FIT Group withdraws from the billion-dollar Cap Padaran Mui Dinh Ninh Thuan project

After a period of research and consideration between options, on July 29, FIT Land's General Meeting of Shareholders officially approved the divestment of all capital at Cap Padaran Mui Dinh Real Estate JSC.

Cap Padaran Mui Dinh, in Phuoc Dinh commune (Thuan Nam district, Ninh Thuan province) with a total investment of 1 billion USD, started construction in February 2022. The project is oriented to become an international-class resort on a scale of 800 hectares, divided into many sub-areas such as hotels, resorts, beach villas, hotel apartment complexes and entertainment, sports and entertainment complexes.

On September 9, the transfer transaction procedures were officially completed. This means that FIT Group officially left the Cap Padaran Mui Dinh project in Ninh Thuan.

FIT Group Chairman Nguyen Van Sang shared: "The Group has a tradition of focusing on production and business. Tourism development is the first real estate sector we participate in, with the policy of doing it firmly and solidly, not quickly or widely. Therefore, we need to be more cautious in investing on the basis of clear and sustainable capital arrangements, avoiding pressure on loans and liquidity. Stopping at the Cap Padaran Mui Dinh mega-project is in line with the group's orientation because we do not aim to develop too hotly in the real estate sector, but invest in each segment and focus on doing the best we can. The ultimate goal of the enterprise is also to combine the enterprise's profits with sharing social and community values. Therefore, we do not, for the sake of profit, push too fast, slipping away from the core principles that have helped the group develop over the past 16 years."

FIT Group was established in 2007. After 16 years of construction and development, FIT has grown into a multi-industry group, developing with total assets of more than 7,000 billion VND, 3,000 employees, owning dozens of member companies across the country. The group's products and services are widely distributed and well received by domestic and international consumers. Currently, FIT Group focuses on key industries: Pharmaceuticals, agriculture , FMCG, real estate with famous member companies in the market such as Khanh Hoa Mineral Water Joint Stock Company, Cuu Long Pharmaceutical Joint Stock Company, FIT Cosmetics Joint Stock Company...