Billionaire Pham Nhat Vuong’s company has recorded impressive business results despite the Covid-19 pandemic.
Investors are anxiously waiting for a breakthrough from this firm's one-of-a-kind project in Vietnam.
His Vincom Retail Joint Stock Company (VRE) has announced the consolidated financial statement for the first quarter of 2021. Specifically, Vingroup's retail space leasing firm recorded an increase of 32% of consolidated revenue in the first quarter of 2021, to VND2,226 billion, with most coming from real estate leasing. At the same time, the real estate transfer segment recorded revenue of more than VND450 billion.
Vincom Retail's after-tax consolidated profit reached VND781 billion, up 58.7% over the same period of last year.
In the previous quarter, the last quarter of 2020, Vincom Retail also unexpectedly reported a record profit of more than VND970 billion, despite the impact of the Covid-19 pandemic, which has caused an unprecedented decline in the retail industry worldwide. Vietnam’s retail market rebounded better thanks to good domestic epidemic control.
In the first quarter of 2021, as Vietnam controlled the epidemic well, the retail industry recorded a positive recovery in both consumer purchasing power and growth of store sizes of retail brands. Many domestic and international brands opened more stores in Vincom shopping centers, including H&M, Haidilao Hot Pot, Pandora and others.
Last week, Vincom Retail officially put into operation the “24/7 entertainment city” Grand World and at the same time the super complex of Phu Quoc United Center opened.
Last week, Vincom Retail officially put into operation the “24/7 entertainment city” Grand World and at the same time the super complex of Phu Quoc United Center opened. The VRE shopping tourism model expects a large number of tourists during the peak tourist season.
The opening of the “24/7 entertainment city” Grand World in the peak tourist season is considered a boost to Vincom Retail. However, the complicated Covid situation in the world, especially in India and countries at the southwestern border of Vietnam, may affect VRE’s prospects.
Vincom Retail is known as the leading retail space provider in Vietnam. As of the end of the first quarter of 2021, Vincom Retail owned and operated 80 commercial centers in 43 provinces and cities nationwide, with a total retail floor area of about 1.7 million square meters.
The opening of Southeast Asia’s leading resort complex of billionaire Pham Nhat Vuong’s Vingroup is expected to make Vietnam’s Phu Quoc comparable to the top entertainment centers in the world, such as Jeju Island in Korea or Las Vegas in the US.
According to Bloomberg, Vingroup is considering an initial public offering (IPO) in the US for its car manufacturing company VinFast. It is expected to raise about $2-3 billion.
VinFast expects a valuation of at least $50 billion or even up to $70-75 billion. With this, the capitalization of VinFast will surpass the famous car maker Ferrari (capitalization at $52 billion), Honda ($51 billion), Ford ($49 billion), Kia ($30 billion) … and only behind some famous brands such as Tesla, Toyota, Volkswagen, Mercedes Benz, GM and BMW.
In the mobile phone segment, Vingroup has also achieved many positive results, with the number of Vsmart phones sold in the country continuously increasing over the past year, although the leading private corporation in Vietnam just entered the smartphone market in 2018. Vingroup has become the third largest smartphone manufacturer in Vietnam, behind only Samsung Electronics and Oppo.
On the website of the leading US telecom carrier AT&T, an image of the first Vingroup smartphones appeared, a testament to the group's plan to enter the American smartphone market.
In recent years, Vuong’s Vingroup had to withdraw from many fields, selling the retail segment to billionaire Nguyen Dang Quang and recently presenting the Youth Football Training Center to Van Lang Education Group, even though it had many achievements in these fields.
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