Vietnam’s ceramic tile giant plans to invest and build factories in the Caribbean
Viglacera Corporation, Vietnam’s largest real estate and building materials group, disclosed today that it plans to hold an extraordinary general meeting on September 7, 2022, to disclose matters related to investing in a building materials factory in Dominica.
The Dominican Republic is located in the east of the island of Hispaniola in the Caribbean Sea, with a population of over 10 million and a territory of 48,442 square kilometers. In the first half of 2022, Dominica ranked third in the number of hotel room starts in Latin America, with 24 hotel projects started.
In the first half of this year, Viglacera’s net income was 42,680 trillion VND (about 1.2 billion yuan), and the pre-tax consolidated profit reached 1,740 billion VND (about 522 million yuan), a year-on-year increase of 121%. In the first seven months, 111% of the annual plan was completed, a year-on-year increase of 2.1 times, and the comprehensive pre-tax profit reached 1,887 billion VND (about 566 million yuan).
According to the consolidated financial statements for the second quarter of 2022, Viglacera currently has shares in two member companies in Cuba, which started production in 2018, namely ViMariel Company (99.9% stake), which is engaged in the infrastructure of industrial parks, and SanVig, which is engaged in building sanitary ceramics. Company (holding 21.43%).
Among them, the latter has two factories, which produce ceramic tile and sanitary ware respectively.
According to a report by the Vietnam Foreign Investment Agency (FIA), in the first five months of this year, Vietnamese enterprises invested nearly US$340 million in new and supplementary capital overseas, down 38 percent year-on-year. Despite the decline in total investment, they invested more than $293 million in new projects, double the amount in the same period last year.
From January to May, Vietnamese enterprises invested abroad in 12 fields. The manufacturing and processing industries attracted the most funds, with 8 newly approved projects with a total amount of about 204.4 million US dollars, accounting for 60% of the country’s total foreign investment.
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