Vietnam private conglomerate Vingroup assets go up 8.2%

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.

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.