Vingroup revenue jumps 59% in 2023

By Minh Son   January 31, 2024 | 03:00 am PT
Vingroup's revenue surged by 59% in 2023 to reach VND161 trillion ($6.59 billion), driven by property and electric car sales.

The conglomerate reported a pre-tax profit of VND13.68 trillion, a 7.2% rise, it said in a financial report.

The revenue from property sales nearly doubled to VND94.3 trillion, forming about 59% of the company's total revenue.

Electric vehicle manufacturing, under the VinFast brand, contributed VND28.4 trillion, about 17.6% of the total revenue.

Last year, the company delivered 34,855 cars, making the total number of global deliveries 42,291 units since the first delivery in 2021.

In North America, a key market for VinFast, the company received partnership requests from 70 dealers and plans to start delivering the first VF 9 vehicles this year.

Vingroup's shares were listed on the NASDAQ in August.

Vingroup's property business, Vinhomes, primarily grew through its residential projects Vinhomes Ocean Park 2 and 3 in Hung Yen Province, adjacent to Hanoi. Vinhomes reported a post-tax profit of VND33.28 trillion, a 14% increase.

Vincom Retail, the company's mall operation segment, recorded a revenue of VND9.79 trillion, up by 33%, and a post-tax profit of VND4.4 trillion, an increase of 59%. Currently managing 83 malls across 44 localities, Vincom Retail plans to construct six additional malls this year.

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