Vingroup sets record revenue this year
Despite uncertainties in the global economy, Vingroup will continue focusing on winning over international markets this year, the company said at the 2023 Annual General Meeting of Shareholders on May 17.
At the meeting (Photo: Vingroup) VinFast, a Vingroup subsidiary that specialises in the design and production of electric vehicles (EVs), and Black Spade Acquisition Co. announced a merger on May 12.
The occasion represents a significant step toward VinFast's listing on the US stock market and presents Vingroup and VinFast with new options for international financing.
In addition, VinFast continues to focus on the production of launched EV models for delivery to customers and prepares for the manufacturing of new models, which are the VF 6 and VF 7, while ramping up the progress of setting up a plant in North Carolina.
In 2023, the Board of Directors of Vingroup targets a net revenue of 190 trillion VND (8.1 billion USD), a gain of 87% year-on-year. If it is reached, this will be the highest net revenue since the company started operations. The company's profit after tax is forecast to slightly decrease by 44 billion VND from last year’s figure to 2 trillion VND.
For its fund-raising plan, Vingroup expects to issue a maximum of 5 trillion VND in bonds in one or many offerings. They are convertible bonds with a maximum coupon rate of 15% a year.
The term of a bond ranges from 12 months to 60 months. Vingroup will offer private placement or public placement, depending on the actual situation.
Last year, it raised nearly 1.1 billion USD from international markets, demonstrating the company's reputation globally.
Regarding the plan to use accumulated profit after tax as of the end of 2022, Vingroup proposes to distribute 5 billion VND to the reserve fund according to the provisions of the group's charter, and all accumulated profits will be kept for operating activities./.
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