Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time

Vingroup, Vietnam's leading private conglomerate, recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high.

The figure, mentioned in the Q1/2025 financial statement of Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, represented a 287% surge year-on-year and 28% of the year's revenue target.

Real estate was the primary driver of growth, contributing nearly VND55.3 trillion ($2.13 billion), 12 times higher than the same period last year.

Its subsidiary Vinhomes (HoSE: VHM) in March launched the 133-hectare Vinhomes Wonder City project in Hanoi’s Dan Phuong district. Within the first four days, 92% of units in the Hung Dong subdivision were sold, while the Binh Minh subdivision achieved a 70% sell-through rate within a single day.

In March and April, Vinhomes broke ground on two billion-dollar projects: Vinhomes Green City in the Mekong Delta province of Long An (200 hectares) and Vinhomes Green Paradise in Can Gio district, Ho Chi Minh City (2,870 hectares).

The manufacturing segment's revenue surged 2.6 times year-on-year to VND15.68 trillion ($583 million). This impressive growth was largely fueled by EV maker VinFast, which delivered 36,330 vehicles in Q1, nearly four times more than the previous year. VinFast remains the market leader in Vietnam’s automobile distribution.

Vingroup’s tourism and resort revenue reached VND2.49 trillion ($95.75 million) in Q1. The company reported strong performance from Vinpearl, supported by a record 6 million international tourist arrivals to Vietnam in the quarter, the highest ever for a first quarter.

Vinpearl has seen positive results from its strategies focused on integrated resort complexes, destination development, and expansion into the MICE (Meetings, Incentives, Conferences, and Exhibitions) segment.

During the 2025 Lunar New Year holiday, VinWonders hosted a series of Lunar New Year (Tet) festivals across its four major destinations - Phu Quoc, Nha Trang, Nam Hoi An, and Ha Tinh - from January 20 to February 16. More than 45 entertainment programs, parades, concerts, and interactive activities were held across the theme parks during this period.

By end-Q1, Vinpearl’s hotel segment recorded an 18% year-on-year increase in guest stays, while VinWonders welcomed nearly 1.6 million visitors, up 29% compared to Q1/2024.

Meanwhile, the education segment generated VND1.83 trillion ($70.37 million), while the healthcare segment brought in over VND1.17 trillion.

After expenses, Vingroup posted a pre-tax profit of VND7.38 trillion, nearly three times higher than Q1/2024. Its post-tax profit reached VND2.24 trillion ($86.14 million), up 65% year-on-year.

By the end of Q1/2025, Vingroup’s total assets stood at VND823.27 trillion ($31.66 billion), down VND13 trillion from the beginning of the year. Financial liabilities were over VND247.8 trillion, while shareholders’ equity totaled VND157.45 trillion. The company held VND51.45 trillion in undistributed post-tax profit.

For 2025, Vingroup has set ambitious targets of VND300 trillion ($11.54 billion) in revenue and VND10 trillion ($384.54 million) in after-tax profit, up 59% and 88% respectively compared to last year.

At this year’s AGM, the company leadership expressed confidence in meeting these goals, identifying real estate as the primary growth engine.

Chairman Pham Nhat Vuong also revealed that Vingroup plans to explore two new business pillars: infrastructure and energy, in addition to its existing three major sectors - real estate, technology & industry, and social philanthropy.

Vingroup has proposed several major infrastructure projects to the government, including the Phu My Hung-Can Gio high-speed railway, the Hanoi-Quang Ninh railway, and a seaport development. Additionally, it has registered plans to develop 22.5 GW of renewable and LNG power by 2030.

In the stock market, VIC closed Tuesday, the last trading day before Vietnam's five-day holiday, at VND68,000 ($2.61) per share.