After surpassing 1,200 points at the beginning of the Year of the Horse, the stock market continues to perform well, led by Bluechips, among which VIC shares of Vingroup – JSC is one of the highly impressive names. With a 3.3% increase in the session on February 16, VIC is the second largest contributor to the VN-Index.
The strong breakout session continued the stock’s 5 consecutive session gain. Estimated at a price of 44,000 VND per share, Vingroup’s market capitalization reaches over 168,000 billion VND (~ 7 billion USD). This figure helps Vingroup surpass Hoa Phat in the list of the most valuable listed companies on the stock market.
VIC stock unexpectedly witnessed a strong surge after VinFast introduced a range of reverse steering electric cars at the 2024 International Auto Show held in Jakarta, Indonesia on February 15. Among them, the VF 5, VF e34, VF 6 and VF 7 models in segments from A to C are expected to be sold in this market in the near future. At the event, Indonesian President Joko Widodo and the delegation visited VinFast’s exhibition booth and signed their names on the VinFast VF 5 car as a memento.
One of VinFast’s first moves after entering Indonesia is to sign a Memorandum of Understanding (MoU) for cooperation with the first 5 dealers to expand its distribution network. This is also the way VinFast has been selling cars in the US in the past time. According to Ms. Tran Mai Hoa, Deputy General Director of VinFast’s Global Sales and Marketing, cooperating with distributors is an important step to affirm VinFast’s commitment in expanding its business network, shortening the time to bring products to the market.
It is known that in the fourth quarter of 2023, VinFast delivered 13,513 electric cars, a 35% increase compared to the previous quarter. Throughout the year, the company has delivered a total of 34,855 electric cars, bringing the total number of cars delivered globally to 42,291 since the first delivery in 2021. In the North American market, VinFast has received 70 cooperation registrations from dealers across the US, while preparing for the first delivery of the VF 9 in 2024.
For Vingroup, the corporation has just recorded a year of record revenue of 161,634 billion VND, a 59% increase compared to 2022. The growth is mainly due to the speed of delivering low-rise buildings in 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.
Vingroup’s pre-tax profit in 2023 reached 13,681 billion VND, and after-tax profit reached 2,051 billion VND, completing the business plan set at the Annual General Meeting of Shareholders in 2023. As of December 31, 2023, Vingroup’s total assets reached 669,617 billion VND, an increase of 16% compared to the same period last year.
