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%.
An illustration of Vinhomes Global Gate urban area project in Dong Anh district, Hanoi. Photo courtesy of Vinhomes.
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
Inland port opens in southern Vietnam province Tay Ninh, set to become border logistics hub
The 16.5-hectare Tan Cang-Moc Bai inland port in Tay Ninh province, southern Vietnam has been opened, offering logistics services and handling customs clearance for imports and exports.
Infrastructure - Tue, October 21, 2025 | 12:03 pm GMT+7
State-managed property trading centers will help curb speculation, price manipulation: expert
Establishment of state-managed real estate trading centers is expected to create a transparent transaction channel, helping control and limit speculation and price manipulation in the Vietnamese market.
Real Estate - Tue, October 21, 2025 | 8:37 am GMT+7
Vietnam's benchmark VN-Index records sharpest drop in 25-year history
VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), saw the sharpest decline in its 25-year history on Monday, down by 94.76 points, or 5.47%, to 1,636.43.
Finance - Mon, October 20, 2025 | 5:49 pm GMT+7
Construction contractor Coteccons sets record FY2026 targets, capital base hike via share issue
Coteccons Construction JSC (HoSE: CTD), one of Vietnam’s largest construction contractors, has set ambitious targets for its fiscal year 2026, driven by a record order backlog and its push into international markets.
Companies - Mon, October 20, 2025 | 4:50 pm GMT+7
Real estate, gold markets to be fully established by 2026: Prime Minister
Vietnam plans to complete comprehensive legal framework for its financial, real estate, and gold markets by 2026 as part of a broader effort to modernize market infrastructure and accelerate economic growth, said Prime Minister Pham Minh Chinh.
Finance - Mon, October 20, 2025 | 3:33 pm GMT+7
Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province
Vietnam’s Ministry of Public Security has broken ground on a 60,000-seat domed stadium in the northern province of Hung Yen, set to become the country’s most technologically advanced sports venue.
Society - Mon, October 20, 2025 | 2:48 pm GMT+7
Workforce and logistics - keys to sustainable e-commerce growth in Vietnam: experts
Businesses and online shop owners in Vietnam should pay greater attention to human resources and logistics, considering these factors “keys” to competitive advantage in the increasingly volatile e-commerce market, according to experts.
Economy - Mon, October 20, 2025 | 10:54 am GMT+7
Construction stocks ignite Vietnam’s market rally by year-end
FDI inflows into Vietnam are hitting record highs, while faster public investment disbursement and stable construction material costs are fueling a late-year surge in construction stocks, analysts said.
Finance - Mon, October 20, 2025 | 10:44 am GMT+7
Vietnam's central bank struggles to rein in cross-ownership
Cross-ownership and bank manipulation in Vietnam have eased, yet control remains elusive as shareholders and related parties conceal ownership through nominees, the State Bank of Vietnam (SBV) said in a report to the country’s legislature.
Banking - Mon, October 20, 2025 | 8:34 am GMT+7
Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam
Viettel Post, a subsidiary of military-run Viettel Group, has broken ground on an over VND722 billion ($27.41 million) logistics center project in Danang city, which is expected to enhance the logistics capacity of Vietnam's central and Central Highlands regions.
Industries - Sun, October 19, 2025 | 7:35 pm GMT+7
Vietnam's stock market regulator introduces green bond disclosure handbook
By enhancing transparency and standardizing disclosures, the Green Bond Disclosure Handbook that the State Securities Commission of Vietnam (SSC) introduced will build investor trust, reduce greenwashing risks, and support the growth of a credible and resilient green finance market in Vietnam.
Finance - Sun, October 19, 2025 | 2:11 pm GMT+7
Central Vietnam province Lam Dong seeks investment for 72 projects
The Lam Dong province People's Committee has called for investment in 72 projects across various sectors which are set for implementation in 2025 and the 2026-2030 period.
Industries - Sun, October 19, 2025 | 1:31 pm GMT+7
Vietnam's leading conglomerate Vingroup ventures into senior living market
Vingroup JSC (HoSE: VIC) has unveiled Vin New Horizon, a network of premium retirement and wellness communities built to international standards, marking the Vietnamese conglomerate’s strategic entry into the senior living market.
Industries - Sun, October 19, 2025 | 12:28 pm GMT+7
Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years
Vietnam’s agri major Hoang Anh Gia Lai JSC's (HAGL) return to real estate is an accident, after discovering a plot of land the company had “forgotten for 15 years” during its boom years, said chairman Doan Nguyen Duc.
Companies - Sun, October 19, 2025 | 10:02 am GMT+7
REE to set up 2 subsidiaries for wind projects in southern Vietnam
Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (HoSE: REE) has decided to establish two wholly-owned subsidiaries to develop two wind power projects in Vinh Long province, expanding its renewable energy portfolio in southern Vietnam.
Energy - Sun, October 19, 2025 | 8:00 am GMT+7
Australian CEO detained, NSH Petro’s recovery hopes collapse
The recovery prospects of NSH Petro (PSH) have dimmed after its Australian CEO was detained on allegations of fraud involving false promises of billion-dollar financing that led to the misappropriation of nearly $4.9 million.
Companies - Sat, October 18, 2025 | 6:53 pm GMT+7
















