Vingroup’s stock (ticker: VIC) recently experienced a powerful surge, setting a new all-time high. By the close of September 17th, VIC’s share price climbed 6% to 143,100 VND, pushing its market capitalization above 555 trillion VND. This remarkable performance propelled Vingroup past Vietcombank to become the most valuable company on the Vietnamese stock exchange. This marks the first time since 2021 that billionaire Pham Nhat Vuong’s conglomerate has achieved this feat.
Since the beginning of 2025, VIC shares have skyrocketed by 3.5 times, adding approximately 400 trillion VND to Vingroup’s market cap. This unprecedented growth outpaces every other stock in the VN30 index. The stock’s rally echoes billionaire Pham Nhat Vuong’s remarks at the 2025 Annual General Meeting when addressing shareholders about choosing between investing in VIC and gold.
“Should you choose VIC or gold? Choosing VIC is the right decision. With the dedication and effort of so many people, value will be created, and excellence will be recognized. However, just like a ship encountering waves and winds, jumping off prematurely makes it hard to keep swimming,” Mr. Vuong asserted. Since then, VIC’s share price has soared, with 1,000 VIC shares now worth more than a tael of gold.
In the first half of 2025, Vingroup reported revenues of 130.476 trillion VND, doubling year-over-year. After expenses, pre-tax profit reached 11.159 trillion VND, a 69% increase compared to the same period in 2024.
In the Technology & Industry segment, VinFast delivered 72,167 electric vehicles globally, a 3.2-fold increase from 2024. Domestically, VinFast maintained its market leadership with 67,569 vehicles delivered in the first half. The electric motorcycle division set a new record, delivering 114,484 units, a 5.5-fold increase year-over-year.
In the Commerce & Services sector, Vingroup’s real estate sales reached 70.5 trillion VND in the first half of 2025, nearly tripling year-over-year. Vinhomes continued to drive the real estate market’s recovery, with sales of 67.5 trillion VND and unrecorded sales of 138.2 trillion VND as of Q2 2025.
In a recent analysis, Vietcap forecasts electric vehicle sales to grow by 55%/24% year-over-year in 2025/26, reaching 151,000 and 187,000 units, respectively. Vietnam is expected to remain VinFast’s core market, fueled by the growing adoption of electric vehicles among both individual and B2B customers (ride-hailing, delivery services).
Vietcap projects Vingroup’s 2025 pre-tax profit at 20.1 trillion VND. The second half’s profit is expected to be driven by stronger real estate sales, supported by unrecorded contract values from projects like Royal Island and new bulk sales. Hotel operations are projected to remain positive from Q2 2025, offsetting losses in the industrial segment.
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