Owning GEM Center in the most prime location in District 1, IN Hospitality belongs to whom?

According to the Hanoi Stock Exchange (HNX), IN Hospitality JSC has just announced its financial situation in 2022 with a profit after tax of more than 130 billion VND, 11 times higher than the 12 billion VND achieved in 2021. By the end of 2022, IN Hospitality's equity had increased by 121 billion VND compared to the beginning of the year, to 670.4 billion VND.

Gem Center in the most special location in District 1 in hospitality, who controls and operates it? Image 1 — IN Hospitality is the owner of the largest conference center GEM Center in the central area of District 1, Ho Chi Minh City. Source: TL

On the contrary, the debt/equity ratio has decreased significantly, from 68% (2021) to 46% (2022). Correspondingly, debt has also decreased from VND 373 billion at the end of 2021 to VND 308 billion a year later. Bond debt/equity has also decreased sharply from 23% to only 5%.

Gem Center in the most special location in District 1 in hospitality, who controls and operates it? Image 2

IN Hospitality, formerly known as PQC Convention JSC, owns the largest convention center GEM Center in the central area of District 1, Ho Chi Minh City. This enterprise is a member unit of IN Holdings, founded by two businessmen brothers Nguyen Huu Phu and Nguyen Huu Quy. In 2020, VinaCapital's VOF fund, through the legal entity Aldrin Three Pte Ltd, purchased 15% of IN Holdings' shares for 25 million USD, equivalent to a valuation of up to 167 million USD.

In addition to GEM Center, IN Holdings also owns the White Palace wedding and convention center. Both conference centers have unique, luxurious designs with large spaces, suitable for large parties and high-level conferences with the reception of important figures. In particular, Gem Center operates in a higher segment, with the advantage of a 10,000 m2 area right in the center of District 1, Ho Chi Minh City.

In May 2016, former US President Barack Obama met with members of the Young Southeast Asian Leaders Initiative (YSEALI) program at Gem Center. This is also where the weddings of some famous couples were held, such as Cong Phuong - Vien Minh, Dao Thuy Phuong Thao (daughter of Tuan Chau Island Lord Dao Hong Tuyen) - Vo Quoc Loi (son of Dong Tam Group Chairman Vo Quoc Thang)...

Although not in a prime location, White Palace is still very popular with large, crowded events. White Palace is also a frequently chosen venue for weddings, with affordable prices that are not too high compared to the general level. In addition, The Veil - White Palace Pham Van Dong Event Center (HCMC) is also the only project in Vietnam to participate in the Display category of the 2021 World Architecture Festival.

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