Vingroup Q1 revenues surge to $1 bln

By Minh Son   May 2, 2021 | 01:18 pm GMT+7
Vingroup Q1 revenues surge to $1 bln
The entrance of Vinpearl Safari on Phu Quoc Island, southern Vietnam. Photo by Shutterstock/Diego Fiore.
Vietnam’s largest private conglomerate, Vingroup, reported a 52 percent year-on-year rise in Q1 revenues to VND23.3 trillion ($1 billion).

Its consolidated post-tax profits were up 72 percent to VND868 billion ($37.6 million).

Nearly half the revenues, VND10.65 trillion ($461 million), came from real estate thanks to sales at some major projects such as Ocean Park, Grand Park and Smart City in Hanoi.

Revenues from smartphones, cars and electric motorbikes increased by 48 percent to VND4.8 trillion.

Auto subsidiary VinFast in January introduced three self-driving cars that are expected to hit the market later this year.

VinBus Transport Service Co. launched the nation’s first smart electric bus service in Hanoi last month. Initially the buses will only run within the Vinhomes Ocean Park urban area in Gia Lam District.

Revenues from tourism and entertainment, however, fell by almost half to VND933 billion because of the Covid-19 pandemic that resulted in a closure of Vietnam’s borders and suspension of international flights.

Vingroup last month announced plans to build an auto and parts manufacturing complex in central Ha Tinh Province. It already has one such a complex in Hai Phong City.

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