Cars, phones deliver one-fifth of Vingroup revenues

By Minh Son   February 1, 2021 | 05:00 pm PT
Cars, phones deliver one-fifth of Vingroup revenues
An artist's impression of a new self-driving electric SUV to be manufactured by VinFast. Photo courtesy of VinFast.
Automobiles and smartphones accounted for 19 percent of private conglomerate Vingroup’s revenues in the last quarter of 2020.

This marked a 40 percent year-on-year increase to VND6.9 trillion ($299.45 million).

The largest private conglomerate in Vietnam sold 31,500 cars last year, with its VinFast sedan and SUV models among the bestsellers in their respective segments.

The group’s VinSmart phones were also among the bestsellers in Q4, 2020.

The company saw revenues from real estate in the quarter rising 47 percent year-on-year to over VND22.2 trillion after handing over three major Vinhomes projects.

Revenue from tourism and entertainment, however, fell 40 percent to VND1 trillion because of the Covid-19 pandemic.

For the whole year, Vingroup’s pre-tax profit fell 11 percent to VND13.96 trillion, while revenue fell 15 percent to VND110.46 trillion.

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