return icon Vietnamnet.vn

Vietnam's richest billionaire reports huge profits

More large corporations have released 2019 finance reports. The 2019 business season witnessed a boom of enterprises with the profit of over VND10 trillion.

Vingroup (VIC) of Pham Nhat Vuong, the richest billionaire, reported impressive revenue of VND131 trillion, or $5.6 billion in 2019 and the pre-tax profit of VND15.6 trillion, or $670 million, an increase of 7.3 percent and 12.9 percent, respectively.

 

{keywords}

 

Meanwhile, its post-tax profit, VND7.7 trillion represented the sharp growth rate of 24.4 percent.


This is the next enterprise in VN30, the group of 30 largest businesses listing shares at the HCM City Stock Exchange (HOSE) that reports huge profit. Vingroup of Vuong continues to list itself among the enterprises with the profits of over VND10 trillion.

Vinamilk, the nation’s leading dairy producer led by Mai Kieu Lien, one of the most influential businesswomen in Asia, has reported net profit of VND10.6 trillion and pre-tax profit of VND12.8 trillion.

More large corporations have released 2019 finance reports. The 2019 business season witnessed a boom of enterprises with the profit of over VND10 trillion.

It is holding VND15 trillion in cash and short-term deposits, though it spent VND2 trillion in 2019 on the deal of acquiring 75 percent of GTNFoods’ shares.


As such, after the Airports Corporation of Vietnam (ACV) opened the finance report release season with the announcement of profit of VND10.3 trillion. Other big corporations have also reported huge profits.

Most of the enterprises with over VND10 trillion are large commercial banks. They are Vietcombank (VND23.1 trillion), Techcombank (VND12.8 trillion), VietinBank (VND11.8 trillion), BIDV (VND10.9 trillion), VP Bank (VND10.3 trillion) and MBBank (VND10 trillion).

Meanwhile, non-bank enterprises include PV Gas (oil and gas, VND15.1 trillion), ACV (aviation), Vinamilk, and Vingroup. Analysts predicted that VinHomes and Hoa Phat would also join the ‘VND10 trillion club’ once they release financial reports.

While commercial banks make fat profits thanks to the policies on diversifying sources of revenue and taking full advantage of the technology development, Vinamilk earns big money thanks to the business expansion to the Chinese market.

As for Vingroup, the conglomerate continues developing large real estate projects and joining new business fields with great ambitions – automobile and technology.

Vingroup’s big real estate projects such as Vinhomes Ocean Park, Vinhomes Smart City and Vinhomes Grand Park would be large parts of the market supply in Hanoi and HCM City.

Vingroup also recorded spectacular growth in 2019 in the tourism and entertainment sectors with Vinpearl brand. The room sale growth rate increased by 51 percent compared to 2018.

The biggest breakthrough made by Vingroup was the launch of luxury cars with Vinfast brand and technology products under the Vsmart brand.

With tens of thousands of cars and motorbikes ordered and 600,000 phones sold (7.5 percent of market share), the revenue of Vingroup increased sharply which allowed the conglomerate to scale up its business.

Le Ha 

 

Large-cap firms report at least US$130 million in pre-tax profit

Large-cap firms report at least US$130 million in pre-tax profit

Most large-cap firms have released full-year earnings reports for 2019 with 29 companies reporting a pre-tax profit of more than VND3 trillion (roughly US$130 million).

Vingroup abruptly abandons Vinpearl Air project

Vingroup abruptly abandons Vinpearl Air project

Vingroup announced today, January 14, to call off its project to set up Vinpearl Air even though the Ministry of Planning and Investment had just sent this project to the prime minister for approval, the local media reported.  

MORE NEWS

Vietnam to attend ASEAN Tourism Forum 2023 in Indonesia

Vietnam will participate in ASEAN Tourism Forum (ATF) 2023 themed “ASEAN: A Journey to Wonderful Destinations”, and the Travel Exchange (TRAVEX) trade fair in Yogyakarta, Indonesia from February 2 – 5.

Hanoi and Ho Chi Minh City among safest cities in Southeast Asia

Hanoi and Ho Chi Minh City have both been included in a list of the safest cities in Southeast Asia, as compiled by statistics site Numbeo.

Action plan issued to accelerate national anti-corruption strategy building

Deputy Prime Minister Le Minh Khai, head of the steering committee on building the national anti-corruption strategy by 2030, has signed a decision on the issuance of the committee’s action plan.

VIETNAM BUSINESS NEWS JANUARY 31/2023

Latest guidance on one-way money transfers from Viet Nam

HCM City proposes removing hindrances to develop real estate market

Ho Chi Minh City authorities made a proposal to clear bottlenecks for healthy and sustainable development of the real estate market.

More high-value foreign investment projects needed as tax policies change

Vietnam needs to improve FDI quality, attracting high-tech projects that promise to bring higher added value.

Khmer's ginger cake of love and faithfulness

The ginger cake of the Khmer ethnic group in Soc Trang Province is a beloved traditional treat that is often offered to ancestors on important anniversaries such as the Tet (Lunar New Year) festival.

HCM City promotes digital transformation in education

Digital transformation is considered key to improving education and training quality, as proven by the effect of HCM City actively applying digital transformation over the past five years.

Hanoi to close fruit shops lacking proper food safety preparations

The capital city of Hanoi encourages the expansion of safe fruit businesses while clamping down on fruit shops that do not comply with food safety protocols, specifically street vendors.

Dutch diplomat donates Vietnamese paintings to national museum

Vietnam National Fine Arts Museum has received two paintings from former deputy ambassador Ellen Berends of the Netherlands to Vietnam.

Hanoi's unique rice cooking contest in photos

On the 8th day of the first lunar month each year (January 29, 2023), Thi Cam village in Hanoi’s Nam Tu Liem district holds a rice cooking contest.

Hanoi proceeds with park revitalization program

The implementation of Hanoi leaders’ promise to revive parks has begun: admission to Thong Nhat Park is now free after the removal of the fence, and Con Coc Flower Garden has a new look. However, there are still many things that need to be done.

Vietnamese farmers on board the ‘digital agriculture train’

In the digital era, next-generation farmers can fertilize and water their fields in Binh Phuoc from afar, even in a different country.

Vietnam forecast to become second-largest economy in Southeast Asia by 2036

2023 is predicted to be the year of many challenges for the Vietnamese economy due to the gloomy outlook of the global economy and multiple crises.

Prenn Pass leading to Dalat to be closed for expansion

Vehicles will be banned from using the seven-kilometer-long Prenn Pass to travel to Dalat City as work on the pass upgrade and widening project begins on February 6.
back_to_top