In Q1/2024, total consolidated revenue reached 21,739 billion VND, with positive signals from areas such as investment real estate, hospitality, tourism, entertainment, healthcare, and education. Net income after tax made 1,335 billion VND.
As of March 31st, 2024, Vingroup’s total assets reached 693,949 billion VND, an increase of nearly 4% compared to the beginning of the year.
With the pillar of technology and industry, VinFast stick to its growth roadmap, launching its brand in Indonesia and Thailand, establishing a presence in the Middle East, starting to build a factory in India, and expanding its global sales network during Q1/2024.
At the same time, VinFast signed distribution contracts with 10 new dealers, bringing the total number of dealer partners to 16 across 7 states in the US, including North Carolina, New York, Texas, Florida, Kansas, Connecticut, and Kentucky. The newly signed dealers will start selling in Q2.
VinFast delivered a total of 9,689 electric cars in Q1, an increase of 444% compared to the same period in 2023. The domestic market continued to contribute the majority of sales in Q1. In parallel, VinFast also began to record encouraging growth in the US market and some new dealers started to record sales revenue.
In the context of macroeconomic fluctuations, VinFast sets out clear plans and maintains the target of delivering 100,000 electric cars in 2024 with sales revenue mainly recognized in the second half of the year thanks to the rapidly growing retail network, new car models targeting a broader customer base, and penetration into new markets.
In addition, VinAI introduces InteriorSense and SurroundSense – two advanced technology solutions for new-gen smart vehicles at the CAEV Technology Exhibition. VinBrain won the Gold prize for innovative solutions at the ASEAN Digital Awards 2024 with DrAid™ Solution for Diagnosing and Treating Liver Cancer, and represented Vietnam to present this solution at the largest Hepatobiliary Conference in Asia-Pacific – APASL 2024 in Kyoto, Japan.
In the Commerce and Services segment, in Q1/2024, Vinhomes officially launched the Imperial Island City project – Vinhomes Royal Island with a scale of 877 hectares on Vu Yen Island, Hai Phong, creating a strong boost for the real estate market in the North in particular and the whole country in general. With high-class and luxurious amenities and services, gathered into a township, the project was welcomed by the market with about 2,000 customers placing orders after less than a month from the launch.
Also in March, The Canopy apartment building in the Vinhomes Smart City project – a joint product between Vinhomes and a foreign partner – achieved an absolute absorption rate right after launching the first housing fund, becoming the focus on the real estate market in the West of Hanoi.
Not only making an impression with impressive sales achievements, Vinhomes is also a pioneering investor in improving service quality, investing in utilities to bring more value to customers and residents. Early January 2024, the series of events to welcome Tet at the Center Point shopping and service complex – Vinhomes Ocean Park 2 and the 3km New Year festival at Ocean City attracted millions of customers and residents.
In the Resort & Tourism sector, Vinpearl’s operations continued to recover with many exciting events during Tet and Valentine’s Day. Vinpearl also inaugurated the Vinpearl Harbor commercial street in Nha Trang during this time, including 300 booths and a series of entertainment activities and mini shows, attracting more than 25,000 visitors daily during the Tet holiday. The total number of room nights sold in Q1 reached nearly 452 thousand, an increase of 34% compared to the same period. Also recovering, VinWonders and Vinpearl Golf’s revenue in Q1 increased by 55% and 28% respectively compared to the same period.
In the Retail Real Estate sector, in Q1, Vincom Retail recorded positive growth compared to the same period, with total consolidated revenue increasing by 16% thanks to on-schedule real estate handover in Quang Tri projects and stable shopping center operations, consolidated net profit increased by 6%.
At the recent Annual General Meeting of Shareholders 2024, Vingroup’s business plan for 2024 was approved, with the target of net revenue and after-tax profit reaching 200,000 billion VND and 4,500 billion VND respectively. In the coming time, with macroeconomic indicators continuing to show signs of recovery under the strict management of the Government, as well as key business areas of Vingroup having positive growth momentum, Vingroup expects business results to progress positively in the following quarters.
