Trang told a shareholders meeting in HCMC on Tuesday that Savimex was trying to keep its export market this year to reach US$13 million in turnover and would expand the local market as well as develop the real estate sector.

Wood products for export contributed an estimated US$19.43 million to the company's total revenue of VND515 billion (about US$30 million) last year.

The company is focusing on supplying wooden products for new real estate projects including apartments, hotels, resorts and office buildings.

Trang said that Savimex signed an VND18 billion contract to supply its products to the city's Everest Apartment project. "This is a good signal for our business strategy" she said.

Savimex this year will build apartment buildings and villas, Trang said. "The real estate sector last year increased company revenue," she said.

Savimex has cooperated with Satra Group to develop a commercial and apartment building in the city and are developing a 20-story building in the city for sale.

Savimex holds a 70% stake in the project. Savimex plans to develop a project in Dalat next year with 160 luxury villas from 250 to 300 square meters each and a new urban area covering nearly 5.3 hectares in Saigon South.

The company has also cooperated with EVN Land Saigon Company, a subsidiary of EVN, to develop the Ngoc Lan apartment building in the city.

Late last year, Saigon Asset Management (SAM) signed a deal with Savimex to acquire a stake of over 10% in Savimex. The two partners will develop a new urban project named Phu My in HCMC's District7.

Source: Saigon Times