Vinhomes profits slips by 17 percent in Q1

1 min readUpdated May 18, 2025May 5, 20226:54 AM

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Property developer Vinhomes reported a 17-percent decline in profits in the first quarter to VND5.89 trillion (US$256.8 million).

Net revenues were down 9 percent to VND14.28 trillion, according to its consolidated financial statement.

Around 62.5 percent of its revenues, or VND8.92 trillion, came from the sale of three housing projects, Ocean Park, Smart City and Grand Park.

Its selling expenses were down, but administrative expenses rose by over 60 percent.

The company, a subsidiary of conglomerate Vingroup, eyes revenues of VND75 trillion and profits of VND30 trillion this year, according to a document it circulated among shareholders.

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Questions & Answers

What were Vinhomes' net revenues for the first quarter?

Net revenues for Vinhomes in the first quarter were VND14.28 trillion, representing a 9 percent decrease. This figure was disclosed in the company's consolidated financial statement.

Which specific projects generated the majority of Vinhomes' revenues?

The majority of Vinhomes' revenues, specifically 62.5 percent or VND8.92 trillion, came from the sale of three housing projects: Ocean Park, Smart City, and Grand Park during the first quarter.

What was the reason for the increase in Vinhomes' overall expenses?

While selling expenses were down, administrative expenses for Vinhomes rose by over 60 percent during the first quarter. This increase contributed to the overall expense profile of the company.

What financial targets has Vinhomes set for the current year?

Vinhomes aims for revenues of VND75 trillion and profits of VND30 trillion for the current year. These targets were outlined in a document circulated among the company's shareholders.

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