Vietnamese giant Vingroup's 2024 revenue hits all-time high on strong property, EV sales
Vietnam’s leading private conglomerate Vingroup posted a net revenue of nearly VND192.16 trillion ($7.5 billion) in 2024, up 19% year-on-year and setting a new annual record.
According to its 2024 earnings report, Vingroup (HoSE: VIC) earned a net profit of VND5.25 trillion ($209.37 million), up 155% from 2023 and exceeding its target.
This strong growth was primarily driven by robust earnings from large-scale real estate projects launched by its subsidiary Vinhomes (HoSE: VHM) and strong deliveries of electric vehicles by its EV manufacturer VinFast (Nasdaq: VFS).
VF5, the best-selling EV model of VinFast. Photo courtesy of VFS.
In 2024, Vinhomes recorded a consolidated net revenue of VND141.81 trillion ($5.65 billion), a 13% rise year-on-year.
This increase was fueled by the deliveries of urban properties, including Vinhomes Royal Island in the northern city of Hai Phong. VHM’s net profit rose 5% to VND35.05 trillion ($1.4 billion).
Meanwhile, VinFast delivered 87,000 EVs to the domestic market in 2024, a sharp increase from 34,855 units in 2023. This achievement further solidifies its position as a leading automotive brand in Vietnam.
As of end-2024, Vingroup's total assets hit VND839.2 trillion ($33.46 billion), surging by 25.7% from early last year.
Vingroup’s chairman is billionaire Pham Nhat Vuong, who is also CEO of VinFast. VIC shares closed Friday at VND40,400 ($1.61) each.
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