Vingroup posts bumper profit in Q1 as retail business soars

By Mai Ka, Thanh Nien News

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A woman walks past a VinMart+ store in Hanoi on October 12, 2015. Photo credit: Kham/Reuters A woman walks past a VinMart+ store in Hanoi on October 12, 2015. Photo credit: Kham/Reuters

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Vietnamese conglomerate Vingroup has reported VND1.04 trillion (US$46.6 million) in after-tax profit in the first quarter of this year, three times higher than the same period of last year.
The group’s revenues hit VND15.16 trillion ($680 million) in the period, more than two times higher year-on-year.
While saying that all of its businesses, from real estate and entertainment to education and health, reported strong growth, Vingroup said its retail segment posted the highest growth, with revenue jumping 363 percent year-on-year to reach VND2.19 trillion ($98.3 million) in the first quarter.
The group has invested in retail properties with shopping centers under brands Vincom and Vincom Mega Mall for more than a decade, but it only announced its aim of becoming Vietnam's largest retailer in 2014.
Since then, the group has opened 50 supermarkets under VinMart brand and 750 convenience stores under VinMart+ brand around the country.
Vingroup's other retail businesses include VinFashion stores, VinPro electronics shops, and Adayroi e-commerce platform.

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