Vingroup breaks profit record

Vingroup has set a new record in profit

According to its accumulated financial statement for 2019, Vingroup acquired VND130.03 trillion ($5.65 billion) in net revenue, up 6.7 per cent on-year. The pre-tax profit was VND15.63 trillion ($679.57 million), increasing by 12.5 per cent. Furthermore, its after-tax profit was VND7.717 trillion ($335.5 million), up 23.7 per cent, the congolomerate's highest profit so far.

As of December 31, 2019, Vingroup reported its assets at VND403.741 trillion ($17.55 billion) and equity of VND120.58 trillion ($5.24 billion), signifying increases of 40.1 and 21.6 per cent on-year.

Its investments in manufacturing machinery, equipment, and facilities was the main reason behind Vingroup's asset scale skyrocketing last year.

In the first three months of this year, with the general difficulties from the COVID-19 epidemic, the group issued many solutions to adapt to the pandemic.

Notably, Vingroup suspended the operation of hotels and resorts under the Vinpearl brand. Vincom Retail, along with applying disinfection measures and providing a safe shopping area for customers, it strengthened preventive measures by monitoring visitors and workers' body temperature in shopping centres, sanitising public areas every two hours, and requiring security guards and staff to wear gloves and masks and control the elevators for guests.

These are proactive measures that Vincom has implemented right from the first days of the COVID-19 epidemic. Vingroup issued support packages worth VND300 billion ($13 million) to support tenants at its 79 retail centres nationwide who are impacted by COVID-19. The majority of the funds will be used to subsidise rent for tenants and offer discounts and vouchers for customers visiting Vincom retail centres.

In addition, the group's Vinhomes branch has been taking customer interaction online and launched its official Youtube channel to promote its real estate products. VinFast and VinSmart have also been boosting online sales.