At their Annual General Meeting of Shareholders in Hà Nội on March 20, Sudico announced their goal of achieving a total business production value of VNĐ921 billion.— Photo Sudico

HÀ NỘI — The Sông Đà Urban & Industrial Zone Investment and Development (SJS or Sudico) has set ambitious targets for 2024.

At their Annual General Meeting of Shareholders in Hà Nội on March 20, Sudico announced their goal of achieving a total business production value of VNĐ921 billion. They also aim to generate a total profit of VNĐ350 billion, marking a 37 per cent growth compared to 2023.

In addition to these targets, Sudico, one of Việt Nam biggest property developers until 10 years ago, revealed plans for a name change and address relocation to improve operational efficiency. They plan to establish a new brand and make a strong presence in both the Vietnamese and international real estate markets.

The new name and headquarters address will be determined by the company's Board of Directors at a suitable time. As an initial step, Sudico will move its office to 105 Chu Văn An street, Hà Đông district, and undertake a comprehensive restructuring of their organisational framework.

During the Annual General Meeting, Sudico's specific objectives for 2024 were approved. With regards to investments, the company plans to allocate approximately VNĐ1.4 trillion to various projects. Notably, they will prioritise the development of three key projects: Nam An Khánh project worth VNĐ424.9 billion, Văn La project worth VNĐ296.6 billion in Hà Nội, as well as the Thịnh Lang project in Hoà Bình province worth VNĐ371.5 billion.

Sudico's Chairman of the Board of Directors, Đỗ Văn Bình, emphasised their focus on financial operations. This includes strengthening sales in projects such as the Residential Area on Bắc Trần Hưng Đạo Street in Hoà Bình province and completing the necessary legal procedures for the Văn La and Nam An Khánh projects.

Sudico aims to embark on significant improvements in management, training and personnel development throughout 2024. They have formulated a comprehensive digital transformation plan that encompasses initiatives like leveraging information technology for record management, streamlining operations, implementing software solutions, and establishing an internal data network, Bình said.

One of their key human resources objectives is to establish a performance-based salary and incentive system to ensure the well-being of their employees, he said.

During the meeting, Sudico's leaders also addressed the decision to forgo dividend distribution in 2023, citing the need to allocate capital towards production and business activities.

Looking ahead, Sudico plans to resume their proposed increase in charter capital to enhance their long-term investment and development strategies. The capital increase plan, previously approved at the 2022 Annual General Meeting, was postponed due to unfavourable market conditions.

Under the plan, Sudico intends to issue 126.3 million shares, resulting in a 110 per cent increase in charter capital. The additional capital will be sourced from undistributed after-tax profits, surplus share capital, and other available funds. Following the issuance, Sudico expects its charter capital to rise from VNĐ1.15 trillion to VNĐ2.41 trillion. — VNS