kept constant growth to become a prestigious real estate developer in the province. With more than 30 projects that supply more than 7,000 housing products to the market, Hodeco has significantly helped change the urban face and become one of key factors in urbanization, industrialization and modernization in the province.

Hodeco was formerly a state-owned enterprise, established under Decision 262/QDUB dated May 31, 1990 of the People's Committee of Vung Tau - Con Dao Special Zone. In 2001, the enterprise went public with a registered capital of VND20 billion according to Decision 1274/QD-TTg dated September 29, 2001 of the Prime Minister. In 2007, Hodeco was officially listed on the Ho Chi Minh Stock Exchange with its ticker symbol of HDC.

After being converted into a joint stock company, Hodeco has more power to build its foundational values and individually branded projects. In each development process, Hodeco has a clear, reasonable and solid roadmap to have an effective effort. Specifically, before 2015, the company focused on developing land fund and building apartments, townhouses and villas. After 2015, Hodeco marked a new turning point with Fusion Suites Vung Tau, a vacation property project. In 2017-2020, it sped up personnel restructuring and rejuvenation in order to meet development requirements and trends of the new period.

After more than 20 years of equitization, Hodeco's registered capital reached VND865 billion, 43 times higher than in 2001. 2020 marked a milestone for Hodeco when its market capitalization increased by 2.5 times to more than VND2,100 billion. Its revenue also strongly grew, from VND272 billion in 2007 to VND1,410 billion in 2021. Similarly, its profit after tax jumped from VND26.1 billion to VND311.2 billion, respectively. In this 2022, Hodeco’s revenue and net profit were expected to reach VND1,913 billion and VND429.8 billion, up 35.67% and 38.11% over 2021, respectively.

After 32 years of development, with its dynamism and creativity, Hodeco has staged a constant growth, confidently affirmed its brand position in the market, made many important contributions to the province’s urbanization, industrialization and modernization, and actively supported the country’s renovation and development. Currently, Hodeco has two subsidiaries, two affiliated branches, one associate company engaged in a wide range of business like property investment and development; civil, industrial and traffic construction; concrete production; housing management; and serviced hotel business. With its outstanding capacity, Hodeco has supplied 30 projects and more than 7,000 housing products to the market and marked its name on the Ba Ria-Vung Tau real estate market. Its key projects include Ward 7 Trade Center, Ngoc Tuoc Villa 2, Hill Residence 2 - Ward 10, Apartment at 199 Nam Ky Khoi Nghia, Binh An Apartment, Binh Gia Residence, Fusion Suites Vung Tau Luxury Hotel and Apartment, Residence on Road 3/2, and Phu My New Urban Area. Being well aware that sustainable economic development is always associated with environmental, social and community responsibility, Hodeco's projects are always well-designed, linked to nature and environment and local landscape to bring a new prosperous look to the province.

To continue its business success, Hodeco is making efforts to carry out large-scale projects such as 49-ha The Light City Urban Area, Ocean Project and Phuoc Thang Urban Area. Hodeco Seavillage, Phu My Social Housing Project, extended Thong Nhat Apartment and Tran Phu Villas are all being built as planned. At the same time, the Company is giving priority to land fund development for future and diversifying product categories, with focus on upmarket property and vacation property segments.

Besides high business performance, Hodeco takes the lead in social security for community happiness. In recent years, the company has spent more than VND15 billion on social housing programs, supported martyrs' families; financed flood prevention fund, poverty reduction fund and study promotion fund launched by the Provincial People's Committee, the Fatherland Front, the Labor Confederation and local agencies. In this 2022, the company is estimated to spend VND1.8 billion for social support funds.

In recognition of its great economic and social contributions, Hodeco was honored to be awarded many noble titles by the government such as Third-class Labor Order (in 2008), Second-class Labor Order (in 2013) and First-class Labor Order (in 2019).

Source: Vietnam Business Forum