Viettel Post invests in a logistics park; Vinhomes adds two more industrial park companies; Hoa Sen establishes a central warehouse in Ha Nam.
Viettel Post invests in a logistics park at the gateway to China; Hoa Sen establishes a main warehouse in Ha Nam; Vinhomes establishes two more industrial park companies; After partnering with Kingfoodmart, HAGL digitizes agriculture; Truong Thanh Wood expands its market to Dubai.
Viettel Post invests in a logistics park at the gateway to China.
The Board of Directors of Viettel Post Corporation has approved the investment plan for the Viettel Logistics Park project in Lang Son . The project aims to provide import and export services, warehousing services, domestic and international freight transportation, and e-commerce.
Since the end of October this year, the company has begun recruiting for a range of positions for the Project.
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| Viettel Post has approved the investment plan for the Viettel Logistics Park project in Lang Son. |
Regarding the development of the Logistics Park, Viettel Post plans to establish a branch in Ban Liep Hamlet, Phu Xa Commune, Cao Loc District, Lang Son Province.
Notably, the new branch location is adjacent to a major construction project: the Dong Dang Border Gate Economic Zone's cargo transshipment center, with a total investment of over 3.2 trillion VND.
The Cargo Transshipment Center Project, which commenced in November 2019, is one of Lang Son province's key projects. Currently, Phase 1 of the project is under construction, covering an area of approximately 58 hectares. The main components include: a centralized Customs Center, a cargo transshipment service area, a yard system, other facilities, a driver's rest area, and other supporting structures.
This cargo transshipment center is expected to become operational from December 2024. Speaking to the press in March, Viettel Post General Director Hoang Trung Thanh stated the company's desire to build logistics centers and parks to connect farming regions and industrial zones with transportation hubs including roads, railways, seaports, airports, and border crossings.
According to Mr. Thanh, the infrastructure of logistics centers will utilize highly automated and comprehensive technology. This comprehensive service includes warehousing, storage, customs services, and cross-border transportation services to facilitate the rapid and cost-effective flow of goods.
Viettel Post is also negotiating and cooperating with the Nanning government (China) on investment opportunities in logistics there, such as: establishing offices and logistics centers in Nanning; promoting trade between the two countries, increasing the volume of intermodal railway transport between Vietnam and China; and establishing an association of businesses in the import-export and logistics sector to optimize costs and shorten the time for goods circulation between the two countries.
Hoa Sen establishes a main warehouse in Ha Nam.
Hoa Sen Group Joint Stock Company announced two strategic moves to expand its business operations after the conclusion of the 2024 fiscal year.
The first step was to establish a presence in the Chinese market by setting up a representative office in Guangzhou. The office is located at Room 911, No. 1, Road No. 2, South Green Port, Huadu District.
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| SG decided to expand its distribution network in the North by establishing a main warehouse in Ha Nam. |
This office will be headed by Mr. Dong Quang Nhat as the Chief Representative. Although it will not directly conduct business operations, this office is expected to strengthen connections with one of the world's largest steel markets.
Simultaneously, HSG decided to expand its distribution network in the North by establishing the Ha Nam General Warehouse in the Thanh Liem Industrial Cluster, managed by Mr. Nguyen Van Tiep.
The new warehouse will serve 15 northern provinces and cities, from Hanoi to border provinces such as Lang Son. Notably, in addition to its warehousing function, this location is also registered for the production of galvanized steel sheets, galvanized steel, plastic products, and construction materials.
These moves come as Hoa Sen Group just concluded its 2024 fiscal year on a low note. In the fourth quarter of the 2024 fiscal year, HSG recorded a net loss of nearly VND 186 billion, ending a streak of six consecutive profitable quarters, despite a 25% increase in net revenue compared to the same period.
The net loss was primarily due to a decrease in the gross profit margin to 8% and a sharp increase in operating expenses, including a 65% increase in selling expenses to VND 909 billion. Nevertheless, for the entire fiscal year 2024, net revenue reached VND 39,272 billion, a 24% increase compared to the previous year. Notably, after-tax profit reached VND 510 billion, exceeding the annual plan by 27.5% and 18 times higher than the previous year.
Vinhomes establishes two more industrial park companies.
Vinhomes Joint Stock Company has established new subsidiaries based on spin-offs from Vinhomes Industrial Park Investment Joint Stock Company (VHIZ).
Before the business split, VHIZ had a charter capital of 18.5 trillion VND. Consequently, VHIZ continues to exist, but its charter capital has been reduced to 340 billion VND.
Simultaneously, Vinhomes established two new subsidiaries: Vinhomes Hai Phong Industrial Park Investment Joint Stock Company, which received the largest capital allocation of 15,160 billion VND, and Vinhomes Ha Tinh Industrial Park Investment Joint Stock Company with a charter capital of 3,000 billion VND.
All three companies have a total registered capital equal to VHIZ, initially 18.5 trillion VND, and were reallocated according to Vinhomes ' strategy. They are all headquartered in Vinhomes Riverside Urban Area, Viet Hung Ward, Long Bien District, Hanoi, and Vinhomes holds a 51% ownership stake in each of the three entities.
Currently, VHIZ is the investor in the Vinhomes Vũng Áng Industrial Park infrastructure construction and operation project, located in the Vũng Áng Economic Zone, Kỳ Anh town, Hà Tĩnh province. The project covers an area of over 964.8 hectares and has a total investment of over 13,276 billion VND, of which the investor's capital contribution is over 1,991 billion VND.
As of the end of September, Vinhomes had a total of 45 subsidiaries. With the establishment of two new subsidiaries serving the industrial park sector, Vinhomes increased its ownership to 47 subsidiaries.
In the third quarter, Vinhomes' net revenue increased by 2% year-on-year, reaching over VND 33.3 trillion; net profit was VND 7.9 trillion in the third quarter, a decrease of 26%. For the first nine months of the year, Vinhomes recorded VND 69.9 trillion in net revenue and VND 19.6 trillion in net profit, decreases of 26% and 39% respectively.
The company stated that the majority of its profits for the period came from the handover of Vinhomes Ocean Park 2-3 projects and the recognition of business results from the Vinhomes Royal Island project.
Following its partnership with Kingfoodmart, HAGL is digitizing its agriculture.
Hoang Anh Gia Lai Joint Stock Company (HAGL) has just issued a resolution approving the operational strategy for the entire Group for the period 2024 – 2030.
Immediately after concluding the strategic cooperation signing ceremony with Kingfoodmart on November 2nd, HAG promptly issued its Group-wide strategy from now until 2030. Accordingly, the Board of Directors unanimously agreed that Mr. Doan Nguyen Duc will direct the General Directorate and relevant departments to implement the contents.
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| HAG will implement a digitalization program for agriculture across the entire Group. |
Firstly, we focus intensely on creating and delivering value to large corporate clients and international traders; keeping pace with the information explosion and globalization trends.
Secondly, the goal is to optimize operations and costs, minimizing risks during the operational process.
Furthermore, HAGL will implement a digitalization program for agriculture across the entire Group. The official implementation of a work management system to manage departments and projects within the office and subsidiaries will begin on November 2nd.
From here, Mr. Duc's company will build and implement a plan for the digitalization of agriculture; prioritizing technical processes, human resources, and materials for each type of crop; all of which will be implemented and applied according to a roadmap.
The resolution also approved cumulative revenue for the first nine months of the year reaching nearly 4.2 trillion VND. After-tax profit reached 851 billion VND, achieving 54% and 65% of the planned targets respectively. In the third quarter, HAGL experienced significant revenue losses in both the pork and fruit segments compared to the same period last year, but profits remained stable. Net profit after nine months increased by 809 billion VND, reducing the cumulative loss to 626 billion VND.
Despite his long experience in agriculture, Chairman Duc recently admitted that HAGL has yet to have a product that has gained significant recognition. At the signing ceremony for a cooperation agreement with Kingfoodmart two days ago, he revealed that he might introduce around 20 products into this supermarket chain.
Kingfoodmart is currently owned by Seedcom, a company that holds many major brands in sectors such as F&B (including The Coffee House chain), food and fashion distribution (Juno, HNOSS), logistics (Ahamove, Gido, etc., through Scommerce), and retail solutions (Haravan).
Truong Thanh Wood expands its market to Dubai.
Truong Thanh Wood announced that Casadora Furniture Joint Stock Company (a subsidiary of TTF, which owns 60%) has just received an investment certificate to operate in Dubai. This marks the beginning of TTF's strategic development direction into the Middle Eastern market with several high-end real estate projects.
Accordingly, the Ministry of Planning and Investment issued the initial overseas investment registration certificate to Casadora Furniture on June 5, 2024, under the name of the overseas economic organization Belmonte Design Services LLC, with an investment capital of USD 500,000 (over VND 12 billion) from equity.
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| In the third quarter of 2024, TTF recorded net revenue of over 236 billion VND, a decrease of 39% compared to the same period last year. |
The investment model involves purchasing shares in overseas economic organizations to participate in their management, with the aim of conducting business in interior design services for major global brands, and expanding the presence of interior design products in Vietnam under the names of major global brands in the Middle East region.
In the third quarter of 2024, TTF recorded net revenue of over 236 billion VND, a decrease of 39% compared to the same period last year; and a net loss of over 21 billion VND, compared to a loss of over 6 billion VND in the same period last year. After the first nine months of the year, the company's net loss was nearly 27 billion VND, compared to a loss of 43 billion VND in the same period last year.
Truong Thanh Wood stated that the markets of its major customers are facing many difficulties, resulting in a decrease in export revenue. In addition, increased logistics costs and global transportation disruptions caused by wars in some regions have forced customers to postpone delivery dates to the fourth quarter of 2024. Furthermore, revenue from domestic projects has decreased due to delays in project implementation by real estate developers and the impact of natural disasters in the northern provinces, leading to a reduction in the company's profits.
To overcome these challenges, TTF is focusing on expanding and seeking new customers in the European and American markets, especially in Asia, Dubai, Australia, and East Asia, in order to increase production in the fourth quarter. At the same time, it is restructuring inefficient subsidiaries to allocate resources to developing new business projects.
During the period 2016-2023, TTF's situation was quite bleak, with continuous losses; in particular, 2016 saw the heaviest loss of over 1,271 billion VND, followed by a slight profit of nearly 11 billion VND in 2017, a total loss of over 1,612 billion VND in 2018-2019, and a loss of nearly 134 billion VND in 2023. As of September 30, 2024, TTF's accumulated losses amounted to nearly 3,268 billion VND, while its charter capital was nearly 4,112 billion VND.
The company also submitted a report explaining the corrective measures taken to address the securities warning status. Accordingly, TTF continues to maintain traditional customers and develop potential customers; strengthen management, etc. Regarding exports, it continues to promote cooperation with major customers such as Natuzzi, Williams Sonoma, TJX, etc., in various product categories to increase revenue, diversify markets both domestically and internationally to avoid risks and maximize profits.
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