HVC Group successfully conducted the 2024 Annual General Meeting of Shareholders

On the morning of April 23, at the Wyndham Garden Hanoi Hotel, HVC Investment and Technology Joint Stock Company (HVC Group, stock code HVH) successfully conducted the 2024 Annual General Meeting of Shareholders (AGM).

2023 – Maintain the Faith

Present at the 2024 Annual General Meeting of Shareholders for HVC Group 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 welcomed members of the Board of Directors, the Executive Board, the Supervisory Board of HVC Group, representatives from the press, and notably, the shareholders, who constitute a vital component of the meeting.

Reporting at the Congress, Mr. Le Van Cuong stated that 2023 is anticipated to be the most challenging year in over a decade. Due to the economic recession, nearly all sectors of the economy are impacted, with the real estate industry particularly paralyzed. The difficulty in cash flow circulation has resulted in numerous adverse consequences.

Given the specific nature of the real estate sector, HVC Group faced significant challenges last year. Management costs rose beyond expectations, and debt collection became increasingly difficult, leading the company to hesitate in boosting sales despite remaining opportunities. HVC Group's revenue in 2023 reached only 60% of the target; however, through meticulous and detailed calculations for each project, the company still achieved profitability, ensuring job security and stable livelihoods for its employees. This outcome can be regarded as the most notable achievement of HVC Group in 2023, especially when compared to many competitors within the same industry.

In 2023, HVC distributed a 10% stock dividend to its existing shareholders, achieving 100% of its target. Consequently, the company's charter capital rose to over 406 billion VND.

In its areas of operation, HVC Group continues to assert its market position, attaining numerous significant accomplishments through the signing, completion, and handover of various packages in substantial projects.

In the realm of M&E General Contracting, HVC has successfully completed and delivered the Vinhomes Dream City project (Ocean Park 2), Apec Mandala Sky Villa Hoa Binh, along with various other packages encompassing M&E infrastructure, M&E hotels, and luxury villas.

HVC Group has consistently secured numerous high-value contracts at Vinhomes Dai An (Ocean Park 3), Vinhomes Dream City, Vinhomes Bac Luan Mong Cai, and The Global City. Notably, the general contract package for M&E infrastructure at The Global City project represents one of the largest contracts ever signed by HVC Group. The company's dedication and ambition to achieve new heights were swiftly acknowledged as it maintained its position in the Top 10 Vietnamese Electromechanical Contractors, a prestigious accolade presented by Vietnam Report in collaboration with VietNamNet newspaper.

In the realm of high-end technology and entertainment equipment contracting, HVC continues to assert its leadership in the Vietnamese market. Last year, HVC reinforced its standing by securing a general contractor package for the design, construction, installation, and technology transfer of a stunning water music show at Mega Grand World Hanoi (Ocean City).

The year 2023 is regarded as a successful period for HVC in the domain of swimming pool design and construction, marked by the completion of a series of infinity pools, villa pools, outdoor pools, and four-season saltwater pools at projects including Apec Mandala Wyndham Mui Ne, Vinhomes Dai An, Vuon Vua Resort & Villa, Eurowindow Twins Parks, and Vinhomes Star City. Concurrently, numerous new swimming pool projects were initiated at L'Aurora Phu Yen, InterContinental Residences Ha Long Bay, and Vinhomes Bac Luan Mong Cai.

Following extensive production, investment, research, and rigorous testing, HVC Group's electrical cabinet products have successfully obtained the KEMA Type Test Certificate from KEMA (Netherlands). This significant milestone has prompted HVC to further invest in modern machinery and equipment, expand the production workshop at the HVC Hung Yen Factory, and confidently design and manufacture high-quality products that adhere to international standards, all while ensuring rapid delivery and competitive pricing.

2024 – A Vision for the Future

During the 2024 Annual General Meeting of Shareholders, shareholders unanimously endorsed the reports and proposals presented by the Board of Directors, the Board of Management, and the Board of Supervisors regarding the 2023 Financial Report, the proposal for the approval of the 2023 profit distribution plan, the proposal for the ratification of the audited 2023 Financial Report, and other significant proposals.

Concerning the business and production plan for 2024, Mr. Le Van Cuong stated that in the final phase of 2023, HVC entered into numerous construction and installation contracts with investors. By the conclusion of 2023, only a minor portion of the completed volume and revenue was documented for that year. The total value of contracts signed in 2023, which will be carried over to 2024, amounts to 360 billion VND.

In early 2024, the Company's Board of Directors determined that the real estate market was exhibiting signs of recovery. With a robust financial position, HVC swiftly entered the market. From the beginning of 2024 to the present, the Company has executed contracts with investors totaling nearly 60 billion VND. Currently, HVC is actively negotiating to finalize additional contracts. Based on the executed contracts and forthcoming plans, HVC aims to achieve a growth rate of at least 50% in 2024 compared to 2023.

At the Congress, Chairman of the Board of Directors Tran Huu Dong addressed numerous inquiries from shareholders concerning the production and business landscape, particularly regarding the investment strategy for real estate projects in Hoa Binh.

In relation to this real estate initiative, Mr. Tran Huu Dong remarked: “Following a thorough analysis and assessment of the project's feasibility, HVC is poised to invest in the 'Garden Villa Area, Afforestation Combined with Eco-Tourism' project in Mong Hoa commune, Hoa Binh city (Hoa Binh province), encompassing an area of 28.74 hectares with a total investment nearing 800 billion VND. The project's objective is to enhance land use efficiency, generate employment opportunities, establish a housing fund for Hoa Binh city, and contribute to the promotion of socio-economic development while increasing state budget revenues. Currently, HVC is in the process of submitting documentation for investor approval. Engaging in this real estate venture may present challenges, yet it also represents a significant opportunity for HVC Group to achieve new heights.”

The 2024 Annual General Meeting of Shareholders of HVC Group has successfully concluded through the reporting, sharing, and exchange of significant content. Embarking on a new journey toward the future, grounded in solidarity and unity, and with meticulous consideration in every action, the Board of Directors and employees of HVC Group are resolutely committed to sustaining a stable and sustainable growth rate, fostering numerous "breakthroughs" that merit the trust and confidence of customers and partners.