The signing ceremony between the two firms took place in New Work on July 1 under the witness of representatives from the Ministry of Finance, the Stock Securities Commission (SSC) and the HCM City Stock Exchange.
Accordingly, GEM will purchase HQC shares within 30 months since the date of signing.
GEM CEO Christopher F Brown said GEM is keen on HQC social housing development strategy in Vietnam and believes that social housing will thrive in the near future thanks to Vietnam’s better social welfare policy.
HQC President Truong Anh Tuan said the company will use the capital to develop social housing projects in the coming times.
GEM will be the third international partner of HQC, after LC and Huyndai.
The US group, with asset worth of US$3.4 billion, has successfully conducted 305 transactions in 65 countries.