Nguyen Van Dat, chairman of the Board of Directors of Phat Dat (PDR) said, "Many challenges emerge in the fast-changing market. In this context, Phat Dat has faced a difficult turning point. We understood then that volatility is an inevitable part of the business environment."

Founded in 2002, Phat Dat became a public company in 2008 and listed on the stock exchange in 2010. With 19 years of development, Phat Dat has overcome many tough periods in the global and national economies. With its extensive experience in overcoming crises, the company has taken a proactive and flexible approach to dealing with challenges.

Therefore, as soon as the real estate market started to freeze, the company made attempts to turn things around to control cash flow. When investors lost confidence in corporate bonds, Phat Dat paid off a series of bonds and loans before maturity, worth more than VND1.3 trillion ($55.31 million) in the fourth quarter of 2022.

The move helped Phat Dat reduce trillions of VND in debt. Its short-term financial loans decreased by $13.6 million to $99.5 million, while its long-term financial loans decreased by $27.6 million to more than $46.8 million at the end of the first quarter of 2023. The ratio of total liabilities to total assets is 0.62.

The company quickly restructured the investment portfolio. In December 2022, Phat Dat transferred 89 per cent of charter capital at Hoa Binh Real Estate to optimise resources and ensure cash flow. The company prioritises developing potential projects with ahigh absorption rate and cash flow recovery.

Phat Dat has embraced the spirit of flexibility to adjust and change the development pace and roadmap when necessary. The company's top priority is to maintain the business through the storms of the market.

At the end of 2022, the company generated a pre-tax profit of $62.9 million and an after-tax profit of $49.3 million, almost equal to the adjusted target. This positive result is a testament to Phat Dat's efforts to overcome the most difficult period with solid internal strength and high concentration.

Phat Dat is determined to focus on its core competency of project development. The enterprise owns available land of more than 7,400 hectares in a prime location and clean legal documents in many localities across the country. Currently, Phat Dat focuses on projects and segments with a high absorption rate in potential markets, especially in emerging cities and urban areas with high customer demand. Among them are the segments of apartments, urban areas, tourism and resort complexes.

It is predicted that in 2023, the company will implement over 13,000 products in the markets with high demand such as Binh Duong, Ba Ria - Vung Tau, Binh Dinh and Danang. These projects are expected to bring in revenue of more than $1.27 billion.

Phat Dat has determined to deploy good projects despite the market challenges. This helps the company ensure a source of revenue for now and in the future. Meanwhile, the company will not lose connection with the market while promoting the recovery in the new phase of development.

The company has taken different measures to address its capital challenge, including gaining access to foreign capital. It has also welcomed a number of foreign investors who are interested in its business development goals.

Phat Dat is also developing a plan for 2023 and a roadmap for the next five years, with many higher goals. However, the company still prepares for less positive scenarios. This proactive attitude and solid internal strength are gradually helping the company return to the racetrack.