The Viet Nam Construction and Import-Export Corporation (Vinaconex) yesterday announced a 6.5 trillion VND (406mio US$) revenue target for the year, up 16.4% compared to 2006.
The corporation based its growth estimates on ongoing and new property development projects and capacity expansion efforts in its construction materials businesses, according to CEO Nguyen Van Tuan.
Pre-tax profit is expected to rise 49.7% to 350 billion VND (22mio US$) in 2007, while
Vinaconex’s contribution to State coffers is forecasted at 210 billion VND (13mio US$).
To achieve growth targets, Vinaconex plans to speed up marketing efforts for cement produced at its Cam Pha and Yen Binh plants some time in the fourth quarter. Vinaconex will also resume the Ngoi Phat Irrigation Project in the second quarter, and plans to establish its own finance company to help mobilise investment capital.
Last year, the companies annual earnings jumped by nearly 17% on the back of record high exports. Total trade turnover was 78mio US$, of which 42.2mio US$ was from exports.
In 2006, Vinaconex completed it equitisation and construction on the National Conference Centre, both of which contributed to earnings growth. It also begun major transportation infrastructure projects like the Bai Chay Bridge.
The company is seeking co-investors in a 600mio US$, Cai Gia-Cat Ba urban-tourism complex, located in the northern port city of Hai Phong.
On its 172 hectares, the complex is set to be home to villas, hotels, and an entertainment districts built around the city’s hills and waterways. The developer also plans to build infrastructure to accommodate international conferences, marinas and shopping centres.
Executives want the complex to be the biggest modern ecological tourism centre in Viet Nam.
Vinaconex is currently discussing potential co-operation agreements with domestic and foreign investors, said Tran Ngoc Quang, director of the Cai Gia-Cat Ba project management board.
The company has already begun the first phase of the complex, the construction of a 10-hectare, 300mio US$ resort. The resort is scheduled to be complete in 2012.
Source: VNS
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