Vingroup targets record revenue of $8 bln in 2023

Vietnam’s biggest private corporation Vingroup JSC is targeting a net revenue of VND190 trillion ($8 billion) in 2023, up 86.6% year-on-year and also a record high for the business.

Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, is also eyeing post-tax profit of VND2 trillion ($85.25 million) this year, unchanged from 2022, according to documents released for its annual general meeting in May.

Regarding its operations in 2023, VinFast, the automobile arm of Vingroup, will develop its sales network in target markets at home and abroad, speeding up sales and handing over products in key markets, particularly the U.S. It will also implement a direct marketing strategy, offer test-drives, and promote new models at motor exhibitions.

The company is delivering its VF 5, VF 8 and VF 9 models and preparing to launch production of the VF 6 and VF 7, while accelerating the implementation of a production plant in North Carolina.

VinFast will also continue to research and produce other environmentally friendly vehicles such as electric buses, motorbikes, and bicycles.

VinES Energy Solutions will provide complete energy solutions, firmly supporting VinFast's strategy of self-reliance on input materials, and focusing on perfecting production, research and development capacity and global strategic cooperation.

In the housing sector, which is forecast to continue to be affected by the macro-economy and policy environment, Vinhomes will take full advantage of its land fund to develop smart, green urban projects with full utilities.

In addition, the Happy Home model will be the development focus of Vinhomes in the near future, integrating a fully-fledged utility model with schools, commercial centers, children's play areas, parks, and sports areas.

In the industrial real estate segment, Vinhomes IZ will closely follow foreign direct investment (FDI) cash flow, and focus on researching and applying smart industrial real estate models, including ecological industrial parks and large-scale specialized industrial parks.

In 2023, Vincom Retail plans to open two new trade centers, focusing on continuing to accompany strategic tenants in expanding coverage in potential provinces and cities, as well as promoting the expansion of the network of new tenants under two groups of international brands and Vietnamese brands.

In the field of resort tourism and entertainment, Vinpearl aims to continue a strong recovery with the expectation that the tourism industry will prosper again in 2023, with a large proportion of contributions coming from the hotel and tourism, food and entertainment, and golf facilities.

Vingroup also plans to submit a plan to issue bonds worth up to VND5 trillion ($213.13 million) with a par value of VND100,000 ($4.26) per bond.

Regarding personnel issues, Vingroup has asked shareholders to dismiss Yoo Ji Han from the board of directors and elect Chun Chae Rhan as his replacement.

Vingroup will also submit to shareholders a profit distribution plan, under which VND5 billion ($213,100) will be added to its reserve fund. All remaining profits will be used for production and business activities.