Vincom Retail records 58.7 pct profit surge

A shopping mall operated by Vincom Retail in HCMC’s Binh Thanh District. Photo by Shutterstock/David Bokuchava.

The company’s Q1 revenues increased 32 percent year-on-year to VND2.2 trillion, it said in its financial statement.

Income from leasing activities (rents at retail malls) accounted for 77 percent of the total revenue.

It claims to have served 36.8 million visitors in its shopping malls in the first quarter, a 360 percent surge over the same period last year.

Many brands have opened new stores in its Vincom shopping malls in Q1, including fashion brand Hennes & Mauritz (H&M), jewelry brand Pandora and Chinese hot-pot chain Haidilao. This is an indicator that the retail industry is reviving as the pandemic is contained, the company said.

It currently operates 80 shopping malls in 43 cities and provinces with an approximate floor area of 1.7 million square meters.