Vingroup revenues down 5%

By Minh Son   October 31, 2022 | 04:28 am PT
Vingroup revenues down 5%
Vingroup's Vincom Center in District 1, Ho Chi Minh City. Photo by Shutterstock/Alex W
Vingroup, Vietnam’s biggest private conglomerate, made total consolidated net revenues of VND88.191 trillion ($3.56 billion) in the first nine months, posting a year-on-year decline of nearly 5%.

Vingroup gained after-tax profits of VND1.571 trillion, according to its latest consolidated financial statements.

By the end of September, the firm’s total assets stood at VND555.571 trillion, up 30% against late last year, mainly due to successful transactions among new real estate projects.

Vingroup said its property segment will continue to grow in the last quarter and next year, and its vehicle sales will rise in the last quarter. Its other segments, including trade center business, tourism, recreation, healthcare and education are also expected to recover.

Since the beginning of this year, Vingroup has mobilized $760 million from the international capital market, including $625 million worth of international bonds and $135 million from an anti-climate change financial package from the Asian Development Bank.

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