Vingroup General Meeting of Shareholders: Set record revenue target, will list Vinpearl this year
The General Meeting of Shareholders on the morning of April 25 of Vingroup approved the 4 business plan, with record revenue of 2024 billion VND and profit after tax of 200.000 billion VND.
On the morning of April 25, the 4 Annual General Meeting of Shareholders of Vingroup - Joint Stock Company (VIC - HoSE) took place at Almaz Convention Center, Hanoi.
The Congress approved all reports and presentations on the business situation in 2023 and business plan for 2024; financial situation according to the audited 2023 Financial Statements; Plan for using accumulated after-tax profits in 2023; remuneration for members of the Board of Directors and Supervisory Board; list of independent auditing companies; Additional business lines; amend and supplement the Corporation's Charter; plan to list bonds issued to the public.
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| Vingroup's 2024 Annual General Meeting of Shareholders received the attention and participation of a large number of shareholders. (Photo: KT) |
Recorded impressive business results
Accordingly, by the end of 2023, the Group's business segments will continue to maintain their leading position in the market and record impressive business results.
Net revenue reached 161.428 billion VND, an increase of 59% compared to the previous year. Profit after tax reached 2.056 billion VND, equivalent to the level in 2022. These two targets respectively reached 85% and 103% of the business plan set at the 2023 Annual General Meeting of Shareholders.
"In the field of Technology - Industry, in 2023, VinFast has become an inspirational symbol for Vietnamese businesses when it officially rings the bell on the US Nasdaq Stock LLC Stock Exchange," Mr. Nguyen Viet Quang, Deputy Chief Executive Officer, said. Chairman of the Board of Directors, General Director of Vingroup said.
In 2023, VinFast has successfully developed main car lines from the small car segment (mini car) to ABCDE, introducing the electric pickup concept car - VF Wild. By the end of 2023, VinFast will deliver to consumers nearly 35.000 electric cars and more than 72.000 electric motorbikes, contributing to strongly promoting the green transformation trend.
In the Trade - Service pillar, by the end of 2023, Vinhomes has handed over a total of nearly 29.000 apartments, villas and commercial townhouses at Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3. In the real estate sector rental rate, occupancy rate in 2023 reaches 84,8%, improving over the same period; At the same time, Vincom Retail has handed over shophouses at projects in localities such as Quang Tri, Dien Bien, Cao Lanh... and recorded a profit after tax in 2023 of VND 4.409 billion, an increase of 59% compared to 2022.
In the Social Charity pillar, the fields of health and education continue to reap many achievements.
In 2024, Vingroup said it will continue to strengthen business activities to strengthen three main pillars: Technology - Industry, Trade and Services, and Social Charity. The Group maintains the P&L model at its subsidiaries, emphasizing the need for efficiency and transparency, continuing to promote the implementation of the "6 Chemistry" principle (including Systematization - Nuclearization - Standardization - Simpleization). Simplification - Automation - Efficiency) to build a lean, versatile and effective management apparatus.
Set a revenue target of 200.000 billion VND in 2024
The Congress also approved the 2024 business plan, with record revenue of 200.000 billion VND and profit after tax of 4.500 billion VND. Compared to the previous year, Vingroup's revenue is expected to increase by 23,7% and profit by 119%.
In 2024, VinFast aims to boost vehicle delivery output and focus on optimizing costs through initiatives in design, purchasing, and production.
In 2024, VinFast will continue to expand distribution channels, taking advantage of the local network and expertise of agents with the goal of reaching about 400 sales points globally by the end of 2024. Also in 2024, VinFast will deliver the new model in the US market and export cars to Europe, and begin distribution in Indonesia.
With the goal of cost optimization, VinFast conducts research on design initiatives to reduce material costs, while sourcing and purchasing effectively.
In the field of residential real estate, to prepare for a new growth cycle of the market, Vinhomes consolidates distribution channels and strengthens the O2O model. Specifically. Vinhomes builds a self-trading distribution system in parallel with the existing dealer system nationwide, building long-term cooperative relationships, maintaining a fair and civilized playing field, ensuring consistency in business operations. Implement the business goals set by the company.
In addition, the Company will continue to improve its online business system, aiming to enhance the purchasing experience and make product policies and prices transparent. In addition to projects that have been opened for sale, Vinhomes focuses strongly on implementing potential new projects that have completed legal procedures to ensure revenue and profits in 2024 as well as gradually building new projects. social housing project.
In the field of Resort Tourism - Entertainment, in 2024 Vinpearl aims to continue to maintain the number 1 brand identity in entertainment - entertainment and resort in Vietnam, especially the number 1 choice for experience of family guests. Vinpearl expects the market to continue its strong recovery, especially from international visitors, and targets outstanding growth compared to 2023, through vigorously exploiting customer sources, sales channels and sales. create new marketing strategies.
Vinpearl will be listed, expected to list GSM on the international market
Also at the Congress, Mr. Pham Nhat Vuong, Chairman of the Board of Directors of Vingroup, directly discussed and answered many questions from shareholders.
Regarding the plan to list its subsidiaries, Chairman Pham Nhat Vuong said that the Group is carrying out procedures to list Vinpearl Company on the Vietnam stock exchange and hopes to have a successful listing by the end of the year. At the same time, the Group is also expanding and strongly developing Green Taxi SM (GSM) internationally. "A very internal sharing is that we are preparing a plan, if possible, to list (GSM) on the international market," Mr. Vuong said.
Answering a question about divestment plans for subsidiaries and projects after Vingroup divests capital from SDI, Mr. Vuong said that currently the Group has no plans to divest capital.
Regarding the addition of the business line "Livestock service activities", Mr. Vuong said that this addition is related to horse raising activities. It is known that at the Vinhomes Royal Island project (Vu Yen, Hai Phong) the Royal Equestrian Academy is being implemented.
Regarding the most important business segment today, the automobile industry, billionaire Pham Nhat Vuong affirmed that electric cars are an irreversible trend and VinFast is on the right track.
It is expected that by 2026, VinFast's EBITDA will be in harmony, with positive cash flow.
“Some markets are now profitable, based on the '3 No's' of no depreciation, no profit, and no financial costs to make our competitiveness stronger. Gradually, we can gradually include depreciation costs and financial costs into the car and move toward profitability," Mr. Vuong affirmed.
Regarding business opportunities from selling carbon credits, Mr. Vuong said that a working group has been established to research and find partners to strongly promote the sale of carbon credits not only in Vietnam but also in other countries. .
