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Vingroup JSC

Company Background

Vingroup is Vietnam's largest real estate company and deals in a wide range of properties, including houses, shopping malls, hotels, golf courses and hospitals. The company has enhanced its brand cachet by targeting its Vincom shopping malls and Vincom Village residential areas at affluent customers.

One of the few entirely non-state concerns in Vietnam, Vingroup is about 30% owned by its largest shareholder and founder Pham Nhat Vuong. Foreign investors have a combined interest of about 15%. Market capitalization, at approximately $3 billion, is the largest among non-state-run companies and ranks among Vietnam's top five concerns when including state-owned entities.

Vingroup started out as a food-processing company founded by Vuong in Ukraine in 1993. The company was moved to Vietnam in 2000 as Vuong wished to contribute to the development of his home country. In 2013, he became the first Vietnamese to make it into the Forbes rankings of the world's wealthiest people.

In 2013, Vingroup raised some $200 million from U.S. investment fund Warburg Pincus to invest in four areas -- commercial facilities, tourism, hospitals and schools.

Business Summary

Vingroup JSC engages in real estate business. It also involves in investment activities and provides general administrative services. It operates through the following segments: Sales of Inventory Properties; Leasing Investment Properties and Related Services; Hospitality, Entertainment, and Related Services; Health Care and Related Services; Education and Related Services; Retail Services; and Others. The Sales of Inventory Properties segment covers developing and trading apartments and villas at real estate projects of the group as well as other investment activities in real estate sector. The Leasing Investment Properties and Related Services segment refers to leasing of office and retail areas and rendering related services at investment properties owned by the group. The Hospitality, Entertainment, and Related Services segment includes provision of hotel and related services at the hotels and resorts owned by the group. The Health Care and Related Services segment provides health care and related services at Vinmec International General Hospitals. The Education and Related Services segment engages in the provision of education and related services at Vinschool system and Vinacademy of the group. The Retail Services segment provides retailing and supermarket, convenience stores, and fashion showrooms. The Others segment refers to the provision of management, construction services, security, agriculture, trading wooden goods and other services. The company was founded by Vuong Nhat Pham in 1993 and is headquartered in Ha Noi, Vietnam.

Financial Highlights

Dec 2022 VNDUSD
Gross Profit14,048.69B600.11M
Operating income-11,544.66B-493.15M
Income before tax12,693.79B542.24M
Net income8,351.85B356.76M
Diluted EPS----
Dividends Per Share----
Total Assets574,807.29B24,382.06M
Total liabilities439,194.19B18,629.65M
Total equity109,697.69B4,653.13M
Operating cash flow4,722.85B201.74M
Currency in VNDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 121,894.40B 130,036.01B 110,490.03B 128,375.88B 101,523.46B
Gross Profit 26,778.35B 34,503.55B 15,830.15B 35,337.02B 14,048.69B
Operating income 7,064.18B 2,595.20B -3,343.86B 5,808.35B -11,544.66B
Income before tax 13,900.64B 15,637.42B 13,942.55B 3,146.45B 12,693.79B
Net income 3,823.73B 7,545.91B 5,464.62B -2,513.88B 8,351.85B
EBITDA 16,625.81B 18,963.01B 6,988.29B 20,727.98B 9,619.37B
Diluted EPS 1,131.26 2,118.36 1,473.51 -685.14 --
Dividends Per Share -- -- 0 0 --
Total Assets 288,127.17B 403,740.75B 422,503.76B 428,384.46B 574,807.29B
Total liabilities 188,960.46B 283,152.16B 286,651.05B 268,812.59B 439,194.19B
Total equity 53,645.24B 76,417.47B 79,195.87B 100,474.01B 109,697.69B
Operating cash flow -8,836.54B 16,194.10B 13,436.33B -13,528.09B 4,722.85B
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 5,293.77M 5,598.29M 4,755.15M 5,597.41M 4,336.78M
Gross Profit 1,162.96M 1,485.44M 681.28M 1,540.75M 600.11M
Operating income 306.79M 111.72M -143.90M 253.25M -493.15M
Income before tax 603.69M 673.22M 600.04M 137.19M 542.24M
Net income 166.06M 324.86M 235.18M -109.60M 356.76M
EBITDA 722.04M 816.39M 300.75M 903.77M 410.91M
Diluted EPS 0.04 0.09 0.06 -0.02 --
Dividends Per Share -- -- 0 0 --
Total Assets 12,421.95M 17,423.27M 18,304.07M 18,797.03M 24,382.06M
Total liabilities 8,146.60M 12,219.31M 12,418.54M 11,795.19M 18,629.65M
Total equity 2,312.79M 3,297.76M 3,430.99M 4,408.68M 4,653.13M
Operating cash flow -383.76M 697.18M 578.25M -589.84M 201.74M

Valuation Measures

Dec 2022
Operating margin-11.37%
Profit margin8.22%

Key executives

  • Vice Chairman & Chief Executive Officer: Quang Viet Nguyen
  • Deputy General Director: Khuong Van Pham
  • Deputy General Director: Noi Huong Mai
  • Deputy General Director: Thuy Thanh Dang
  • Project Manager: Hien Tran


  • Vietnam Investments Group LLC (33.0%)
  • PHAM NHAT VUONG (25.8%)
  • Sk South East Asia Investment Pte , Ltd. (6.0%)
  • PHAM HUONG THU (4.4%)
  • PHAM HANG THUY (2.9%)
  • Vingroup JSC (2.0%)
  • Fubon Asset Management Co., Ltd. (0.5%)
  • Van Eck Associates Corp. (0.4%)
  • Dragon Capital Management Co. Ltd. (0.3%)
  • VietFund Management Co. (Investment Management) (0.2%)

Contact Details

  • Website:
  • Address: No 7, Bang Lang 1 Street, Vinhomes Riverside, Viet Hung Ward, Ha Noi, 10000, Vietnam
  • Phone: +84.24.3974.9999

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Last Updated on 24 Mar, 2023

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