Vingroup has recently announced its consolidated financial report for Q3 2024, with a record-high net revenue of VND 62,850 billion, a 31% increase compared to the same period last year.
Vingroup’s net profit reached VND 2,015 billion, the third-highest in history and the best performance since 2020.
This brings the total net revenue for the first nine months of 2024 to VND 126,916 billion. The consolidated net profit for the same period was VND 4,069 billion, 2.6 times higher than the previous year.
Real Estate Transfer Revenue Hits a New High
In Q3 2024, Vingroup’s real estate transfer business contributed VND 38,146 billion, the highest ever. This brings the nine-month revenue from this segment to VND 65,260 billion.
According to Vingroup, this outstanding result was achieved through the delivery of Vinhomes Ocean Park 2-3 projects and the recognition of Vinhomes Royal Island project’s performance during the period.
Sales revenue reached VND 89,586 billion in the first nine months, and unrecorded sales stood at VND 123,038 billion as of the end of Q3 2024, thanks to strong sales in the mega-urban areas.
Hospitality, Tourism, and Entertainment Services Turn Profitable
After 31 consecutive quarters of losses, Vingroup’s hospitality, tourism, and entertainment segment returned to profitability in Q3 2024, with a profit of VND 504 billion. As a result, the nine-month loss narrowed to VND 822 billion.
The group shared that the number of international guests staying at Vinpearl properties in the first nine months of 2024 increased by 64% year-on-year, significantly outpacing the market’s average growth of 43%. VinWonders’ revenue in Q3 2024 also surged by 52% compared to the same period last year.
Meanwhile, the total revenue from the hospitality, tourism, and entertainment segment reached VND 2,552 billion, the second-highest in history (only surpassed by Q3 2019) and a nearly 80% increase compared to Q2 2024.
Manufacturing Segment Achieves Record-High Revenue as VinFast Becomes Vietnam’s Best-Selling Car Brand
In September 2024, VinFast officially became the best-selling car brand in Vietnam, delivering over 9,300 vehicles to consumers and surpassing foreign brands in the domestic market. This is the first time an electric vehicle brand has led the market.
As a result, the number of vehicles delivered in Q3 2024 reached 21,912, a 66% increase compared to Q2 2024 and a 116% surge year-on-year.
Cumulatively, VinFast delivered 44,260 electric cars in the first nine months of 2024, a 108% increase compared to the same period in 2023.
Moving forward, VinFast aims to accelerate the delivery of at least 20,000 VF 3 vehicles by the end of this year, striving to achieve the target of 80,000 deliveries for 2024.
