Vietnam developer Sonadezi will get $14 mln land rent advance from Taiwanese company

Vietnamese developer Sonadezi has obtained a VND359.4 billion ($14.2 million) short-term advance on leasing land and industrial park facilities from Taiwan invested Electronic Tripod Vietnam Company Limited.

Sonadezi, listed on the Ho Chi Minh Stock Exchange as SZC, has recorded the transaction in its financial statements.

Tripod Vietnam, a subsidiary of Taiwanese electronics manufacturer Tripod Technology, has leased 18 hectares of land at the Sonadezi Chau Duc Industrial Park in the southern province of Ba Ria-Vung Tau.

The southern coastal province has been ranked fourth in terms of attracting FDI in the first nine months of the year at $1.7 billion, up 384% year-on-year.

A major investment was Tripod Technology’s land lease to develop a $250 million plant with an annual capacity of 1,800 tons. Once operational, the factory, expected to be the largest hi-tech foreign-invested project in the IP, will employ 1,700 workers.

SZC made a post-tax profit of VND226.9 billion ($8.9 million) on net revenue of VND641 billion in the first nine months of this year, up 39.4% and 14.6% year-on-year, respectively, according to the firm’s financial statements.

Vietnam registered FDI worth $24.78 billion in the first nine months of this year, up 11.6% year-on-year, according to the Ministry of Planning and Investment.