Malaysian property giant plans investment expansion in Vietnam

At a meeting with Vietnamese Prime Minister Pham Minh Chinh in Malaysia on Sunday, Dato' Chow Chee Wah, chairman of Gamuda Land Group, stated that plans to inject several more billion dollars into the Vietnamese market in the near future.

The firm is the largest Malaysian investor in Vietnam, with a total investment of over US$5 billion, mainly in infrastructure, construction and real estate sectors.

Dato' Chow Chee Wah expects the Vietnamese government to support the company's investment and business expansion in the country.

Previously, Gamuda had voiced its interest in partnering with Ho Chi Minh City during the planning and architectural development of the Binh Quoi - Thanh Da Peninsula, researching potential projects in Thu Thiem and studying a metro line connecting Ho Chi Minh City and Long Thanh International Airport in neighboring Dong Nai Province, along with other metro lines in the city.

Gamuda Land entered the Vietnamese market in 2007. It is a subsidiary of the Malaysian conglomerate Gamuda Berhad.

According to data from the national business registration system, Gamuda Land Vietnam is a wholly foreign-owned enterprise with a charter capital of VND6.24 trillion ($240.9 million).

In Vietnam, Gamuda Land has implemented numerous large-scale projects in Hanoi, Ho Chi Minh City, and Binh Duong Province, and is preparing to launch a project in Dong Nai.

A subsidiary of Gamuda Land has completed the acquisition of a prime land plot in Le Chan District, Hai Phong City, northern Vietnam for $38.9 million.

Gamuda Land will develop a real estate project on this land, with a total estimated value of around $222 million. The company will put the project up for sale in the 2026 fiscal year and complete it by 2028.

In addition to projects like Celadon City, Eaton Park, and The Meadow, Gamuda Land plans to launch the SpringVille project in Dong Nai in June. This project is located near Long Thanh International Airport, with several components already under construction.

Furthermore, the company noted that the Artisan Park project in Binh Duong is over 90 percent complete, while the Elysian project in Thu Duc City is under development and is expected to be handed over in 2027. The final block of this project is set to be launched at the end of 2025.

Although Gamuda Land did not specify net revenue from Vietnam, it stated that the group's real estate revenue has increased, driven in part by a 338-percent surge in sales from projects in Vietnam.

However, the group also reported a 12-percent decline in net profit for the first half of the fiscal year.

Thanh Ha - Ngoc Hien / Tuoi Tre News

(2025/05/27-17:21)