Vingroup sales, profits plunge

By Dat Nguyen   May 3, 2022 | 11:35 pm PT
Vingroup sales, profits plunge
View of Vinhomes Central Park in Binh Thanh District, Ho Chi Minh City. Photo by Shutterstock/AJNguyen.
Conglomerate Vingroup’s revenues plunged by 22 percent year-on-year in the first quarter to VND18.23 trillion ($793.59 million).

Pre-tax profits fell 31 percent to VND1.93 trillion.

The country’s biggest private company said both real estate and manufacturing sales were down.

Its auto unit VinFast sold over 6,700 cars in the first quarter.

VinFast has received 60,000 pre-orders for its electric cars VF8 and VF9, which the company will make in its first factory in North Carolina, the U.S.

Housing arm Vinhomes launched 1,500 apartments at the Vinhomes Ocean Park in Hanoi in the first quarter and sold 80 percent of units by the end of March.

Commercial real estate arm Vincom Retail launched its fourth Mega Mall in Hanoi in the first quarter.

Tourism subsidiary Vinpearl saw occupancy care increase by 23 percentage points thanks to recovering tourism demand.

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