Vingroup, Vinhomes see revenues drop

By Dat Nguyen   November 1, 2021 | 02:13 am PT
Vingroup, Vinhomes see revenues drop
Residential area of Vinhomes Central Park in Ho Chi Minh City. Photo by Shutterstock/Ho Su A Bi
Both conglomerate Vingroup and real estate unit Vinhomes saw revenues plunging double-digit in the third quarter as social distancing was imposed in major localities.

Conglomerate Vingroup saw revenue plunging 16.2 percent year-on-year in the third quarter to VND30.11 trillion.

Its pre-tax profit fell 8.1 percent to VND3.32 trillion.

But its auto unit VinFast continued to lead sales in cars and electric bikes, with 17,668 units of the hatchback Fadil sold in the first nine months.

The company said it has installed 10,000 charging stations in 62 out of 63 localities nationwide and plans to reach 40,000 stations by the end of the year.

Vincom Retail, which manages properties, has resumed operation at 80 malls. Last month the number of customers doubled from September.

Real estate developer giant Vinhomes saw revenue plunging 22 percent.

Its pre-tax profit shot up by 84 percent to VND13.8 trillion, mostly thanks to lower floor apartments being sold.

Another factor that contributed to rising profit is the company’s change of strategy from offline to online amid social distancing.

It gave out promotions through its Vinhomes Online service and also organized online sales events.

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