Le Phuoc Vu has gained a new high in his business career

Vinhomes’ newly released Q3 financial report shows that it is No1 among listed profitable businesses. The real estate firm of the dollar billionaire Pham Nhat Vuong reported a net profit of VND11.2 trillion in Q3 and VND27 trillion in the first nine months of the year, an increase of VND10 trillion compared with the same period last year.

Vinhomes, together with HoaPhat Group (steel manufacturer) and Vietcombank (banker), is lusted among the group of businesses with profits of over $1 billion. In 2019 and 2020, Vietcombank and Vinhomes were the first two listed companies making a profit of over $1 billion.

Mid-sized businesses have also reported a breakthrough in profits. HoaSen Group owned by Le Phuoc Vu continued reporting the high consolidated post-tax profit of VND4.3 trillion in 2020-2021, from July 1, 2020 to September 30, 2021, or 3.7 times higher than the year before.

Leading companies in the Vietnamese stock market all have reported impressive profit growth rates for the first three quarters of the year, though it was a difficult period because of Covid-19.

Some of them saw record growth rates and the highest levels in decades of operation.

The billionaires making the most money in the last nine months of the year included Pham Nhat Vuong, Tran Dinh Long, Ho Hung Anh, Nguyen Dang Quang and Nguyen Thi Phuong Thao.

Vietnam has recognized two new billionaires, including Nguyen Van Dat, president of Phat Dat Real Estate (PDR), and Do Anh Tuan, President of Sunshine Group, after new shares for SSH (Sunshine Homes) and KSFinance (KSF) entered the bourse.

Hoa Phat once stood at the first position among the most profitable businesses in H1. The steel manufacturer owned by billionaire Tran Dinh Long brought shareholders very high yields.

However, the first position has reverted to Vuong’s Vinhomes in Q3, which made big money from the delivery of many apartments with a high profit margin.

Before announcing the impressive business results in Q3, Vinhomes, the biggest real estate developer, saw share prices decreasing sharply and the capitalization value dropping by billions of dollars for a short time. Investors had concerns about sale activities and Vingroup’s pressure to sell VHM shares.

Vingroup has also kicked off a $10 billion project in Quang Ninh, which includes the Ha Long Xanh urban area in Quang Yen Town and Ha Long City; Dong Trieu Golf course; and Quang Ninh LNG Power Plant and Van Ninh Wharf (first phase).

V. Ha

Vietnam's No. 1 billionaire expands investment

Vingroup, the company of Vietnam’s richest man, billionaire Pham Nhat Vuong, has expanded investment in major projects in the fields of electric cars and technology but has not neglected its traditional businesses.

Bankers get richer amid pandemic

Commercial banks have reported profits of trillions of dong in the first nine months of the year, helping their owners get richer while other businesses remain in distress because of the impact of Covid-19.