Retail has proved the shining segment for Vietnamese conglomerate Vingroup, with revenue jumping 363 per cent year-on-year to VND2.19 trillion (US$98.3 million) for the first quarter.
Vingroup has been investing in retail properties for more than a decade, and since announcing two years ago that it aims to become Vietnam’s largest retailer has opened 50 supermarkets under the VinMart brand and 750 convenience stores under VinMart+ brand.
Its other retail businesses include Vincom shopping centres, VinFashion stores, VinPro electronics shops and Adayroi eCommerce platform.
With interests also in education, health, entertainment and real estate, the group reports an after-tax profit of VND1.04 trillion – three times higher than the same period last year. Its revenues more than doubled to hit VND15.16 trillion.