Vingroup’s revenues see a soar in the second quarter of 2023

Vingroup’s revenue see a soar in the second quarter of 2023

According to its second-quarter financial report, in the first six months of the year, Vingroup recorded a consolidated pre-tax profit of VND7.93 trillion ($344.78 million), an increase of 128 per cent compared to the same period in 2022.

As of June 30, Vingroup reports an asset worth $26.4 billion, a light increase on-year. In the second quarter, the group mobilised and disbursed a total of $973.9 million, including loans worth $430 million from overseas.

In the first half of the year, Vingroup's total consolidated net revenue converted, including revenue from real estate transfer recorded in financial income, reached $4.45 billion, up 112 per cent over the same period last year, mainly thanks to the strong handover speed of low-rise real estate units at Vinhomes Ocean Park 2 project.

Production revenue increased by 55 per cent, thanks to a strong increase in electric vehicle sales in the first six months, five-fold higher than the same period, possibly due to the sale of electric cars to Green Taxi. Between January and June, VinFast sold 11,638 electric cars, including 5,072 units of VF e34 model-electric compact crossover SUV and 4,555 units of VF8- electric SUV model.

The reason for the breakthrough in electric car sales was the debut of the electric taxi service. Notably, in April, Green and Smart Mobility JSC (GSM) began operating the first pure electric taxi service in Vietnam - Green SM Taxi.

The sale of this segment is expected to continue to increase thanks to the GSM’s plan for a nationwide expansion to at least five provinces and cities this year.

In the second quarter, Vingroup mobilised and disbursed more than $973.9 million, including syndicated loans totalling $430 million from the international market.

Predicting outcome of VinFast IPO plans VinFast, the auto arm of Vingroup, has submitted documents for its first initial public offering on the Nasdaq. Kent Wong, legal committee chairman at the European Chamber of Commerce in Vietnam, discussed with VIR’s Luu Huong the feasibility and challenges of Vietnamese corporations when it comes to overseas listing.

Chairman of Vingroup highlights VinFast's path to profitability During Vingroup’s annual shareholders' meeting on May 17, chairman of Vingroup Pham Nhat Vuong provided insights into the company's strategic roadmap and its journey towards profitability.

VinFast plans merger with Black Spade amid revenue contraction VinFast, a prominent Vietnamese automotive manufacturer and a subsidiary of Vingroup, is strategically advancing its merger plans with Black Spade Acquisition Co, aiming for completion by July.

Vinhomes embarks on multi-billion dollar projects across Vietnam Vinhomes, a prominent Vietnamese property developer, has initiated an ambitious expansion drive with several large-scale urban projects, aiming to transform the residential landscape across various regions in Vietnam.

Vingroup's GSM to launch ride-hailing and electric motorcycle services Green and Smart Mobility Corporation (GSM) has announced plans to extend its electric taxi services to 27 cities and provinces in Vietnam, as part of the company's commitment to green mobility and sustainable transportation.