(Do Thi Moi) HVC Group officially inaugurated its inaugural real estate project Euro Villas

(Do Thi Moi) On the morning of August 16, HVC Group successfully convened the 1st Extraordinary General Meeting of Shareholders for 2024. During this meeting, in addition to discussing the issuance of individual shares to augment charter capital, HVC officially launched and presented the Garden Villas real estate project, which integrates afforestation with eco-tourism in Hoa Binh.

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Two significant topics were raised at the Congress

On the morning of August 16, at the Wyndham Garden Hotel Hanoi, HVC Investment and Technology Joint Stock Company (HVC Group, stock code: HVH) successfully conducted the inaugural Extraordinary General Meeting of Shareholders (EGM) for 2024.

Present at this exceptional General Meeting of Shareholders were Mr. Tran Huu Dong, Chairman of the Board of Directors; Mr. Do Huy Cuong, Vice Chairman of the Board of Directors; and Mr. Le Van Cuong, Member of the Board of Directors and General Director. The meeting also included members of the Board of Directors, the Executive Board, the Supervisory Board of HVC Group, and notably, the company's shareholders.

In his opening address, Mr. Tran Huu Dong, Chairman of the Board of Directors and presiding officer of the meeting, stated: “Following a period of business operations, the Company's Board of Directors has diligently and thoroughly prepared to venture into the real estate investment sector. The timing is now favorable for HVC to pursue investments in real estate. A critical element in executing a project is the enhancement of financial capacity. Consequently, the primary agenda of this extraordinary General Meeting of Shareholders is for the Board of Directors to present a plan for the issuance of additional shares to augment capital, as well as to provide a detailed introduction to the project, enabling shareholders to fully comprehend, evaluate, and make informed decisions.”

On behalf of the Presidium, Mr. Le Van Cuong presented the proposal for the issuance of individual shares to augment charter capital. The objective of this initiative is to enhance the working capital for the company's production and business operations, as well as to increase the capital contribution to elevate the charter capital of the subsidiary, HVC Ho Guom Hoa Binh Company Limited, for the implementation of the Garden Villas project, which integrates afforestation with eco-tourism in Mong Hoa commune (Hoa Binh city, Hoa Binh province).

The anticipated funds to be generated from the share offering to professional investors amount to 300 billion VND. Of this total, the company intends to allocate 250 billion VND for the execution of its inaugural real estate project.

On behalf of the company's Presidium, Mr. Do Huy Cuong, Vice Chairman of the Board of Directors, presented a proposal granting the Board of Directors the authority to decide and execute matters pertaining to capital mobilization, oversee the implementation of the Garden Villa project, promote afforestation, and integrate eco-tourism initiatives.

"Presenting" real estate project in Hoa Binh

HVC Group's inaugural real estate project encompasses a total area of 28.17 hectares, accommodating approximately 1,396 residents in Mong Hoa commune (Hoa Binh city, Hoa Binh province). The development features two subdivisions: Northern Europe and Southern Europe, comprising 263 villas designed in a European architectural style.

The total projected investment for the project amounts to 791.8 billion VND, encompassing construction expenses, site clearance costs, and resettlement assistance. The implementation timeline spans from 2023 to 2026, specifically: in the first quarter of 2023 through the fourth quarter of 2023, investment preparation procedures will be conducted; from the first quarter of 2024 to the second quarter of 2026, site clearance will occur, along with the investment in the construction of project structural elements and rough construction, culminating in the completion of the building's exterior; by the third quarter of 2026, the investment in the project's construction will be finalized, and it will be operational.

The project has an extended land use period for residential purposes, while the land use period for commercial and service purposes is set at 50 years from the date the investor receives the land allocation decision, land lease decision, or land use purpose change decision from the relevant authority.

To date, 89.95% of landowners and land users involved in the project have consented to receive compensation for site clearance. The screening for bombs, mines, and explosives at the project site, aimed at ensuring safety and addressing the aftermath of the war, has also been finalized. Currently, the project is nearing the completion of legal procedures and is preparing to commence construction of the model villa.

The project was previously approved by the People's Committee of Hoa Binh Province to amend the detailed construction planning at a scale of 1/500, as per Decision No. 3039/QD-UBND dated December 20, 2021.

On March 14, 2023, the People's Committee of Hoa Binh Province signed Decision No. 14/QD-UBND, which approved the project investment policy. Subsequently, on May 15, 2024, the People's Committee of the province issued a decision endorsing HVC Investment Company Limited as the project investor for Hoa Binh Sword Lake.

Furthermore, the project has received approval from the Department of Transport of Hoa Binh Province for the road route and traffic connection points; has secured agreement for electricity supply from Hoa Binh Electricity Company; and has obtained consent for water supply for the entire project from Hoa Binh Clean Water Joint Stock Company.

During the 1st Extraordinary General Meeting of Shareholders in 2024, HVC Group officially unveiled the Garden Villas, Forest Plantation, and Eco-tourism project in Mong Hoa Commune, Hoa Binh City, Hoa Binh Province, commercially known as Euro Villas, to shareholders and the press.

Euro Villas is the sole project in Hoa Binh that boasts the unique advantage of a “lake in the heart of the city,” situated along the shores of Du Lake and regarded as a precious gem of this “epic land.” The project encompasses three key proximity points: first, its closeness to the market; second, its adjacency to the river; and third, its accessibility to the road, as it lies adjacent to National Highway 6, approximately 20 km from the center of Hoa Binh City, around 10 km from the Da River, and about 60 km from the National Convention Center. This prime location enables residents and visitors to conveniently access neighboring areas and renowned tourist attractions such as Hoa Binh Lake, Kim Boi mineral spring, Phoenix golf course, and Hilltop Valley golf course.

Leveraging the benefits of nature, numerous villas within the project feature private swimming pools, offering a breathtaking view that "leans on the mountain and faces the water," inviting prosperity.

The project is not only a high-end resort but also emphasizes the establishment of a network of utilities and modern, synchronized health and mental care services. It includes a range of valuable amenities, such as a nine-story hotel apartment complex with a floor area of nearly 1,700 m², dining areas, a clubhouse, a mineral bath spa, and a children's play area.

Capitalizing on the benefits and incentives provided by nature, the investor seeks to develop Euro Villas as a Blue Zone area—honoring the natural ecosystem characterized by diverse and abundant vegetation, while safeguarding the pristine environment and stunning landscapes. This initiative promises to offer residents and visitors a living space that is relaxing, peaceful, healthy, and sophisticated, embodying the essence of a suburban resort.

At the Congress, shareholders unanimously approved the report and proposal of the Board of Directors regarding the private issuance of shares to augment charter capital, as well as the authorization for the Board of Directors to execute the real estate project, with 100% of the votes in favor.

At the conclusion of the Congress, Mr. Tran Huu Dong, representing the Presidium, expressed his commitment to executing the project on schedule while simultaneously advancing HVC Group, thereby delivering benefits to shareholders, the Board of Directors, and the company's employees.

In the initial six months of 2024, HVC Group has realized positive and encouraging business outcomes. Net revenue reached 57% of the 2024 target, reflecting a 52% increase compared to the first half of 2023. Profit after tax accounted for 63% of the 2024 objective, representing a 2.24-fold increase over the same period in 2023.