Vincom Retail estimated to book $72 mln profit from Hanoi mall sale: broker
Vincom Retail (HoSE: VRE), Vietnam’s leading retail property developer, is set to record an estimated VND1.9 trillion ($72 million) in profit after completing the divestment of its entire equity interest in a Hanoi project last month, according to a report by BSC Securities.
In a statement in October, VRE, a subsidiary of Vingroup (HoSE: VIC), said the stake in Vincom NCT Real Estate Co. Ltd, the owner of Vincom Center Nguyen Chi Thanh, was sold to Bao Quan Trading Investment and Service Co. Ltd. for VND3.63 trillion ($138 million).
Following the transaction, Vincom NCT is no longer its subsidiary. Bao Quan is an independent company with no affiliation to Vingroup or its related entities, the statement added.
Vincom Center Nguyen Chi Thanh in Hanoi. Photo courtesy of VRE.
In the third quarter of this year, VRE reported a net revenue of VND2.25 trillion ($85.42 million), up 8% from a year earlier, while net profit jumped 52% to VND1.38 trillion ($52.21 million)
Real estate development contributed modestly earnings, BSC said, noting that profit growth was driven almost entirely by retail mall operations and a strong rise in financial income.
Financial income soared 109% to VND802 billion ($30.43 million), largely thanks to higher interest generated from deposits and investment cooperation activities.
Retail leasing revenue rose 7% to VND2.12 trillion ($80.6 million), making up 94% of total revenue, supported by higher occupancy rates of 87%, compared with 84.8% a year earlier.
The company opened two new malls, Vincom Mega Mall Ocean City and Vincom Mega Mall Royal Islands, bringing its total gross leasable area to 1.934 million square meters in Q3, up 6.8% year-on-year.
For the first nine months of 2025 VRE posted VND6.53 trillion ($247.6 million) in net revenue, down 4% year-on-year, and VND3.79 trillion ($143.7 million) in net profit, up 26%, completing 69% and 81% of its 2025 full-year targets, respectively.
BSC expects VRE profit growth to remain solid in 2026, supported by the return of real estate sales at Royal Islands and Golden Avenue projects, as well as continued financial income.
VRE shares closed at VND32,200 ($1.22) each on Friday.
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