Value of assets of Vietnamese private group Vingroup increases by 8.2%

Private conglomerate Vingroup reported a total value of its assets of VND722.26 trillion (US$28.5 billion) as of June 30, 2024, up 8.2% year-on-year and VND55 trillion (US$2.17 billion) more than as of December 31, 2023.

This was the first time that the company’s total assets exceeded VND 700 trillion.

In the first six months, Vingroup, listed on the Ho Chi Minh Stock Exchange (HoSE) as VIC, recorded consolidated revenue of VND65 trillion (US$2.57 billion), with positive changes in residential real estate, tourism and entertainment. Consolidated profit after tax reached VND2.02 trillion (US$79.75 million).

In the second quarter alone, the group recorded revenue of more than VND43.3 trillion (US$1.71 billion), pre-tax profit of over VND4 trillion and after-tax profit of VND684 billion.

VinFast, Vingroup’s EV subsidiary, delivered 21,747 electric cars in the first half of 2024, an impressive 92% growth compared to the same period in 2023. The figure in the second quarter of 2024 was 12,058, up 24% quarter-on-quarter and 26% year-on-year.

Another notable achievement in the first half of 2024 was the acceptance of official deposits for VinFast’s mini SUV model VF 3 in the Vietnamese market and the announcement of a record number of 27,649 non-refundable orders in just 66 hours.

In Indonesia, the company opened a store with two car models, VF e34 and VF 5, and started construction of an electric vehicle assembly factory in Subang, West Java. The factory is scheduled to start operations in the fourth quarter of 2025 and will produce the right-hand drive car models VF 3, VF 5, VF 6 and VF 7.

In the Philippines, VinFast opened its first three stores selling the VF 5, VF 7 and VF 9 car models to local consumers.

In the coming period, the focus will be on optimizing cost and resource management and improving operational and business efficiency, it said. The company plans to deliver around 80,000 vehicles in 2024, 2.3 times more than in 2023. The plant in the US state of North Carolina is scheduled to go into operation in 2028.

In the trade and services sector, the real estate arm Vinhomes reported sales of VND51 trillion ($2 billion) in the first half of 2024 and unrecorded sales of VND118.7 trillion at the end of the second quarter.

In addition to its impressive sales achievements, Vinhomes has also pioneered the creation of large-scale amenities to add value to real estate projects. These include the pedestrian Vu Yen Park, Europe Square and K-Park Korean Cultural Park on Vinhomes Royal Island in the northern port city of Hai Phong, K-Town – a “new Korean center” and Little Hong Kong in the “destination city” of Ocean City in the northern province of Hung Yen.

In parallel with the recovery of the tourism industry, the group’s resort arm Vinpearl also saw its business improve. A total of 452,000 room nights were sold in the second quarter, an increase of 25% compared to the same period last year. VinWonders and Vinpearl Golf recorded year-on-year revenue increases of 52% and 17% respectively.

Vingroup’s education subsidiary Vinschool established five more institutions that received CIS accreditation in the second quarter of 2024, bringing the total to 15.

VIC closed at VND40,750 ($1.61) per share on Friday.