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Housing development group makes debut in Hanoi
The Vietnam Housing and Urban Development Holdings Group (HUD Holdings) made its debut in Hanoi on March 24.
With its financial potential and experience in management, HUD Holdings is expected to play the key role in meeting the demand for housing and urban development in the future.
The establishment of HUD Holdings is part of the implementation of the party and state policy to reform, develop and improve the effectiveness of state-run businesses.
Addressing the ceremony, Minister of Construction Nguyen Hong Quan said it is necessary for the group to set up a development model that takes advantage of the power of its member companies. “It will help HUD Holdings be more confident in carrying out major projects, both domestically and abroad,” he said.
The Group is made up by one key member, the Housing and Urban Development Holdings (HUD), and four other businesses under the Ministry of Construction, namely the Hanoi Construction Corporation (Hancorp), Vietnam Building Glass and Ceramics Corp. (Viglacera), Bach Dang Construction Corp. and Vietnam Water Supply Sewerage and Environment Construction Investment Corp. (Viwaseen).
The HUD Holdings Group is a large-scale and modernised economic group with a majority of state ownership.
The group will focus on developing the housing and urban areas to meet people’s demand for accommodation. It plans to build 8-10 million sq.m of residential housing with reasonable prices in the 2010-2015 period and develop the models of new residential projects for other localities nationwide to help control the real estate market in Vietnam.
HUD Holdings President Nguyen Hiep said the group will make a greater effort to provide housing for employees with low and medium incomes.
After the ceremony, the Group’s General Director Nguyen Dang Nam granted VND5 billion to the “fund for the poor”.
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