Vinhomes profits up 13 pct in H1

By Dat Nguyen July 26, 2020 | 07:50 pm PT

Apartment buildings in Vinhomes's Times City apartment complex in Hai Ba Trung District, Hanoi. Photo by Shutterstock/Vietnam Stock Images.

Real estate giant Vinhomes reported a pre-tax profit of VND15 trillion ($654 million) for the first half, up 13 percent year-on-year.

The Vingroup subsidiary saw revenues rising 33 percent to VND35.6 trillion ($1.5 billion).

In the second quarter Vinhomes launched units in two apartment projects in Hanoi and villas and shophouses in Ho Chi Minh City.

It also set up an online sales platform in April to boost apartment sales amid social distancing measures imposed to curb the spread of the novel coronavirus, which prevented its sales agents from meeting customers in person.

It received a license to develop part of an industrial park in the suburbs of Hai Phong City. Vinhomes has been intensifying its focus on industrial real estate and plans to invest VND10 trillion ($432 million) in this segment in the next two years.