Vincom Retail sets conservative business targets
In this article (5)
Vincom Retail targets a post-tax profit of VND2.5 trillion this year, up 5 percent from 2020 but lower than in 2019.
The mall developer and subsidiary of conglomerate Vingroup eyes revenues of VND9 trillion, up 8 percent from last year but marginally below the 2019 figure.
It has set these conservative targets after a challenging 2020 caused revenues from leasing fall by 14 percent as social distancing kept people away from malls.
This year, it plans to focus on developing mega malls at Vinhomes’ urban complexes. Its Vincom Mega Mall Smart City in Hanoi is set to open in the third quarter.
It also plans to open two Vincom Plaza malls in the southern localities of My Tho and Bac Lieu.
Vincom Retail currently operates 80 malls.
Questions & Answers
Q.Why has Vincom Retail set relatively modest profit and revenue targets for this year?
Why has Vincom Retail set relatively modest profit and revenue targets for this year?
The company set conservative targets after a challenging 2020. Revenues from leasing fell by 14 percent last year, primarily because social distancing measures kept people away from their malls.
Q.What is Vincom Retail's primary strategy for growth and development this year?
What is Vincom Retail's primary strategy for growth and development this year?
Vincom Retail plans to focus on developing mega malls within Vinhomes' urban complexes. A key opening will be the Vincom Mega Mall Smart City in Hanoi during the third quarter.
Q.How do this year's financial targets compare to the company's performance in 2019?
How do this year's financial targets compare to the company's performance in 2019?
This year's target post-tax profit of VND2.5 trillion is lower than in 2019. The projected revenues of VND9 trillion are also marginally below the figure achieved in 2019.
Q.Where does Vincom Retail plan to open new malls in the south of Vietnam?
Where does Vincom Retail plan to open new malls in the south of Vietnam?
The company intends to open two new Vincom Plaza malls in southern localities this year. These new locations will be in My Tho and Bac Lieu.