HIM LAM CORPORATION

HIM LAM CORPORATION (CÔNG TY CỔ PHẦN HIM LAM) is one of Vietnam’s largest privately owned real estate and investment groups, operating under Business ID 0301437499, with its head office located at No. 234, Ngo Tat To Street, Ward 22, Binh Thanh District, Ho Chi Minh City. The company was established on April 12, 2008, and is legally registered as a joint stock company under the Ho Chi Minh City Department of Planning and Investment.

Business Scale and Leadership

The company is managed by Mr. Duong C. H., who serves as General Director, supported by Mr. Ngo M. T., Deputy General Director. With over 4,500 employees, Him Lam operates across many sectors, although its primary business remains investment, development, and real estate trading. The company’s charter and paid-up capital each stand at approximately USD 410.8 million, confirming its position among the most financially substantial real estate firms in Vietnam.

Diversified Operations

Him Lam’s activities extend far beyond property development. The company is involved in construction, real estate consultancy, architectural design, wholesale and retail of building materials, urban infrastructure management, education, water supply, and transport services. It also owns and manages golf courses and hospitality assets and has multiple subsidiaries operating in real estate brokerage and investment consultancy. Its branch network includes offices in Hanoi and Bac Ninh, ensuring nationwide project reach and operational coordination.

Financial Overview

As of December 31, 2023, Him Lam reported total assets of USD 5.73 billion, marking a 19.39 percent increase year-on-year, while equity rose sharply by 54.8 percent to USD 418.68 million. Sales doubled to USD 104.51 million, up 107.08 percent, though net profit fell by 29 percent to USD 5.4 million. Working capital reached USD 3.17 billion, reflecting considerable liquidity and strong internal financing capacity.

These figures illustrate an enterprise with enormous asset growth and capital strength but relatively low profit margins, a common feature of real estate firms that reinvest heavily in long-term projects.

Ownership and Risk Considerations

Him Lam is predominantly owned by Mr. Duong C. M., who holds 99 percent of the shares, making it a highly concentrated and family-controlled enterprise. Such ownership concentration supports strategic coherence but challenges governance due to limited independent oversight.

Despite occasional fluctuations in profitability, Him Lam remains one of Vietnam's most credible private developers. Its vast asset base and consistent capital expansion point to long-term sustainability, though the high leverage typical in real estate investment requires prudent monitoring.

In summary, Him Lam Corporation represents a financially powerful and diversified real estate conglomerate that has made significant contributions to Vietnam’s urban development. However, its moderate profitability relative to its asset scale suggests a business model focused more on capital accumulation and project expansion than on short-term earnings, warranting careful risk evaluation by credit analysts and investors.