Vincom Retail poised for growth

During the first six months of the year, shophouse sales surged by 272 per cent on-year, reaching VND 744 billion (approximately $30 million).

Vincom Retail has placed deposits to acquire three shophouse projects in Quang Ninh, Haiphong, and Nha Trang from Vinhomes, Vingroup, and Winwonders Nha Trang. The Quang Ninh (Vinhomes Golden Avenue) and Haiphong (Vinhomes Royal Island) projects are expected to launch sales in early 2025, contributing to profit growth in 2025-2026.

However, the Nha Trang project did not progress as expected, prompting the company to halt further investment. Vincom Retail is set to recover its deposit of VND1.34 trillion (approximately $53.4 million) within six months, along with a penalty payment.

At the halfway point of the year, Vincom Retail’s management reported unrecognised shophouse sales totalling VND230 billion ($9.2 million), which are expected to be booked in the second half of the year. VNDirect also noted that the company plans to recover VND2.35 trillion ($94 million) in loans from related entities by the end of September.

Vincom Retail also reported VND2.35 trillion in receivables from related parties for the same period, including VND1.9 trillion ($76 million) from VinFast and VND450 billion ($18 million) from VinBus, with both loans carrying an interest rate of 12 per cent per annum.

Vincom Retail launched three new shopping centres in June, Vincom Mega Mall (VMM) Grand Park in Ho Chi Minh City, Vincom Plaza (VCP) Dien Bien Phu, and VCP Ha Giang, while also reopening VCP 3/2 in Ho Chi Minh City. Additionally, Vincom Plaza Dong Ha in Quang Tri is scheduled to open in November.

Vincom Retail remains Vietnam’s largest retail space operator, managing 87 shopping centres with a total retail floor area exceeding 1.83 million square metres.

The company’s expanding portfolio and strategic project launches are expected to further cement its leadership in the retail property market in the coming years.