Vingroup, controlled by Southeast Asia’s richest man Pham Nhat Vuong, sees profits jump 150%
Vingroup, the fourth biggest company in Southeast Asia and controlled by the region’s richest man, Pham Nhat Vuong, reported a 150% year-on-year jump in post-tax profits in the first quarter to VND5.61 trillion (US$213 million).
Its revenues rose by 24% to VND104.3 trillion, driven by its property and auto industry operations.
Well over half of its revenues, VND60.2 trillion, came from property, thanks to sales of units at its Ocean Park 2 and 3 urban projects in the northern province of Hung Yen and Green Paradise in Can Gio on the outskirts of HCMC.
More than a quarter of revenues, VND28 trillion, came from VinFast electric vehicles. The subsidiary delivered 58,600 cars (up 61%) and 143,000 motorbikes (up 300%) during the quarter.
VinFast VF7. Photo by VnExpress/Thanh Nhan |
Vuong told shareholders at the Vingroup annual general meeting last week that the company targets selling 300,000 cars this year, with a focus on models capable of traveling long distances.
For 2026 the company targets revenues of VND485 trillion, nearly 46% up from last year, and post-tax profits of VND35 trillion, nearly triple the 2025 figure.
Its share closed Tuesday at a new peak of VND225,500, giving it a market cap of VND1.7 trillion, the largest in Vietnam.
In the region it ranks behind only Singapore’s DBS Group, Thailand’s Delta Electronics, and Singapore’s OCBC, in value.
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