ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

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 2021 VNDUSD
Gross Profit35,337.02B1,540.75M
Operating income5,808.35B253.25M
Income before tax3,146.45B137.19M
Net income-2,513.88B-109.60M
Diluted EPS-685.14-0.02
Dividends Per Share00
Total Assets428,384.46B18,797.03M
Total liabilities268,812.59B11,795.19M
Total equity100,474.01B4,408.68M
Operating cash flow-13,528.09B-589.84M
Currency in VNDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 89,350.04B 121,894.40B 130,036.01B 110,490.03B 128,375.88B
Gross Profit 24,720.65B 26,778.35B 34,503.55B 15,830.15B 35,337.02B
Operating income 11,550.81B 7,064.18B 2,595.20B -3,343.86B 5,808.35B
Income before tax 9,114.28B 13,900.64B 15,637.42B 13,942.55B 3,146.45B
Net income 4,462.41B 3,823.73B 7,545.91B 5,464.62B -2,513.88B
EBITDA 15,536.25B 16,625.81B 18,963.01B 6,988.29B 20,727.98B
Diluted EPS 1,334.06 1,131.26 2,118.36 1,473.51 -685.14
Dividends Per Share 0 -- -- 0 0
Total Assets 213,792.05B 288,127.17B 403,740.75B 422,503.76B 428,384.46B
Total liabilities 161,235.04B 188,960.46B 283,152.16B 286,651.05B 268,812.59B
Total equity 31,674.25B 53,645.24B 76,417.47B 79,195.87B 100,474.01B
Operating cash flow 17,959.57B -8,836.54B 16,194.10B 13,436.33B -13,528.09B
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 3,933.21M 5,293.77M 5,598.29M 4,755.15M 5,597.41M
Gross Profit 1,088.21M 1,162.96M 1,485.44M 681.28M 1,540.75M
Operating income 508.47M 306.79M 111.72M -143.90M 253.25M
Income before tax 401.21M 603.69M 673.22M 600.04M 137.19M
Net income 196.43M 166.06M 324.86M 235.18M -109.60M
EBITDA 683.91M 722.04M 816.39M 300.75M 903.77M
Diluted EPS 0.05 0.04 0.09 0.06 -0.02
Dividends Per Share 0 -- -- 0 0
Total Assets 9,414.41M 12,421.95M 17,423.27M 18,304.07M 18,797.03M
Total liabilities 7,100.05M 8,146.60M 12,219.31M 12,418.54M 11,795.19M
Total equity 1,394.78M 2,312.79M 3,297.76M 3,430.99M 4,408.68M
Operating cash flow 790.58M -383.76M 697.18M 578.25M -589.84M

Valuation Measures

Dec 2021
Operating margin4.52%
Profit margin-1.95%

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 VUONG NHAT (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%)
  • Dragon Capital Management Co. Ltd. (0.3%)
  • JPMorgan Asset Management (Singapore) Ltd. (0.2%)
  • Van Eck Associates Corp. (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

Related Companies

  • VinTech Technology Development JSC
  • VinFast Auto Ltd.
  • VCM Services & Trading Development JSC
  • VinES Energy Solutions Joint Stock Company
  • VinFast Auto Canada, Inc.
  • VinFast Auto LLC
  • Allen & Overy Legal (Vietnam) LLC
  • Thai Son JSC
  • VinFast Trading & Production JSC
  • Vinid Pay JSC
  • VinFast Commercial & Services Trading LLC
  • Xavinco Real Estate JSC
  • VinSmart
  • Vinhomes JSC
  • VinPro Trading & Services LLC
  • Hop Nhat Viet Nam Corp.
  • Anh Sao Real Estate Corp.
  • Vinmart Supermarket Co.
  • Khanh Gia Investment Trading Services JSC
  • Maximark
  • Vincom Real Estate Trading Co. Ltd.
  • VINGS General Services Trading One-Member Co. Ltd.
  • Vinschool One Member Co. Ltd.
  • Ocean Retail & Assets Management JSC
  • Hai Phong Land Investment & Development JSC
  • Vinmec International Hospital JSC
  • Bai Dai Tourism & Investment JSC
  • Viet Thanh Sai Dong Co. Ltd.
  • Hon Tre Tourism & Services JSC
  • Cam Ranh Tourism & Trading JSC


  • Central Retail Corporation Public Company Limited
  • Longeveron Inc. Class A
Last Updated on 8 Dec, 2022

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more