VnExpress News The News Gateway of Vietnam
Vingroup had debts of nearly VND400 trillion ($17.08 billion) as of June, with a debt-to-asset ratio lower than the property sector’s average.
The group said in its latest earnings report that 41.97% of its debt was owed to banks, credit organizations and bonds.
More than a third of the sum (33.78%) are payments made by customers and partners for properties yet to be handed over. Accounted now as debt, it will turn into revenue when the properties are handed over to customers.
The remaining 24.25% of the total debt is what Vingroup owes to suppliers, tax authorities and contractors.
Vingroup has a debt-to-asset ratio of 0.24, lower the 0.27 average of 40 listed property developers in Vietnam.
The company recorded revenues of over VND31.6 trillion in the first six months, down nearly half year-on-year as its property projects are under construction. They are set to be handed over to customers in the remaining months of the year.
The group saw revenue from hotels and entertainment surging 80% year-on-year in the first half of this year.
Revenue from medical and education services grew by 43.6% and 14%, respectively.
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