return icon

Billionaire's companies make big profits during difficult period

The businesses owned by the dollar billionaire Pham Nhat Vuong have all reported record-high revenue at a time when the real estate market has been bogged down in difficulty.
Billionaire Pham Nhat Vuong, President of Vingroup

Vingroup has record revenue, high inventory

Vingroup (VIC) has released Q4 2022 financial report which shows an 18 percent increase in revenue compared with the same period in 2021, the highest level so far, at VND41.2 trillion. Its post-tax profit was VND410 billion, while it took a loss of VND9.284 trillion in Q4 2021.

These are impressive business results amid the difficult real estate market and sudden cash flow decline in the last quarter of 2022 with credit exhaustion, frozen corporate bond market and interest rate hikes.

The record-high revenue is  attributed to real estate transfer deals, worth VND29.2 trillion in total, up by 26 percent.

In Q4, Vingroup had big revenue from low-rise real estate products at Vinhomes Ocean Park 2 (The Empire). This is a super-project in Hung Yen, comprising 1,300 products developed at lightning speed.

Meanwhile, other business fields, including real estate leasing, hotel services, tourism, entertainment, healthcare and education brought higher revenue, but just made up 29 percent of total revenue.

Vingroup’s production activities saw a 12 percent decrease to VND3.6 trillion, which is partially attributed to the stop of gasoline-run VinFast car sales.

For 2022, Vingroup had revenue of VND101.5 trillion, down by 19 percent from 2021, while post tax profit reached VND1.982 trillion (it was minus VND7.558 trillion in 2021). 

Real estate transfers brought the highest revenue to Vingroup, while real estate leasing brought 8 percent of revenue (VND8.11 trillion).

Vingroup’s assets increased by 34 percent by the end of 2022, while its cash rose to VND28 trillion. 

However, inventory also increased by VND50 trillion to VND103.7 trillion. Total accounts payable increased by 63 percent to VND439 trillion.

Vinhomes booms after pandemic

In Q4 2022, Vinhomes (VHM) had net consolidated revenue of VND32 trillion, up by 34 percent, thanks to the handover of 2,200 more real estate products at Vinhomes Ocean Park 2.

Its post-tax profit reached VND8.952 trillion, lower than the VND11.703 trillion in Q4 2021.

For 2022, Vinhomes reported revenue of VND62.4 trillion, a sharp fall compared with the VND85 trillion in 2021. Its post-tax profit was VND28.6 trillion in 2022, lower than the VND38.8 trillion in 2021.

According to Vinhomes, the value of the contracts signed in 2022 reached a record high of VND128 trillion thanks to the economic recovery after the pandemic.

Its financial report shows that Vinhomes’ assets soared to VND185.2 trillion by the end of 2022 from the VND94.4 trillion in 2021. However, the inventory rose from VND28.6 trillion to VND65.8 trillion.

Vincom Retail profit doubles

Vincom Retail (VRE) saw revenue increasing sharply in Q4, from VND1.367 trillion to VND2.084 trillion, and post-tax profit increasing by 6.5 times to VND791 billion.

For 2022, VRE’s revenue reached VND7.309 trillion, up by 24 percent, and post-tax profit VND2.736 trillion, twice as much as the same period of the year before (VND1.315 trillion).

In 2022, Vincom Retail opened three new shopping centers, including Vincom Mega Mall Smart City (Hanoi), Vincom Plaza My Tho, Vincom Plaza Tran Huynh in Bac Lieu, raising the total number of shopping centers it has to 83, located in 44 cities/provinces.

Share prices up

The prices of many shares, including VIC, VHM and VRE, increased sharply in the first days of the Year of the Cat, which helped Vuong’s stock assets increase by $400 million compared with early 2023.

According to Forbes, as of Jan 27, Vuong had total assets of $4.5 billion.

The shares of the companies owned by Vuong have seen impressive price increases, serving as the ‘pillar’ of the stock market. 

On Jan 28, VIC price increased by VND1,800 per share to VND59,200, VHM by VND1,100 to VND53,300 and VRIE VND650 to VND30,300.

According to Bloomberg, VinFast might have an IPO (initial public offering) in the first months of 2023 and could mobilize at least $1 billion worth of capital.

Manh Ha


Nguyen Thi Tam wins silver at World Boxing Champs

Vietnamese boxer Nguyen Thi Tam lost 0-5 to world defending champion Nikhat Zareen (India) in the final match of the IBA Women’s World Boxing Championships on March 26 evening.

Da Nang releases MV to stimulate tourism

A music video entitled “Tuyet voi Da Nang" (Da Nang FanstastiCity) was officially released on several media platforms on March 25, aiming to promote images of the central beach city to both domestic and foreign tourists and stimulate travel demand.

Sapling from world's longest-living Bodhi tree planted in Bai Dinh pagoda

A sapling marcotted from a 2,300-year-old Bodhi tree (also known as sacred fig with the scientific name of Ficus religiosa), the oldest of its species in the world, has been planted at the Bai Dinh pagoda in the northern province of Ninh Binh.

Cruise ship brings more than 2,000 int’l visitors to Ha Long

Malta-flagged cruise ship Mein Schiff 5 docked at Ha Long international port in the northern province of Quang Ninh province on March 26, carrying 2,191 European visitors to the locality.

Mekong Delta develops trademarks for specialties

Building and developing trademarks and obtaining certificates of origin are considered effective ways to create added value for products, thus expanding markets for specialties of the Mekong Delta.

Vietnam named in Agility’s top 10 Emerging Markets Logistics Index 2023

Vietnam has been ranked in the top 10 places in the 2023 Agility Emerging Markets Logistics Index compiled by Agility, one of the world’s top freight forwarding and contract logistics providers.

Boxer Nguyen Ngoc Hai wins WBA belt

Nguyen Ngoc Hai defeated Campee Phayom of Thailand with a knock-out victory at Vietnam's largest professional boxing tournament LEAD: Born to Lead to win the vacant World Boxing Association Asia South super lightweight title in HCMC on March 25.

Cumbersome procedures destroy creativity

Principles and regulations are set to serve development, but, ironically, many of them have become obstacles that hinder development.

AIS issues warning about software security flaws in Vietnam

The Authority of Information Security (AIS) has requested agencies, organizations and businesses to check systems affected by six security vulnerabilities in Microsoft’s products, and update them with patches to avoid the risks of being attacked.

VN corporate bond market warms up after lackluster year

Real estate firms and leading enterprises issued nearly one billion USD worth of corporate bonds within two weeks after the government released a decree, removing obstacles for enterprises.


Roof proposed for HCM City Walking Street

New tech promises fewer delays at country’s biggest airports

The Civil Aviation Authority of Vietnam has just approved to pilot the implementation of the Airport Collaborative Decision Making (A-CDM) model at the country's two biggest airports of Tan Son Nhat and Noi Bai.

VN National Tourism Year 2023 kicks off in Binh Thuan

The ’Bình Thuan-Green Convergence’ themed programme seeks to drive green growth and promote tourism development through collaboration with other economic sectors for sustainable progress.


Gov’t instructs acceleration of public investment disbursement

35 Vietnamese students compete at Int’l Robothon 2023

Thirty-five Vietnamese contestants will compete in the Leanbot category as part of the International Robothon 2023 contest due to get underway in Malaysia on March 26.