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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 2018 VNDUSD
Gross Profit26,751.03B1,161.77M
Operating income7,036.85B305.60M
Income before tax13,853.63B601.65M
Net income3,776.72B164.02M
Diluted EPS1,257.020.05
Dividends Per Share----
Total Assets287,974.17B12,415.35M
Total liabilities188,960.46B8,146.60M
Total equity53,598.23B2,310.76M
Operating cash flow-8,836.54B-383.76M
Currency in VNDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 28,884.53B 35,693.86B 57,614.34B 89,350.04B 121,894.40B
Gross Profit 10,889.42B 12,202.56B 15,619.85B 24,720.65B 26,751.03B
Operating income 5,484.16B 3,713.23B 921,398.07M 8,031.74B 7,036.85B
Income before tax 5,409.68B 2,852.10B 6,737.83B 9,114.28B 13,853.63B
Net income 3,158.58B 1,215.77B 3,384.58B 4,462.41B 3,776.72B
EBITDA 9,989.83B 8,689.86B 8,586.61B 15,536.25B 16,598.49B
Diluted EPS 915.55 339.14 1,138.84 1,500.82 1,257.02
Dividends Per Share 0 0 0 0 --
Total Assets 90,069.76B 145,554.35B 183,475.62B 213,792.05B 287,974.17B
Total liabilities 62,607.07B 107,969.43B 135,184.45B 161,235.04B 188,960.46B
Total equity 20,396.04B 23,104.71B 27,827.38B 31,674.25B 53,598.23B
Operating cash flow 10,914.54B 28,943.34B 5,606.33B 17,959.57B -8,836.54B
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 1,362.52M 1,627.96M 2,576.07M 3,933.21M 5,293.77M
Gross Profit 513.66M 556.54M 698.40M 1,088.21M 1,161.77M
Operating income 258.69M 169.35M 41.19M 353.55M 305.60M
Income before tax 255.18M 130.08M 301.26M 401.21M 601.65M
Net income 148.99M 55.45M 151.33M 196.43M 164.02M
EBITDA 471.23M 396.33M 383.92M 683.91M 720.85M
Diluted EPS 0.04 0.01 0.05 0.06 0.05
Dividends Per Share 0 0 0 0 --
Total Assets 4,211.32M 6,473.39M 8,057.42M 9,414.41M 12,415.35M
Total liabilities 2,927.27M 4,801.84M 5,936.69M 7,100.05M 8,146.60M
Total equity 953.64M 1,027.56M 1,222.05M 1,394.78M 2,310.76M
Operating cash flow 514.85M 1,320.07M 250.67M 790.58M -383.76M

Valuation Measures

Dec 2018
Operating margin5.77%
Profit margin3.09%

Key executives

  • Chief Executive Officer & Director: Quang Viet Nguyen
  • Deputy General Director: Khuong Van Pham
  • Deputy General Director: Noi Huong Mai
  • Deputy General Director: Thuy Thanh Dang
  • Chief Accountant: Thu Hien Thi Nguyen


  • Vietnam Investments Group LLC (31.6%)
  • PHAM VUONG NHAT (26.0%)
  • Vingroup JSC (6.4%)
  • Sk Investment Vina Ii Pte Ltd. (6.1%)
  • PHAM HUONG THU (4.4%)
  • PHAM HANG THUY (2.9%)
  • PHAM LINH HONG (0.3%)
  • Van Eck Associates Corp. (0.2%)
  • Schroder Investment Management Ltd. (0.1%)

Contact Details

  • Website:
  • Address: No 7, Bang Lang 1 Street, Vinhomes Riverside, Viet Hung Ward, Ha Noi, 100000, Vietnam
  • Phone: +84.24.3974.9999

Related Companies

  • Vinhomes Real Estate Management LLC
  • Vinid Pay JSC
  • Xavinco Real Estate JSC
  • VinSmart
  • Vinhomes JSC
  • VinCommerce General Trading Service JSC
  • VinPro Trading & Services LLC
  • Phat Loc Express & Trading JSC
  • Me Tri Sport & Entertainment Development Co. Ltd.
  • 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.
  • Vingt Global Investment Trading & Services 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
  • Future Property Invest Co. Ltd.
  • Royal City Real Estate Development & Investment JSC
  • Tay Tang Long Real Estate Co. Ltd.
  • Tay Ho View Hotel & Tourism Ltd. Co.
  • Vincharm Development & Service One-Member Ltd. Co.


  • Hai Phat Investment JSC
Last Updated on 20 Jan, 2020

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