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.
![K-town area in the Ocean City project developed by Vinhomes in Hung Yen province, northern Vietnam. Photo courtesy of Vinhomes.](https://i.ex-cdn.com/theinvestor.vn/files/content/2024/07/19/k-town-1616.jpg)
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.
- Read More
Vietnam retail majors reap rewards for persistence, perseverance
After years of making losses, the significant investments made by major retailers like Masan Group, Mobile World Investment and FPT Retail are coming good.
Economy - Sun, September 1, 2024 | 3:30 pm GMT+7
Hanoi plans to start work on seventh bridge within inner city this year
Hanoi plans to break ground this year on a VND20 trillion ($802.37 million) project that includes the Tu Lien bridge and a road connecting it to the Hanoi-Thai Nguyen expressway.
Infrastructure - Sun, September 1, 2024 | 1:59 pm GMT+7
AI likely to redefine job roles, create new categories of employment
As AI tools become more integrated into the workplace, the ability to work alongside and leverage these technologies becomes a critical skill, which is likely to redefine job roles and create new categories of employment, writes RMIT senior lecturer Dr Arthur Tang.
Consulting - Sun, September 1, 2024 | 10:30 am GMT+7
Construction major Hoa Binh's H1 net profit revised up by $3.6 mln after audit
Leading Vietnamese contractor Hoa Binh Construction Corporation reported a net profit of VND830 billion ($33.37 million) in the first half of this year, up VND89 billion ($3.6 million) from the pre-audit figure, according to its H1 audited consolidated financial statements.
Companies - Sun, September 1, 2024 | 9:00 am GMT+7
Danang city unveils new incentives for semiconductor sector investments
New policies aimed at attracting investments and developing a semiconductor ecosystem were unveiled at "Danang Semiconductor Day 2024" organized by the central city administration on Friday.
Industries - Sun, September 1, 2024 | 8:00 am GMT+7
Silk village Van Phuc a hub of tourism in Hanoi
Van Phuc silk village in Van Phuc ward, Ha Dong district of Hanoi is one of the most famous craft villages in Vietnam.
Travel - Sat, August 31, 2024 | 8:17 pm GMT+7
EV-maker VinFast gets $132 mln gift from billionaire Vingroup founder
Billionaire Pham Nhat Vuong, founder and chairman of Vietnam’s biggest private conglomerate Vingroup, gifted VND3.27 trillion ($131.7 million) to its EV arm VinFast in the first half of this year.
Companies - Sat, August 31, 2024 | 7:51 pm GMT+7
Eight Vietnam provinces expected to become centrally administered cities by 2030
Eight Vietnamese provinces – Thua Thien Hue, Khanh Hoa, Bac Ninh, Ba Ria-Vung Tau, Quang Ninh, Ninh Binh, Hai Duong and Binh Duong – are expected to become centrally administered cities by 2030.
Economy - Sat, August 31, 2024 | 5:39 pm GMT+7
Legal proceedings launched against 7 citizens for stock market manipulation
Legal proceedings have been launched against 42-year-old Tran Binh Minh and six others for stock market manipulation in the trading of CMS shares of Hanoi-based CMH Vietnam Group JSC.
Society - Sat, August 31, 2024 | 2:05 pm GMT+7
Bank on Vietnamese banks with sustainable growth: broker
Investors can bet on Vietnamese banks that have been allocated higher credit quotas compared to the industry’s average, exhibit sustainable growth, maintain robust capital buffers and possess high asset quality, recommends Agriseco Securities.
Finance - Sat, August 31, 2024 | 10:30 am GMT+7
Vietnam potential for growth promising for 2024, 2025: UOB exec
Vietnam's GDP in 2024 can reach 6% with "upside potential", driven by strong performance across industries like manufacturing, electronics, furniture, and motor vehicles, says Suan Teck Kin, head of research at UOB.
Economy - Sat, August 31, 2024 | 9:30 am GMT+7
Southern Vietnam real estate firms plan new project launches despite market uncertainties
Several developers in Vietnam’s southern region are planning to launch new projects despite experts saying the real estate market outlook for the remainder of this year remains uncertain.
Real Estate - Sat, August 31, 2024 | 8:00 am GMT+7
Indonesia cracks down on fake job vacancies
The Indonesian Ministry of Manpower has taken measures to combat fake information on available job vacancies, including devising a plan to establish the Task Force on the Eradication of Fake Job Advertisement, reported the country’s news agency Antara.
Southeast Asia - Fri, August 30, 2024 | 11:36 pm GMT+7
Thailand's Koh Samui cruise terminal to open by 2032
Caretaker Deputy Minister of Transport Manaporn Charoensri of Thailand has announced that a new cruise terminal in Koh Samui will open in 2032 as part of efforts to boost tourism in Surat Thani province.
Southeast Asia - Fri, August 30, 2024 | 11:33 pm GMT+7
Malaysia’s economic growth to exceed 5% this year
The Federation of Malaysian Manufacturers (FMM) has revised the 2024 economic growth projection given the stronger-than-expected momentum in the second quarter.
Southeast Asia - Fri, August 30, 2024 | 11:32 pm GMT+7
Indonesia eyes export growth with S Korea via comprehensive economic partnership agreement
The Indonesian Government is aiming to expand exports to South Korea through the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA), which has been in effect over the past year.
Southeast Asia - Fri, August 30, 2024 | 11:30 pm GMT+7