It indicates current land bank of nearly 2,700ha and a target of achieving revenues of VND18 trillion in 2019. It also targets after-tax profit of VND3.3 trillion, meaning they will be respectively up 17.7 per cent and 0.7 per from 2018.

In 2018 the company earned revenues of nearly VND15.3 trillion, a 31 per cent increase from the previous year.

Profit after tax surged 58 per cent to VND3.3 trillion.

Last year NVL handed over 4,589 condos to buyers, a 28 per cent rise from 2017, in giant projects such as The Sun Avenue, Sunrise Riverside, Richstar, and Wilton Tower.

In 2018 it issued US$240 million worth of convertible bonds in Singapore and $150 million worth of top-up shares.

Credit Suisse Limited said NVL was a among successful capital raising in the region.

With its success in raising capital and acquiring lands in prime locations, Novaland is set for strong growth in future, Credit Suisse said.

Novaland said at the annual shareholders meeting it would also get approval from shareholders to add new segments like tourism services and entertainment to the companys business list.

Targeting hospitality sector

The Vietnamese tourism sector is forecast to grow at 30-40 per cent annually to become the worlds fastest growing market.

This year 18 million foreign visitors are expected to come to the country.

Seeing the potential, Novalands management decided to adopt a new business strategy under which, besides developing housing projects and urban areas, it will focus strongly on the hospitality sector.

The company said it would use 75 per cent of its current land holding of 2,700ha to develop hospitality projects.

It plans to develop three main hospitality trademarks: NovaHills, NovaBeach and NovaWorld.

This year it will launch 2,000 products including shophouses, second-homes and villas which are the latest investment trends in the market.

In recent times the NovaWorld brand name has become famous. Its projects range in size from 100ha and include theme parks, golf courses, amusement areas and safaris.

Each NovaWorld project will have its own theme and create a specific symbol for the local tourism sector.

NovaWorld plans to develop three projects: NovaWorld Phan Thiet in Binh Thuan, NovaWorld Ho Tram in Ba Ria-Vung Tau and NovaWorld Mekong in the Mekong Delta.

NovaWorld Phan Thiet is the first NovaWorld Brand of the lot at 1,000ha in size and with 1,000 amenities. It will include two of 18-hole golf courses including a PGA Standard Tournament Ocean course, 220ha sports training centre, a 16ha ocean park, shopping mall, conference centre, and hotels.

In the housing segment, the group will continue to focus on HCM city and its surrounding areas.

This year it will start selling some 4,500 housing units comprising condos, houses and villas and hand over 5,900 others.