The real estate market has been in a holding pattern for months—but right in the midst of this cautious phase, TCH (Hoang Huy Group) drops a bold move: issuing over 200 million new shares to raise 2 trillion VND, all-in on two strategic projects in Hai Phong.

Is this a high-stakes gamble, or a well-timed power play? To put it bluntly:
Is Hoang Huy betting on the future, or are they seeing the tide turning already?

This Share Offering? It’s Not Random—It’s Scripted

The new shares will be offered to existing shareholders at a 10:3 ratio, priced at 10,000 VND per share. Sounds like a nice “bonus” for old investors, but here’s what the insiders know:

• This is a deliberate capital restructuring move, and more importantly, a test of shareholder confidence.
• No large-scale public issuance—only existing shareholders get the chance. In other words:

Believe in us? Get on board. Don’t? Step aside.

This isn’t dilution—it’s opportunity. Faith gets rewarded.

Green River Township: The Next Hot Zone

The biggest chunk of capital—1.2 trillion VND—is heading straight to Green River, a newly planned township in Thuy Nguyen, Hai Phong. Spanning 32.5 hectares, the project includes villas, townhouses, high-rise apartments, and social housing.

• The first phase is scheduled for handover in Q4 of fiscal year 2025, meaning:
• In less than two years, the project could hit the market and start generating returns.
  And not just anywhere—it’s in Thuy Nguyen, dubbed the “new engine” of Hai Phong’s development.

Commerce H2 Tower: Cash Flow Booster

The second project is the H2 tower, part of Hoang Huy Commerce in Le Chan District.
With 805 billion VND allocated, funds will go into the basement, 35 floors of main construction, interior finishing, and landscaping.

The project is now in a critical construction phase, which means:

• Units are close to market readiness.
• Every dong spent has a clear and fast turnaround timeline.

Supply is tight. Whoever completes first, cashes in first.

Not Just Two Projects—There’s a Hidden Ace: “New City II”

According to Vietcap Securities, if Green River, Commerce H2, and the third project—New City II (approx. 49.6 hectares)—launch on schedule,
TCH could generate between 25,000–27,000 billion VND in total revenue.

In plain terms, these three projects could be the growth engines for TCH’s next few financial cycles.
And if the rollout is well-paced, they’ll dominate market share fast.

Lower Profits—But Is That Actually a Bad Sign?

In fiscal year 2024 (April 1, 2024 – March 31, 2025), TCH posted revenue of 4.67 trillion VND, up nearly 23%.
But net profit fell 10%, down to 1.1 trillion VND.

You might ask: If revenue rose, why did profits fall?

Simple—they’re in the peak construction phase, pouring money into materials, labor, and progress. This isn’t “loss”—this is “pre-harvest spending.”

Once the properties are handed over and revenue recognized, profits will come.

Final Take: This Isn’t a Gamble—It’s a First-Mover Strategy

While many real estate firms are holding back or delaying builds, TCH is going all in—raising capital, building faster, and speeding up delivery.

That tells us one thing:

They’re not just optimistic about the market—they’re confident in their product.

How about you?
If you’re one of those who believe Hai Phong is the next real estate hotspot in Northern Vietnam, this just might be the perfect window of opportunity.