Vinhomes posts 2.5-fold growth in Q1 after-tax profit
Vinhomes, a subsidiary of Vietnam’s largest listed conglomerate Vingroup, reported an after-tax profit of VND11.92 trillion ($507.65 million) in the first quarter of 2023, 2.5 times higher than the same period last year.
Its net revenue reached nearly VND29.3 trillion ($1.25 billion), a 3.3-fold rise year-on-year, mainly thanks to the handover of 2,600 low-rise housing units at its Vinhomes Ocean Park 2 Grand project in Van Giang district, Hung Yen province, according to the firm's Q1 consolidated financial statement.
Vinhomes' total assets exceeded VND377 trillion ($16.05 billion), an increase of over 4% from the beginning of the year, including VND117.2 trillion in short-term receivables. Its equity hit over VND160 trillion ($6.8 billion), with undistributed profit worth nearly VND112 trillion ($4.77 billion).
At its annual general meeting scheduled for April 27, Vinhomes will ask shareholders to approve a 2023 revenue target of VND100 trillion ($4.25 billion) and after-tax profit of VND30 trillion ($1.28 billion), up 60% and 3% year-on-year, respectively.
The firm, listed on the Ho Chi Minh Stock Exchange (HoSE) as VHM, aims to push sales of remaining apartments at Vinhomes Ocean Park 2 and 3 in Hung Yen province. It plans to launch new big urban area projects this year, depending on market conditions.
Illustration of Vinhomes Ocean Park 2 in Hung Yen province's Van Giang district. Photo courtesy of the company.
Earlier in March, Reuters reported that Singaporean real estate giant CapitaLand Group is in talks to acquire assets worth roughly $1.5 billion from Vinhomes.
It cited insiders as saying CapitaLand is considering buying part of Vinhomes' Ocean Park 3 project, a 294-hectare resort city-style development near Hanoi, and another project in the northern city of Hai Phong.
Vinhomes will continue opening two social housing projects named Happy Home for sale in Thanh Hoa and Quang Tri provinces. The firm will also complete the legal process to expand Happy Home to Hai Phong city, Hung Yen province and Khanh Hoa province. This is one of Vinhomes’ development focuses.
The developer is actively promoting investment activities to increase the occupancy rate of industrial real estate projects in Cat Hai district, Hai Phong city.
With the advantage of land funds, experience in project development and factors supporting industry growth, Vinhomes will also finish the legal process and build infrastructure for some industrial park (IP) projects this year.
The firm will research and apply modern industrial real estate models like smart IPs, ecological IPs, and large-scale specialized IPs, it said.
On the HoSE, VHM was sold for VND50,500 ($2.15) per share at the Monday session.
- Related News
- Read More
Vingroup stocks pull VN-Index up for sixth consecutive session
VN-Index, which represents the Ho Chi Minh Stock Exchange, on Friday increased for the sixth consecutive session thanks to large-cap stocks, with foreign investors continuing to strongly net buy.
Finance - Fri, July 11, 2025 | 7:20 pm GMT+7
Coca-Cola inaugurates largest-scale Vietnam factory in Tay Ninh province
Coca-Cola Beverages Vietnam on Friday inaugurated a $136 million factory in Tay Ninh province, the largest-scale among its four facilities in Vietnam.
Industries - Fri, July 11, 2025 | 5:27 pm GMT+7
Vietnam halts use of German ODA loans for HCMC metro line
The Government has approved a proposal by Ho Chi Minh City to stop borrowing official development assistance (ODA) loans from Germany’s KfW development bank for Metro Line No. 2 and instead use domestic funds to avoid further delays.
Economy - Fri, July 11, 2025 | 3:25 pm GMT+7
Seventeen housing projects foreigners allowed to buy in HCMC
Ho Chi Minh City has announced a list of 17 residential projects located in areas where foreign organizations and individuals are allowed to own houses.
Real Estate - Fri, July 11, 2025 | 3:17 pm GMT+7
Auto enterprises to enjoy preferential import tariff policies
The Government has issued a decree amending and supplementing Decree No. 26/2023/ND-CP on the export and preferential import tariff schedules, as well as the lists of goods subject to absolute tax, mixed tax, and out-of-quota import duties.
Companies - Fri, July 11, 2025 | 2:13 pm GMT+7
Korean chaebol Samsung’s revenue makes up 13% of Vietnam’s GDP in 2024
Samsung’s revenue and export in Vietnam accounted for approximately 13.12% of the country’s GDP and 13.4% of its total export turnover in 2024, respectively, according to the National Statistics Office.
Companies - Fri, July 11, 2025 | 2:09 pm GMT+7
JPMorgan upgrades Vietnam stocks to overweight following US tariff deal
JPMorgan Chase has upgraded Vietnam stocks to overweight after the country became the first Southeast Asian nation to reach a preliminary tariff deal with the U.S.
Economy - Fri, July 11, 2025 | 11:38 am GMT+7
Vietnam government bond issuance surges nearly 70% in June
The Hanoi Stock Exchange (HNX) held 16 government bond auctions in June, raising nearly VND30.5 trillion ($1.2 billion), up 68.8% from May.
Finance - Fri, July 11, 2025 | 9:30 am GMT+7
Xuan Truong Company asked to make feasibility study for airport proposal in northern Vietnam
The Ministry of Construction has asked Ninh Binh authorities to prepare a feasibility study on the potential development of an international airport in the province, the ministry said in a report submitted to the Government regarding a proposal from private construction company Xuan Truong.
Companies - Fri, July 11, 2025 | 9:18 am GMT+7
Vietnam-US tariff agreement: A strategic turning point toward deeper integration
The tariff agreement between Vietnam and the U.S. marks not only a trade or diplomatic breakthrough but also reflects a long-term strategic vision, bold foreign policy, and Vietnam’s commitment to deep global integration, writes Nguyen Tuan Viet, an export promotion expert and CEO of Vietgo.
Opinion - Fri, July 11, 2025 | 9:00 am GMT+7
Apple supplier Luxshare enjoys 0% corporate income tax in central Vietnam province
China’s Luxshare-ICT, a key supplier to Apple, reported that its subsidiaries in Vietnam’s central province of Nghe An enjoyed a 0% corporate income tax last year.
Companies - Fri, July 11, 2025 | 8:00 am GMT+7
Intel’s 20 years in Vietnam: $1.5 bln invested, 4 bln chips produced
U.S. chip maker Intel has invested over $1.5 billion in its nearly 20 years in Vietnam and exported more than 4 billion products, contributing over $100 billion to Vietnam’s export revenue.
Industries - Thu, July 10, 2025 | 10:05 pm GMT+7
HCMC’s new master plan should prioritize breakthrough growth in finance, high technology, logistics: expert
Ho Chi Minh City should promote university-oriented urban models and innovation ecosystems built on the “quadruple helix” framework - collaboration among the government, universities, businesses, and the community.
Economy - Thu, July 10, 2025 | 9:42 pm GMT+7
UAE tech firm G42, Vietnamese partners plan $2 bln hyperscale data center in southern Vietnam hub
The United Arab Emirates's (UAE) state-backed firm G42 plans to partner with Vietnamese companies to develop a $2 billion hyperscale data center in Vietnam's southern hub Ho Chi Minh City.
Industries - Thu, July 10, 2025 | 4:22 pm GMT+7
Petrovietnam rakes in $19.5 bln in H1 revenue
State-owned Petrovietnam reported total revenue of VND510 trillion ($19.5 billion) in the first half of this year, driven by strong production performance.
Companies - Thu, July 10, 2025 | 4:03 pm GMT+7
Sustained momentum seen across all Vietnam's real estate sectors: Knight Frank
Ho Chi Minh City and Hanoi saw solid office leasing and apartment market rebounds after the Lunar New Year holiday (Tet). Industrial land surged with record H1 supply and strong absorption, underscoring Vietnam's appeal, while eased visa policies and new direct international flights continue to support 5‑star hotels in both the cities, write Knight Frank analysts.
Real Estate - Thu, July 10, 2025 | 2:37 pm GMT+7
