Vingroup earns Jan-Sept revenues of $4 bln

By Dat Nguyen   October 31, 2019 | 09:27 pm PT
Vingroup earns Jan-Sept revenues of $4 bln
Vinhome Golden River Aparment complex in District 1, Ho Chi Minh City. Photo by Shutterstock/Saigoneer.
Vietnam’s largest private conglomerate, Vingroup, saw its January-September revenue rise 10 percent year-on-year to VND92.74 trillion ($4 billion).

The conglomerate’s pre-tax profit for the period was VND9.38 trillion ($405 million), up 12 percent year-on-year, its Q3 financial report says.

Half of its revenue, VND49.5 trillion ($2.14 billion), came from real estate, with major projects in Hanoi. 

Its real estate unit Vinhomes delivered 14,600 units in the first three quarters, about half of its annual target of 30,100.

By the end of the third quarter, the group’s Vincom Retail unit was operating 70 malls in 39 localities; and the figure is set to rise to 79 by the end of this year.

Vingroup’s manufacturing segment, which includes smartphones, cars and electric bikes, recorded VND4.51 trillion ($194.6 million) in revenue, but suffered a loss of VND4.69 trillion ($202.4 million). The asset value of the sector is now second only to real estate at VND84 trillion ($3.62 billion), accounting for 24 percent of group’s total assets.

Vingroup’s auto unit VinFast completed the first phase of its auto plant in June this year after launching the first car in March. The first VinSmart phone was launched in December last year.

Vingroup’s retail arm VinCommerce launched 602 new outlets in the first nine months, totaling over 2,600 stores across the country. Revenue from convenience store chain VinMart+ grew 88 percent year-on-year to VND9.64 trillion ($416 million).

Revenue from the group’s hospitality business rose 36 percent year-on-year to VND5.35 trillion ($231 million), with 1,300 room nights sold in the first nine months.

Its entertainment wing, Vinpearl Land, served 4,600 guests in the period, up 14 percent year-on-year.

Vingroup targets a revenue increase of 15 percent to VND140 trillion ($6.04 billion) this year and post-tax profits of VND6.5 trillion ($280.5 million).

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