On November 12, Hoa Sen Group (HSG) announced the establishment of Hoa Sen Home Corporation with a charter capital of 1,000 billion VND, where HSG owns 99% of the shares. The company will specialize in retailing construction materials with 126 stores currently and plans to reach 140 by 2025. The revenue target for 2024 is 13.3 trillion VND, 15 trillion in 2025, and 33 trillion by 2030. Chairman Le Phuoc Vu stated that Hoa Sen Home represents his last effort before withdrawing from Hoa Sen, emphasizing the large market potential. An investment of 3.6 trillion VND is needed to expand the system, with 1.4 trillion for warehouses, 400 billion for technology, and 600 billion for marketing. He believes the system’s revenue could reach multiple billion USD in the future.
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