Vietnam private conglomerate Vingroup assets go up 8.2%

By Minh Hue
Sat, July 20, 2024 | 8:14 am GMT+7

Private conglomerate Vingroup has reported a total assets value of VND722.26 trillion ($28.5 billion) as of June 30, 2024, up 8.2% year-on-year and VND55 trillion ($2.17 billion) more than December 31, 2023.

This was the first time the company’s total assets had passed the VND700 trillion milestone.

K-town area in the Ocean City project developed by Vinhomes in Hung Yen province, northern Vietnam. Photo courtesy of Vinhomes.

K-town area in the Ocean City project developed by Vinhomes in Hung Yen province, northern Vietnam. Photo courtesy of Vinhomes.

In the first six months, Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, recorded consolidated revenues of VND65 trillion ($2.57 billion), with positive changes in residential real estate, tourism and entertainment industries. Its consolidated after-tax profits reached VND2.02 trillion ($79.75 million).

In the second quarter alone, the group posted revenues of more than VND43.3 trillion ($1.71 billion), pre-tax profits of over VND4 trillion and post-tax profits of VND684 billion.

Vingroup’s EV subsidiary VinFast delivered 21,747 electric cars in H1/2024, marking an impressive growth of 92% compared to the same period in 2023. The Q2/2024 figure was 12,058, up 24% quarter-on-quarter and 26% year-on-year.

In another notable H1/2024 success, VinFast officially accepted deposits for its VF 3 mini-SUV model in the Vietnamese market and posted a record number of 27,649 non-refundable orders in just 66 hours.

In Indonesia, the company opened a store offering two car models VF e34 and VF 5, and broke ground on building an EV assembly factory in Subang, West Java. The factory is expected to come into operation in the fourth quarter of 2025, producing right-hand drive car models VF 3, VF 5, VF 6 and VF 7.

In the Philippines, VinFast inauguated its first three stores selling VF 5, VF 7, and VF 9 car models to local consumers.

It said that in the coming time, it will focus on optimizing cost and resource management, as also improving operational and business efficiency. The company aims to deliver about 80,000 vehicles in 2024, 2.3 times higher than 2023. Its factory in North Carolina, the U.S, is expected to become operational in 2028.

In the trade and service sector, in the first half of 2024, real estate arm Vinhomes reported sales of VND51 trillion ($2 billion) and unrecorded sales of VND118.7 trillion at the end of Q2.

Besides the impressive sales achievements, Vinhomes also pioneered the creation of large-scale amenities to enhance the value of real estate projects. These include the Vu Yen Park walking street; Europe Square and K-Park Korean Cultural Park at Vinhomes Royal Island in the northern port city of Hai Phong; K-Town - a "new Korean center;" and Little Hong Kong in the Ocean City "destination city" in the northern province of Hung Yen.

Along with the recovery of the tourism industry, the group’s resort arm Vinpearl saw its business improve with a total of 452,000 room nights sold in Q2, an increase of 25% over the same period last year. VinWonders and Vinpearl Golf saw revenues go up 52% and 17% year-on-year, respectively.

Vingroup’s education subsidiary Vinschool set up five more establishments achieving CIS accreditation in Q2/2024, bringing the total number to 15.

VIC closed Friday at VND40,750 ($1.61) per share.

Comments (0)
  • Read More
Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.

Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.

Energy - Thu, October 16, 2025 | 9:04 pm GMT+7

Vietnam to soon raise taxpayers' personal deduction: official

Vietnam to soon raise taxpayers' personal deduction: official

The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.

Finance - Thu, October 16, 2025 | 6:25 pm GMT+7

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.

Economy - Thu, October 16, 2025 | 4:36 pm GMT+7

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.

Finance - Thu, October 16, 2025 | 3:35 pm GMT+7

Law No. 56 a major policy breakthrough for Vietnam's stock market development

Law No. 56 a major policy breakthrough for Vietnam's stock market development

The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.

Finance - Thu, October 16, 2025 | 2:30 pm GMT+7

WHA Group breaks ground on smart technology industrial zone in central Vietnam

WHA Group breaks ground on smart technology industrial zone in central Vietnam

Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.

Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.

Companies - Thu, October 16, 2025 | 12:06 pm GMT+7

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.

Companies - Thu, October 16, 2025 | 8:41 am GMT+7

Indonesia enjoys steady growth in nine months

Indonesia enjoys steady growth in nine months

Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.

Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7

Malaysia on progressive path towards AI nation status: experts

Malaysia on progressive path towards AI nation status: experts

Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.

Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7

Thailand steps up development of semiconductor industry

Thailand steps up development of semiconductor industry

Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.

Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7

ASEAN sets ambitious energy targets

ASEAN sets ambitious energy targets

Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).

Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.

Industries - Wed, October 15, 2025 | 5:21 pm GMT+7

Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low

Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low

The operations of Hang Xanh Automobile Service JSC or Haxaco (HoSE: HAX), known as the largest distributor of Mercedes-Benz vehicles in Vietnam, are under pressure as consumers tighten spending and competition among car brands intensifies.

Companies - Wed, October 15, 2025 | 5:13 pm GMT+7

Vietnam sets 2026 GDP growth target at 10%

Vietnam sets 2026 GDP growth target at 10%

The Vietnamese Government has set the targets for economic expansion in 2026 at about 10% and inflation at 4.5%.

Economy - Wed, October 15, 2025 | 4:28 pm GMT+7