Vingroup more than triples revenue to $98m
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Retail has proved the shining segment for Vietnamese conglomerate Vingroup, with revenue jumping 363 per cent year-on-year to VND2.19 trillion (US$98.3 million) for the first quarter.
Vingroup has been investing in retail properties for more than a decade, and since announcing two years ago that it aims to become Vietnam’s largest retailer has opened 50 supermarkets under the VinMart brand and 750 convenience stores under VinMart+ brand.
Its other retail businesses include Vincom shopping centres, VinFashion stores, VinPro electronics shops and Adayroi eCommerce platform.
With interests also in education, health, entertainment and real estate, the group reports an after-tax profit of VND1.04 trillion – three times higher than the same period last year. Its revenues more than doubled to hit VND15.16 trillion.
Questions & Answers
Q.What is the primary reason for Vingroup's significant revenue increase?
What is the primary reason for Vingroup's significant revenue increase?
The retail segment has been the shining part for Vingroup, with its revenue for the first quarter jumping 363 per cent year-on-year to VND2.19 trillion (US$98.3 million). This growth suggests strong performance in their retail operations.
Q.How many new retail stores has Vingroup opened since announcing its expansion goal?
How many new retail stores has Vingroup opened since announcing its expansion goal?
Since announcing its aim to become Vietnam’s largest retailer two years ago, Vingroup has opened 50 supermarkets under the VinMart brand and 750 convenience stores under the VinMart+ brand.
Q.What other types of retail businesses does Vingroup operate besides supermarkets and convenience stores?
What other types of retail businesses does Vingroup operate besides supermarkets and convenience stores?
Vingroup's other retail businesses include Vincom shopping centres, VinFashion stores, VinPro electronics shops, and the Adayroi eCommerce platform. They have diversified interests within the retail sector.
Q.Did Vingroup's overall profits also see a significant increase this quarter?
Did Vingroup's overall profits also see a significant increase this quarter?
Yes, the group reported an after-tax profit of VND1.04 trillion, which is three times higher than the same period last year. Their total revenues also more than doubled to reach VND15.16 trillion.
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