Vincom Retail posts record consolidated net profit of $180 mln in 2023
Vincom Retail JSC, the largest mall operator in Vietnam, earned a consolidated after-tax profit of VND4.41 trillion ($180.5 million) in 2023, its all-time high.
The figure represents a 58.8% year-on-year increase from 2022 performance, the firm said in its quarterly financial statement.
Vincom Center Metropolis in downtown Hanoi. Photo courtesy of Vincom.
Its consolidated revenue increased 33% year-on-year to VND9.79 trillion ($400.8 million) last year.
With those results, Vincom Retail, listed on the Ho Chi Minh Stock Exchange as VRE, met 94.2% and 94.6% of its net profit and revenue targets set for the year.
In the fourth quarter last year, the firm, a subsidiary of privately-run conglomerate Vingroup, recorded an after-tax profit of VND1.07 trillion ($43.72 million) on revenue of VND2.34 trillion, up 28.3% and 9.6% year-on-year, respectively.
The growth in revenue was fueled by sales of the Dong Ha Quang Tri shophouse project and other property projects.
As of December 31, 2023, Vincom Retail’s total assets had increased 11.6% year-on-year to VND47.65 trillion ($1.95 billion). Its cash and cash equivalents dropped 41.6% to VND4.1 trillion ($168 million).
The firm had VND9.83 trillion ($402.33 million) in total liabilities as of end-2023, up 5.9% year-on-year. Its short-term debt shrank to VND20 billion ($819,000) from VND1.06 trillion ($43.42 million) a year earlier as the firm liquidated bonds in Q4.
Meanwhile, its long-term debt rose 85% to VND3.92 trillion ($160.3 million) as the firm took a loan worth VND1.77 trillion from Deutsche Bank.
VRE shares ended down 4.1% to VND22,450 ($0.92) apiece on Wednesday.
- Related News
- Read More
Property, finance, health care remain highly sought-after sectors for M&A activity in Vietnam: Alvarez & Marsal exec
Real estate remains an attractive sector for M&A activity in Vietnam, particularly the industrial park and data center segments, where demand for technology investments like high-efficiency cooling systems in factories is rising.
Economy - Thu, December 11, 2025 | 4:58 pm GMT+7
US-Singapore joint venture VAL invests $100 mln to expand soybean crushing capacity in southern Vietnam
A U.S.-Singapore agribusiness joint venture has added a second soybean crushing line worth more than $100 million at its facility in southern Vietnam, lifting total capacity to one of the highest in Southeast Asia.
Industries - Thu, December 11, 2025 | 2:08 pm GMT+7
VinEnergo registers to build large-scale wind power projects in central Vietnam province Gia Lai
VinEnergo Energy JSC, an arm of Vingroup, has registered to develop two wind power projects in Gia Lai province, including the 750 MW Hon Trau project worth of over VND48.37 trillion ($1.84 billion).
Energy - Thu, December 11, 2025 | 2:00 pm GMT+7
Parliament okays $7.45 bln Gia Binh airport project in northern Vietnam
Vietnam’s National Assembly on Thursday approved an investment plan for the Gia Binh Airport project, which will cost about VND196.38 trillion ($7.45 billion) to meet international standards, including 5-star service.
Infrastructure - Thu, December 11, 2025 | 10:49 am GMT+7
OCBS Securities chief suggests stock selection strategy for 2026
Investors should adopt a flexible approach to equity allocation, focusing on stocks with solid fundamentals, stable earnings, and clear medium-term prospects, said Nguyen Duc Quan Tung, CEO of Hanoi-based OCBS Securities JSC.
Finance - Thu, December 11, 2025 | 8:51 am GMT+7
Vietnam's rice exporters urge government to ease market risk as Philippines tightens import curbs
Vietnamese rice exporters are calling for government action after import restrictions from the Philippines, the country’s largest buyer, triggered a drop in shipments and prices.
Economy - Wed, December 10, 2025 | 8:13 pm GMT+7
FPT ambition to build unmanned aerial vehicle hub in Vietnam
FPT Corporation is "dreaming" of building an unmanned aerial vehicle (UAV) hub in Vietnam, said Truong Gia Binh, chairman of the Vietnamese tech heavyweight.
Companies - Wed, December 10, 2025 | 4:55 pm GMT+7
Vietnam's M&A market shows revival amid Southeast Asia subdued dealmaking
The strong increase in foreign investment capital through capital contribution and share purchase reflects a revival of Vietnam's M&A market in 2025.
Economy - Wed, December 10, 2025 | 3:19 pm GMT+7
Coteccons plans $53 mln bond issue to fund contractor payments, employee bonuses
Coteccons Construction JSC (HoSE: CTD), one of Vietnam’s largest builders, has approved a plan to raise VND1.4 trillion ($53 million) through a bond issuance, primarily to settle payables to subcontractors and suppliers.
Companies - Wed, December 10, 2025 | 2:03 pm GMT+7
Only 10 FDI companies listed in Vietnam, an 'extremely small figure': market watchdog
Despite their strong presence and significant contribution to Vietnam’s economy, the number of FDI enterprises listed on the local stock market remains far below potential, said State Securities Commission (SSC) chairwoman Vu Thi Chan Phuong.
Finance - Wed, December 10, 2025 | 11:46 am GMT+7
HCMC needs to unlock Can Gio’s maritime potential: experts
Ho Chi Minh City is entering a pivotal phase to move closer to becoming a regional “mega city,” with the planning and development of Can Gio’s maritime space seen as a driving force.
Economy - Wed, December 10, 2025 | 8:00 am GMT+7
Indonesia seeks new oil and gas sources
Indonesia’s Geological Agency has launched an airborne survey in Sulawesi to identify potential new oil and gas reserves as the government is seeking to expand hydrocarbon exploration and attract fresh investment.
Southeast Asia - Tue, December 9, 2025 | 9:26 pm GMT+7
Construction giant Vinaconex to acquire 98% stake in state-controlled Viwaseen
Vietnam’s leading construction firm Vinaconex (HoSE: VCG) has approved a plan to acquire 98.16% of Viwaseen Corporation in a deal expected to cost around VND1.23 trillion ($46.69 million).
Companies - Tue, December 9, 2025 | 5:43 pm GMT+7
Jollibee earns over $58 mln from fried chicken, coffee chains in Vietnam in Jan-Sept
The Philippines’ Jollibee Foods Corporation (JFC) earned an EBITDA (earnings before interest, taxes, depreciation, and amortization) of nearly PHP3.47 billion ($58.32 million) from its fried chicken chain Jollibee and Highlands Coffee chains in Vietnam in the first nine months of this year.
Companies - Tue, December 9, 2025 | 5:39 pm GMT+7
Lawmakers urge incentives for private investment in offshore wind power
Vietnamese lawmakers have called for stronger policy incentives to encourage private investment in offshore wind power and small modular nuclear reactors (SMRs), as the country seeks to meet rising energy demand while ensuring emissions reduction.
Energy - Tue, December 9, 2025 | 4:57 pm GMT+7
De Heus seeks to build agri chain in central Vietnam province Gia Lai
The De Heus-Hung Nhon joint venture is eyeing investing in a series of large-scale projects involving livestock farming, processing, and raw materials development in Gia Lai province.
Industries - Tue, December 9, 2025 | 1:50 pm GMT+7
