VietNamNet Bridge - Many large listed corporations have reported huge profits of trillions of dong.

From left: Tran Dinh Long, Pham Nhat Vuong, Nguyen Thi Phuong Thao, Tran Ba Duong

Vinhomes JSC (VHM), a subsidiary of Vingroup, the conglomerate owned by Vietnam’s first dollar billionaire Pham Nhat Vuong, has released its Q2 finance report, showing its highest ever profit and higher than the profit of any other enterprise in the Vietnamese stock market, including banks.

The pretax profit of Vinhomes reached VND5 trillion, while the post-tax profit was VND3.9 trillion, up by 90 times and 560 times, respectively, compared with the same period last year.

As such, in the first six months of 2018, Vuong’s Vinhomes had pre-tax profit of VND10 trillion. Meanwhile, Vietcombank, a ‘big guy’ in the banking sector, had VND8 trillion and PV Gas VND7.3 trillion.

Vinhomes’ profit is three times higher than that of Masan Group (MSN) owned by billionaire Nguyen Dang Quang, three times higher than that of Sabeco (SAB), the largest brewer in Vietnam, and five times higher than The Gioi Di Dong (MWG), the largest digital product distribution chain.

Vuong, the owner of Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE), continues to be the richest stock billionaire, leaving other billionaires, including Nguyen Thi Phuong Thao (Vietjet Air VJC) and Tran Dinh Long (HPG) far behind.

The stock market witnessed nine businesses reporting pre-tax profit of over VND5 trillion for the first half of the year. Vingroup (VIC), the holding company of Vinhomes, got VND6.3 trillion, while three others are commercial banks – VietinBank, Techcombank and BIDV.

Commercial banks were the first businesses which reported the profit boom. Vietcombank’s profit increased by 53 percent, TP Bank’s profit was double, while the majority of banks had profit increasing by 50-150 percent.

Non-banking businesses also made impressive profits of tens or hundreds of percent. Though traditional retailers had to compete fiercely with e-commerce and online sellers, MWG of Nguyen Duc Tai still had profit and revenue increasing by more than 40 percent thanks to the sale network expansion.

Vuong, the owner of Vingroup (VIC), Vinhomes (VHM) and Vincom Retail (VRE), continues to be the richest stock billionaire, leaving other billionaires, including Nguyen Thi Phuong Thao (Vietjet Air VJC) and Tran Dinh Long (HPG) far behind.

According to Vietnamese analysts, Vuong now has VND208 billion, or $8.8 billion. Meanwhile, Forbes put Vuong at No 213 in its list of the world’s richest billionaires with total assets of $7.3 billion as of July 6.

Vuong’s Vingroup is a conglomerate with very high annual growth rate which has seen value increasing by thousands of times in the last 10 years. VIC share price has soared by 3.3 times just over the last year and reached an all-time peak.

Thao of Vietjet remains in the second position in the list of top billionaires with $2.9 billion worth of assets as of August 6, according to Forbes.

US$1=VND22,000

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