Vingroup posts fourfold H1 revenue rise from vehicles, smartphones

By Dat Nguyen   July 31, 2019 | 03:00 am PT
Vingroup posts fourfold H1 revenue rise from vehicles, smartphones
Vingroup introduced its VinFast cars late last year. Photo courtesy of VinFast.
Vietnam's biggest private conglomerate Vingroup earned VND2.6 trillion ($112 million) from sales of electric bikes, cars and smartphones in H1 2019.

This figure is a fourfold increase over the second half of last year when the company introduced its VinFast cars, electric bikes and Vinsmart phones, according to Vingroup’s latest financial report.

In the first half of this year, Vingroup’s overall revenue rose 1.3 percent year-on-year to VND61.5 trillion ($2.65 billion), and its after-tax profit increased by 89.5 percent to VND3.3 trillion ($142 million).

Real estate continued to bring in the big bucks for the company, accounting for 64.4 percent of its revenue in the second quarter via major projects such as Vinhomes Ocean Park in Hanoi’s southeastern district of Long Bien and Vinhomes Skylake in the western district of Nam Tu Liem.

Retail revenues in the second quarter rose 74 percent year-on-year to VND7 trillion ($302 million), while education sector revenue rose 41.5 percent to VND385 billion ($16.58 million).

By the end of June, the asset value of Vingroup were VND338.5 trillion ($14.58 billion), up 17.4 percent from the end of last year.

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