Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan

By Hai Yen
Sun, November 17, 2024 | 9:00 am GMT+7

Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.

This move marks a significant step for Vinpearl to go public on the stock market later this year as expected by its executives.

Vinpearl, 88.55% held by Vingroup, is one of the leading tourism and leisure service providers in Vietnam.

It currently owns 10 hotels and resorts across Phu Quoc island off the southern province of Kien Giang, Nha Trang town in the central province of Khanh Hoa, the ancient town of Hoi An in the central province of Quang Nam, and the northern province of Quang Ninh.

Vinpearl Nha Trang resort and recreational complex in Khanh Hoa province, central Vietnam. Photo courtesy of the firm.

Vinpearl Nha Trang resort and recreational complex in Khanh Hoa province, central Vietnam. Photo courtesy of the firm.

Vinpearl announced that it posted nearly VND2.58 trillion ($104.48 million) in net profit in the first half of 2024, up 2.8-fold from the same period last year.

In the second quarter of this year, it recorded 452,000 room bookings, up 25%. Its recreational brands, VinWonders and Vinpearl Golf, saw Q2 revenues increase by 52% and 17%, respectively.

As of end-June, Vinpearl posted owners’ equity at VND31.51 trillion ($1.28 billion), up 136.6% year-on-year. Its debt-to-equity ratio dropped from 2.31 as of June 2023 to 1.15, equivalent to liabilities of VND36.2 trillion ($1.43 billion). Of the amount, undue bonds were worth VND11 trillion ($433.24 million).

As such, Vinpearl’s total assets amounted to VND67.75 trillion ($2.74 billion) as of June 30.

Vinpearl was initially listed on the Ho Chi Minh Stock Exchange as VPL in early 2008. In late 2011, it merged with shopping mall operator Vincom to form Vingroup, so VPL was changed to VIC, the ticker of Vingroup.

In August, it raised $150 million worth of five-year bonds in Singapore. The firm sold 750 bonds, with maturity due on August 20, 2029, at a par value of $200,000 each, according to a filing to the Hanoi Stock Exchange (HNX).

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