Wednesday , November 29 2023

Vingroup revenue inches up in 2022

Vingroup’s revenues rose by 1% to VND130.5 trillion (US$5.57 billion) last year, but its auto and property businesses fared poorly.

It reported a post-tax profit of VND2 trillion as against a loss of VND7.6 trillion in 2021.

Its auto subsidiary, VinFast, sold 7,400 electric vehicles last year for revenues of VND13.5 trillion, down 25%.

But sales are expected to rise this year as it has received orders for 68,000 EVs.

Vinhomes also saw revenues plummet by 25% to VND62.4 trillion.

But the value of new contracts signed last year rose by 62% to VND128.2 trillion.

“The property sector is set to record large revenues in 2023 thanks to the continued handover of a large number of units,” Vingroup said in a statement.

Vingroup’s other businesses saw growth.

Vincom Retail, which operates malls, saw revenues jump by 24% to VND7.31 trillion and post-tax profits by 108% to VND2.74 trillion.

Entertainment and hospitality firm Vinpearl rented out 1.3 million rooms last year, up 60% from 2021.

Vingroup raised nearly $1.1 billion from the international capital markets last year.

VinFast has filed an application with the U.S. Securities and Exchange Commission to list in the stock market.

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