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Vietnamese developer raises fresh capital for affordable housing

Newly listed Vinhomes becomes country's second-most valuable company

Vingroup is building this Vinhomes Metropolis apartment complex in Hanoi.   © Reuters

HO CHI MINH CITY -- Vinhomes listed on Vietnam's main stock exchange Thursday and immediately jumped to second place in value, reflecting the prospects for the affordable housing market in one of Southeast Asia's fastest-growing economies.

With strong investor appetite, Vinhomes' market capitalization hit 296 trillion dong ($13 billion) on the Ho Chi Minh City Stock Exchange, making it the second-most valuable listed Vietnamese company after its own parent, Vingroup, at 324 trillion dong. Vietnam Dairy Products (Vinamilk) follows at 239 trillion dong.   

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