Vingroup Reports 6.5-Fold Profit Surge in Q2 Driven by Real Estate and EVs

Vietnam's Vingroup, one of the country's largest conglomerates, reported a profit after tax of VND 14.763 trillion (approximately $600 million) in the second quarter, a 6.5-fold increase compared to the same period last year. This significant profit surge was driven by enhanced revenues from its real estate, electric vehicle (EV) production, and financial operations. According to its Q2 financial report, Vingroup's total revenue neared VND 118 trillion, a 2.6-fold increase year-on-year. As in previous quarters, real estate remained the primary revenue source, contributing over half of the total sales. Vinhomes, the largest real estate company within billionaire Pham Nhat Vuong's ecosystem, recorded a consolidated revenue of VND 134.2 trillion, tripling its performance from last year. The improved sales were attributed to large bulk deals in projects such as Vinhomes Green Paradise, Vinhomes Global Gate Ha Long, and Vinhomes Saigon Park. The manufacturing segment contributed the second-largest revenue for Vingroup, generating VND 33.438 trillion, nearly double that of the previous year. VinFast, the biggest contributor to this segment, delivered 128,662 electric cars globally, an increase of 78% year-on-year. The number of electric motorbikes sold also quadrupled compared to 2025 figures. During the second quarter, VinFast divested from VFTP, the entity holding its production operations in Vietnam. Similar to global giants like Apple and Nike, Pham Nhat Vuong's company is focusing on sales, warranty, and after-sales services rather than direct product manufacturing. The transferee is Tuong Lai Company, an organization funded by Mr. Pham Nhat Vuong. Beyond its core businesses, Vingroup also generated VND 21.653 trillion from financial investments, an 8.6-fold increase year-on-year. A substantial portion of this income stemmed from the transfer of subsidiaries and other financial gains. After accounting for expenses, Vingroup's profit after tax stood at approximately VND 14.763 trillion, marking its highest quarterly profit to date. For the first half of the year, Vingroup achieved total revenue of VND 222.3 trillion, up 72.5% year-on-year. Its profit after tax reached VND 20.375 trillion, 4.5 times higher than in 2025, fulfilling 58% of its annual plan. As of June 30, Vingroup's total assets amounted to VND 1.3 quadrillion, an increase of nearly VND 200 trillion since the beginning of the year. It is the only non-financial company on the stock exchange with assets exceeding VND 1 quadrillion. Total liabilities stood at VND 1.1 quadrillion, including over VND 356.2 trillion in financial loans. The company's equity was VND 180.706 trillion, half of its financial debt. Vingroup also held over VND 105 trillion in cash and bank deposits. From 2025 onwards, Vingroup is expanding its business into the electricity and infrastructure sectors, in addition to technology-industry, real estate, and social welfare. VinSpeed, a railway company founded by Mr. Pham Nhat Vuong, is developing the Hanoi-Quang Ninh high-speed railway, the Ben Thanh-Can Gio metro line, and five new urban railway projects in Hanoi. Meanwhile, VinEnergo, Vingroup's power generation arm, is implementing eight projects domestically with an investment of approximately VND 287 trillion. These power plants will have a total capacity of nearly 7,500 MW. Source: VnExpress