Vingroup’s eye-catching profit result

The firm’s general director Mai Huong Noi told its general shareholders’ meeting last week in Hanoi  that Vingroup’s revenue in 2011 significantly increased to more than VND2.314 trillion ($110 million), of this before tax profit was VND1.471 trillion ($70 million).

Noi said the office for lease and rentals segments saw a spectacular increase of 32 per cent compared with 2010 totalling VND942 billion (44.8 million). “This remarkable revenue should be well recognised especially when the real estate sector, the key development strategy of the group, has been in a downturn nationwide. However, Vingroup still developed a range of projects,” she said.
In 2012, the group planned to reach a core turnover of VND12.362 trillion ($588 million) and a  before-tax profit of VND4.275 trillion ($203 million).

Vingroup is developing its four strategic brands  - Vincom in real estate, Vinpearl in tourism, Vincharm in healthcare and Vinmec in high-quality healthcare services. The firm has Vincom Centre Hanoi, Vincom Centre Ho Chi Minh City and other large under-construction projects such as Royal City, Times City, andVincom Village on its CV. Meanwhile, Vinpearl is famous for Vinpearl Nha Trang, the hotel system at Vinpearl Resort Nha Trang, Vinpearl Land, Vinpearl Luxury Nha Trang and the golf course at Vinpearl Golf Club.

Vingroup also has affirmed its strong position on the international stage by joining the World Economic Forum and becoming a Global Growth Companies member recently. In addition to these milestones, Vingroup was also listed as one of the 300 leading international economic groups at the World Economic Forum.

Vingroup was founded in 2002 and initially known as Vincom. In November 2011 Vincom merged with Vinpearl to become Vingroup. The Vinpearl hotel network is also being expanded to include Vinapearl Luxury Danang, Vinpearl Resort Hoi An and Vinpearl Luxury Saigon.