Customers check out at a Vinmart store.(Photo courtesy of Vingroup)
Hanoi (VNS/VNA) – Privateconglomerate Vingroup’s total net revenue rose 6.7 percent on-year to 130trillion VND (5.5 billion USD) in 2019.
Total pre-tax profit last year was up 12.5percent year-on-year to 15.6 trillion VND, according to the firm’s auditedfourth-quarter financial report.
Total post-tax profit gained nearly a quarterto 7.72 trillion VND in 2019.
As of December 31, 2019, the firm’s totalasset reached 403.7 trillion VND and equity was worth 120.6 trillion VND,annual increases of 40 percent and 22 percent, respectively.
In 2019, Vingroup reported it sold 64.3 percentof ownership or 414 million shares in VCM Services and Trading Development JSCto consumer company Masan for a profit of 8.5 trillion VND.
In return, Vingroup would receive some stockoptions in a joint venture set up later by Masan and Vingroup. The deal wascompleted in early December 2019.
VCM was the unit that operated e-retailerVincommerce and farming business Vineco.
In the first three months of 2020, Vietnamesebusinesses have struggled with the spread of coronavirus which hit thelocal economy quite hard.
Vingroup and its member companies havechanged its ways of doing business to adapt to the situation.
Online platforms have become a prioritytool for “Vin” companies to promote their products and reach out to customers,such as residential property developer Vinhomes, automaker VinFast and phonemanufacturer VinSmart.
Shopping mall operator Vincom Retail hastaken measures to sanitise shopping centres and increased protection forconsumers. The company has also introduced a 300 billion VND stimulus packagefor its clients./.
