Vietnamese firm’s growth has market baffled

An unprecedented rise in the value of a relatively unknown Vietnamese construction company had markets baffled in November.

Faro Construction and parent developer FLC Group are building a number of large projects including the USD250m Samson Beach and Golf Resort in Thanh Hoa province and the USD330m Quy Nhon Beach and Golf Resort in Binh Dinh.

Faro was listed on the Ho Chi Minh stock exchange (HOSE) for USD170 million in September, but by November its value had multiplied 13 times to be suddenly be worth USD2.2 billion making it the 7th largest company in Vietnam.

The company has announced an expected rise in value of a further 50 percent.

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