Real estate developers in small provinces do big business

Though provincial real estate developers are less known than bigger firms in Hanoi, HCMC and Da Nang, they are rivals with powerful financial capability.

Nam Tien Lao Cai has signed a cooperation contract with InVision Hospitality on the management of Scenia Bay apartment project in Nha Trang. 

Nam Tien Lao Cai remains an unfamiliar name to the real estate market and not many people know why the company based in the mountainous province in the north chose to develop a project in the southern part of the central region.
However, in Lao Cai, the name is better known. It is a big investor in hydropower, chemicals, construction and real estate development. Nam Tien Lao Cai has charter capital of VND500 billion and revenue of VND1.2 trillion.

Thanh Hoa Construction Corporation in the central province of Thanh Hoa once surprised investors with the takeover of Sky Park Residence in Hanoi in a deal worth VND143 billion. This is a large project with two buildings, including a 25-storey office building and 35-storey apartment block.

In Thanh Hoa province, where the company sets its head office, it has developed many large-scale projects including Hoang Long IZ and urban area and Ho Toan Thanh residential quarter. The company has been assigned by provincial authorities to build 30 schools, 18 hospitals and medical centers and other important works in the province.

The takeover the ‘golden land plot’ owned by Sao Vang Rubber Company (SRC) at No 231 Nguyen Trai street in Hanoi once stirred up the public. Hoanh Son Group reportedly spent VND435 billion to help SRC relocate its factory to Chau Son IZ in Ha Nam province.

Hoanh Son is unfamiliar to Hanoians, but it is well known in the central region because its name is associated with the building of the Vung Ang Economic Zone. 

A big real estate developer in Nha Trang City, Phuc Son Group is actually based in the northern province of Vinh Phuc. Though Phuc Son is still little known, its charter capital is huge, VND1.5 trillion.

The common characteristic of many provincial real estate groups is that they don’t invest in their home regions, but tend to look for new promising land and are not afraid to compete with local real estate big developers.

Cao Thi Thu Hien, CEO of Nam Tien Lao Cai, said competing with big players is unavoidable and she has to be ready for the competition. The company based in the mountainous northwestern province is still seeking opportunities to develop resort projects in coastal cities of Nahtrang and Danang. 

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