Vingroup Q4 2023: Manufacturing Revenue Surpasses for the First Time, Real Estate Revenue Below 20%

In Q4/2023, VinFast delivered 13,513 electric vehicles, representing a 35% increase compared to the previous quarter. In total, the company delivered 34,855 electric vehicles throughout the year, bringing the global total to 42,291 since the initial delivery in 2021.


Vingroup Corporation (stock code: VIC) has just announced its Q4/2023 financial statements. Accordingly, the Q4 revenue reached VND 27,428 billion, a decrease of 34% compared to the same period last year.

In the revenue structure, revenue from manufacturing activities contributed the most with 41% of total revenue for Vingroup in the quarter, reaching VND 11,266 billion, 2.8 times higher than the same period last year. Meanwhile, revenue from real estate transfers decreased sharply by 84% compared to the same period last year, reaching VND 4,808 billion. Rental revenue from real estate contributed the third largest revenue with VND 2,396 billion.

This is the first quarter since VinFast started commercial operations, when Vingroup’s revenue from manufacturing activities exceeded revenue from real estate business operations, becoming the main source of revenue for Vingroup.

Specifically, in Vingroup’s Q4 financial statements, it is mentioned that as of the end of 2023, the company recorded a cumulative amount of revenue from sales and services for GSM amounting to VND 20,164 billion. This figure was VND 9,141 billion in Q3/2023. Thus, in Q4 alone, GSM contributed VND 11,023 billion in revenue for Vingroup.

In addition, Vingroup also recorded accounts receivable of VND 2,424 billion from GSM as of December 31, 2023.

It is known that in Q4/2023, VinFast delivered 13,513 electric cars, an increase of 35% compared to the previous quarter. Throughout the year, the company has delivered 34,855 electric cars, bringing the total number of cars delivered worldwide to 42,291 since the first delivery in 2021.

In the North American market, VinFast has received 70 cooperation registration from dealers across the United States, while preparing for the first delivery of VF 9 in 2024.

The total revenue for the whole year of 2023 reached VND 161,634 billion, an increase of 59% compared to the previous year, mainly due to the speed of delivering low-rise units at the Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3 projects, as well as strong growth in electric car sales compared to the previous year. This is also a record revenue level for this company.

Vingroup’s pre-tax profit in 2023 reached VND 13,681 billion, and after-tax profit reached VND 2,051 billion, completing the business plan set at the 2023 Annual General Meeting of Shareholders. As of December 31, 2023, Vingroup’s total assets reached VND 669,617 billion, a 16% increase compared to the beginning of the year.

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