Vinhomes to see first profit decline in 4 years

By Dat Nguyen April 22, 2022 | 12:48 am PT

A Vinhomes apartment complex in District 1, Ho Chi Minh City. Photo by Shutterstock/Evan_Unit01

Real estate giant Vinhomes has cut its profit target for this year by 23 percent from last year to VND30 trillion ($1.31 billion).

This would end its four straight years of profit growth, but it did not offer any explanation for its expectation of a profit decline.

The company, a subsidiary of conglomerate Vingroup, eyes revenues of VND75 trillion, down 12 percent, according to a document it circulated among shareholders before the annual general meeting.

It plans to launch major residential projects this year with focus on online sales, and to improve service quality at existing projects.

The company is also set to expand into industrial real estate with its first projects in Hai Phong City and Quang Ninh province in the north.

Its share has been on a downward trend since August as investors took profits after it climbed to a new peak.

It has lost nearly 21 percent this year.