Vinhomes to start selling social housing

Construction of the two projects under the brand Happy Home in Thanh Hoa and Quang Tri Provinces began in July last year, Vinhomes chairman Pham Thieu Hoa said at the company’s annual general meeting Thursday.

The company will have a total of 3,500 apartments when completed, and sales are set to open by the end of the year, he added.

He said that the company was seeking approval to develop social housing projects in Hanoi.

Last year Hoa said that Vinhomes planned to build 500,000 social housing apartments within five years with prices under VND1 billion ($42,600) per unit.

Vinhomes targets a revenue surge of 60% this year to VND100 trillion, its highest ever.

It eyes a marginal increase in post-tax profit to VND30 trillion.

Hoa said that the development of major projects in Da Nang and Quang Ninh are being delayed due to administrative issues.

CEO Nguyen Thu Hang said that the company would not pay dividends this year as it wanted to keep the profit ready to launch new projects when the time was right.

The company plans to issue VND10 trillion in bonds domestically with a coupon rate of less than 15% a year.

It also plans to issue up to $500 million in international bonds.