Vingroup targets record revenue of $8 bln in 2023

By Khanh An, Tri Duc
Fri, April 28, 2023 | 6:28 pm GMT+7

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.

Vingroup's Landmark 81 skyscrapper in Ho Chi Minh City. Photo courtesy of Vinhomes.

Vingroup's Landmark 81 skyscrapper in Ho Chi Minh City. Photo courtesy of Vinhomes.

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.

Comments (0)
  • Read More
Trung Nam Ca Na seeks to convert agri-forest land for $147 mln industrial park in central Vietnam

Trung Nam Ca Na seeks to convert agri-forest land for $147 mln industrial park in central Vietnam

Industrial park developer Trung Nam Ca Na is seeking approval to convert about 170 hectares of agricultural and forest land for the construction of a VND3,875 billion ($147 million) project in Vietnam’s central coastal province of Khanh Hoa.

Industrial real estate - Wed, October 22, 2025 | 10:54 am GMT+7

PV Power's arm posts 5-fold jump in Q3 profit on margin recovery

PV Power's arm posts 5-fold jump in Q3 profit on margin recovery

PetroVietnam Power Nhon Trach 2 JSC (HoSE: NT2) reported a sharp rebound in third-quarter earnings as improved margins and higher revenue lifted profits nearly fivefold from a year earlier.

Companies - Wed, October 22, 2025 | 8:37 am GMT+7

TCBS overtakes SSI to become Vietnam’s largest securities company by market cap

TCBS overtakes SSI to become Vietnam’s largest securities company by market cap

Over 2.3 billion shares of Techcom Securities JSC (TCBS) debuted on the Ho Chi Minh City Stock Exchange (HoSE) on Tuesday. The stock, TCX, recorded the highest price and the largest market capitalization in the Vietnamese securities sector.

Finance - Tue, October 21, 2025 | 10:27 pm GMT+7

Indonesia’s palm oil industry becomes investment magnet

Indonesia’s palm oil industry becomes investment magnet

Indonesia’s palm oil sector attracted IDR52.7 trillion, or approximately $3.2 billion, in investment during the first nine months of this year, with the money going into enabling the country to capture more value out of its top commodity, the country’s Ministry of Investment reported.

Southeast Asia - Tue, October 21, 2025 | 9:34 pm GMT+7

Indonesia reports strong job, investment growth

Indonesia reports strong job, investment growth

The Indonesian Coordinating Ministry for Economic Affairs reported strong job and investment growth during the first year of President Prabowo Subianto’s administration, compared with the first year under his predecessor.

Southeast Asia - Tue, October 21, 2025 | 9:29 pm GMT+7

Singapore grants conditional approval for 1GW low-carbon power import from Malaysia

Singapore grants conditional approval for 1GW low-carbon power import from Malaysia

Singapore has granted conditional approval to import 1 GW of low-carbon electricity from the Malaysian state of Sarawak, marking a new phase in the energy partnership between the two countries.

Southeast Asia - Tue, October 21, 2025 | 9:26 pm GMT+7

Margin lending in Vietnam’s stock market hits record, but not worrisome

Margin lending in Vietnam’s stock market hits record, but not worrisome

Despite margin debt in Vietnam’s stock market surging sharply, experts believe that current margin pressure is not yet a major concern as top securities firms have significantly strengthened their capital buffers.

Finance - Tue, October 21, 2025 | 4:23 pm GMT+7

Lenders in Vietnam now in low-rate lending race: ACB exec

Lenders in Vietnam now in low-rate lending race: ACB exec

The biggest “headache” for banks in Vietnam now is that profit margins are getting thinner, said CEO of Asia Commercial Bank (ACB) Tu Tien Phat.

Banking & Finance - Tue, October 21, 2025 | 4:00 pm GMT+7

PV Gas - 35 years of innovation and technological leadership in Vietnam’s gas industry

PV Gas - 35 years of innovation and technological leadership in Vietnam’s gas industry

Over the past 35 years of establishment and development (1990-2025), PV Gas, a subsidiary of state-owned giant Petrovietnam, has affirmed its pioneering position in Vietnam’s gas industry, marked by a series of groundbreaking achievements in science and technology.

Companies - Tue, October 21, 2025 | 3:45 pm GMT+7

Vietnam's consumer finance major F88 achieves 90% of year's profit target after 9 months

Vietnam's consumer finance major F88 achieves 90% of year's profit target after 9 months

F88 Investment JSC (F88), a leading consumer finance company in Vietnam, reported a cumulative pre-tax profit of VND603 billion ($22.88 million) in the first nine months of 2025, a 2.5-fold increase year-on-year, reaching 90% of its full-year target of VND673 billion.

Companies - Tue, October 21, 2025 | 3:15 pm GMT+7

Vietnam corporate earnings to be driven by credit expansion, trading activity, property recovery

Vietnam corporate earnings to be driven by credit expansion, trading activity, property recovery

With Q3 earnings season underway, results are expected to come in broadly in line with expectations. Financials should remain the largest contributors, benefiting from credit expansion and trading activity, while real estate continues to recover as project launches and sales rates improve, writes Tung Dang, associate director at Dragon Capital.

Economy - Tue, October 21, 2025 | 2:33 pm GMT+7

Inland port opens in southern Vietnam province Tay Ninh, set to become border logistics hub

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

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

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

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

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