Vingroup subsidiary's 9-month profit surpasses year's target
Vietnam Exhibition Fair Centre JSC, a subsidiary of conglomerate Vingroup, posted an after-tax profit of VND264 billion ($10.49 million) in the first nine months of 2024, exceeding the year's target of VND250 billion, despite a year-on-year decrease of 23%.
In its Q3/2024 financial statement, the company, listed on the Unlisted Public Companies Market (UPCoM) as VEF, said its total net revenue reached VND4.5 trillion ($178.82 million) in the nine-month period, nearly double the figure in the same period last year.
In Q3 alone, the firm’s net revenue from service provision hit VND4 billion ($158,951), a sharp rise from the VND247 million recorded one year ago. Its financial revenue reached VND129 billion ($2.13 million), a 14% year-on-year drop.
Due to financial expenses of over VND11.2 billion and other costs, VEF reported a net profit of VND84.6 billion ($3.36 million) in the quarter, a decline of 27% compared to the same period in 2023.
As of September 30, VEF's total assets reached nearly VND35.6 trillion ($1.4 billion), increasing over VND24 trillion in just one quarter and VND25.7 trillion compared to the beginning of the year. Of this, VND22 trillion ($874.23 million) came from inventory, up over VND20 trillion from the year-beginning, while short-term receivables were VND11.58 trillion.
The inventory includes costs for ongoing business operations, including expenses related to the implementation of the Vinhomes Global Gate urban area project in Co Loa, Hanoi’s outlying district of Dong Anh.
The company recorded construction costs for the Ba Dinh Service Trade Center in Hanoi’s Ba Dinh district (VND150.8 billion); the National Exhibition Center in Dong Anh district (VND829.2 billion), and Vinhomes Global Gate (VND833.4 billion).
Its short-term receivables reached nearly VND11.6 trillion ($461 million) by the end of September, an increase of over VND7.3 trillion compared to the beginning of the year. Of this, receivables related to real estate activities with affiliated company Vinhomes totaled nearly VND11.4 trillion.
By the end of Q3, advance payments from buyers for Vinhomes Global Gate project approximated VND12.17 trillion ($483.6 million), as compared to only VND402 million on June 30.
Vinhomes Global Gate or Vinhomes Co Loa, spanning 385 hectares, has created a buzz in the real estate market. After breaking ground at the end of August, the project officially opened for sale in September.
The adjoining villas here are being offered for VND17-200 billion ($675,543-7.95 million) per unit, with the main product - adjacent houses - comprising 93% of the total offerings, primarily priced from VND17-36 billion, while the villas are being sold for VND40-200 billion.
According to a recent draft resolution seeking shareholders' opinions, VEF is collaborating with Vinhomes to implement the Vinhomes Global Gate new urban area project, where the former will receive 95% of all benefits generated, while the latter 5%.
In the stock market, VEF closed Friday at VND208,200 ($8.27) per share.
- Read More
Broken rice, other Vietnamese dishes among the best rice dishes in Southeast Asia
The renowned culinary website TasteAtlas.com has announced its ranking of the best rice dishes in Southeast Asia, highlighting a variety of traditional Vietnamese dishes. Notably, cơm tấm (broken rice) secured an impressive second place, underscoring the global appeal of Vietnamese cuisine.
Travel - Sun, December 1, 2024 | 9:58 pm GMT+7
Indonesia to launch B40 biodiesel program in 2025
Indonesia will officially implement the B40 biodiesel program starting January 1, 2025.
Southeast Asia - Sun, December 1, 2024 | 9:50 pm GMT+7
Thailand plans 'grand' travel year 2025
The Thai government is gearing up for its "Amazing Thailand Grand Tourism and Sports Year 2025", with events and special privileges planned to attract more visitors.
Southeast Asia - Sun, December 1, 2024 | 9:48 pm GMT+7
Vietnamese companies raise abundant proceeds from share offerings despite gloomy market
Though the local stock market is in a downturn, many large Vietnamese companies have been able to raise abundant proceeds by offering hundreds of millions of shares to shareholders.
Finance - Sun, December 1, 2024 | 4:02 pm GMT+7
Dragon Capital favors PV Drilling’s stock for short-term trading
Dragon Capital, one of the most prominent investment fund groups in Vietnam, has been actively trading PVD shares of PV Drilling, the drilling arm of state-owned Petrovietnam, with a stake ranging from 4.9% to 5.1%.
Finance - Sun, December 1, 2024 | 2:20 pm GMT+7
Indonesia eyes to use fuel subsidy scheme to strengthen purchasing power
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia has said that his ministry will proposed the Government a new fuel subsidy scheme that involves a combination of subsidised goods and direct cash transfer (BLT).
Southeast Asia - Sun, December 1, 2024 | 11:45 am GMT+7
HCMC-based Thuduc House appoints new CEO
Thuduc House has appointed Tran Thi Lien as general director, replacing Nguyen Hai Long who becomes its senior advisor.
Companies - Sun, December 1, 2024 | 11:39 am GMT+7
Vietnam Airlines allowed to expand chartered capital by maximum $868 mln
The Vietnamese parliament on Saturday allowed national flag carrier Vietnam Airlines to increase its charter capital by a maximum of VND22,000 billion ($868 million) by offering shares to existing shareholders.
Companies - Sun, December 1, 2024 | 9:42 am GMT+7
Nike’s Korean supplier to spend $26 mln on Lunar New Year bonuses for Vietnam workers
Changshin Vietnam, a South Korean-invested shoemaker and a supplier of Nike, plans to spend VND650 billion ($25.6 million) on Lunar New Year (Tet) bonuses for its workers.
Society - Sun, December 1, 2024 | 8:00 am GMT+7
Vietnam parliament greenlights $67 bln North-South high-speed railway project
The National Assembly, Vietnam's highest legislative body, on Saturday okayed the government's North-South high-speed railway proposal, with 443 out of 454 members voting in favor.
Investing - Sat, November 30, 2024 | 8:51 pm GMT+7
Vietnam resumes nuclear power project after 8-year pause
The National Assembly, Vietnam's legislature, has agreed to resume a nuclear power project in the south-central province of Ninh Thuan after an eight-year suspension.
Energy - Sat, November 30, 2024 | 8:20 pm GMT+7
Vietnam’s Thua Thien Hue province to become federally managed Hue city after parliament vote
Vietnam’s National Assembly approved a resolution Saturday to establish Thua Thien Hue province as Hue, a centrally-governed city, with 458 out of 461 delegates, or 95.62%, voting in favor.
Society - Sat, November 30, 2024 | 2:27 pm GMT+7
Vingroup transfers 80% stake in real estate subsidiary to foreign investors
Conglomerate Vingroup has decided to transfer an 80% stake in its real estate subsidiary, VYHT JSC, to foreign investor(s), the Vietnamese corporate giant announced in a board resolution.
Real Estate - Sat, November 30, 2024 | 2:10 pm GMT+7
Petrovietnam unit builds substation platforms for 1.5 GW offshore wind power project in Baltic Sea
Petrovietnam Technical Services Corp (PTSC), the technical arm of Vietnam’s state-owned Petrovietnam, has kicked off the construction of substation platforms for the 1.5-GW Baltica 2 offshore wind power project.
Energy - Sat, November 30, 2024 | 2:00 pm GMT+7
Vietnam requires e-commerce platforms to pay taxes on behalf of selllers starting 2025
Starting January 1, 2025, e-commerce and digital platforms will be required to declare and pay taxes on behalf of sellers operating on their platforms, according to Vietnam's amended Law on Tax Administration.
Economy - Sat, November 30, 2024 | 1:53 pm GMT+7
Bamboo Capital energy arm aims to spearhead clean energy, support sustainable development in Vietnam
Vietnamese private conglomerate Bamboo Capital says its response to climate change challenges is to have its energy arm BCG Energy pioneer the clean energy trend and contribute to the nation’s sustainable growth.
Bamboo Capital - Sat, November 30, 2024 | 1:30 pm GMT+7