Hoa Binh Construction Group, a prominent construction contractor in Vietnam, announced on Monday that it had successfully secured bids for five social housing projects worth a combined US$72 million in Kenya, Africa.

The awarded projects, comprising a total of 3,400 apartments, are specifically designed to address the housing needs of various segments, including police forces, military personnel, and students of the Technical University of Kenya.

Hoa Binh Construction Group also received invitations to the next round for two other social housing projects with a total of 6,200 apartments and an estimated investment of $91.6 million in Kenya after passing the credibility and capability assessment round conducted by the government of the African country.

With more than 50 countries and territories, Africa will become the largest and most promising construction market in the world in the coming decades, said chairman of Hoa Binh Construction Group Le Viet Hai.

In the near term, the company will concentrate on the social housing sector before transitioning to projects catering to high-end accommodations in the African continent, Hai added.

Hoa Binh set a revenue target of VND10.5 trillion ($429.3 million) for last year.

However, it only generated VND7.5 trillion ($306.6 million), meeting 71 percent of the target, due to difficulties in the real estate and construction sectors.

2023 was a tough year, according to general director of Hoa Binh Construction Group Le Van Nam.

He added that after restructuring, Hoa Binh has overcome its most difficult period and its revenue has improved.

The group looked to yield VND10.8 trillion ($441.3 million) in turnover this year, Nam informed.

Hai told Tuoi Tre (Youth) newspaper that the domestic market for urban real estate projects is poised for recovery this year.

He highlighted the potential resurgence of industrial property projects, attributing it to the sustained influx of foreign direct investment (FDI) in Vietnam.

The Ministry of Planning and Investment reported a 62.2 percent increase in newly registered FDI capital in the country for the year 2023 compared to the previous year.

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