Vingroup focuses on conquering international markets in 2023

At the congress, the representative of the Board of Directors stated that in 2023, in the context of the global economy not being able to see much improvement, Vingroup still focuses on seizing new opportunities amid challenges to conquer the international market.

On May 12, 2023, VinFast and Black Spade Acquisition Co. announced a merger agreement. This is an important milestone in the plan to list VinFast on the US stock market. The event also opens up ideal capital raising opportunities for Vingroup in general and VinFast in particular globally.

In addition, VinFast continues to focus on producing launched car models for delivery to customers and preparing to launch production of new car models (VF 6 and VF 7), while accelerating the progress of the factory project in North Carolina (USA).

Vingroup focuses on conquering international markets in 2023 - 1 — Chairman of Vingroup Board of Directors Pham Nhat Vuong

In the field of residential real estate, Vinhomes continues to create green, smart, fully-equipped urban projects to meet the increasing needs of customers, in line with the general trend in the world .

In the retail real estate sector, Vincom Retail plans to open two new shopping malls, bringing the total to 85 shopping malls in 45/63 provinces and cities nationwide.

In the field of resort tourism - entertainment, Vinpearl and VinWonders have high expectations for the recovery of the tourism industry, thereby promoting the growth of the hotel and entertainment sector in addition to golf course services.

Vingroup commented that although the macro economy faced many challenges, Vingroup had a year of successful efforts to overcome difficulties and accelerate the recovery after the COVID-19 pandemic.

In the industrial and technological pillar, VinFast has become the leading pure electric vehicle manufacturer in the region with a diverse range of electric vehicle products, including electric cars (covering all segments from A, B, C, D, E); electric motorbikes (14 models from popular to high-end); electric buses and electric charging ports present in all provinces and cities across Vietnam. In 2022, VinFast sold 24,000 cars in Vietnam and exported the first batch of 999 cars to the international market, becoming a global smart electric vehicle manufacturer. In addition, VinFast electric motorbikes maintained the No. 1 position in the market, with sales of 60,000 vehicles sold in 2022.

In the field of trade and services, Vinhomes continues to affirm its leading position in the real estate market with the opening of two new major projects, Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3. The value of new contracts signed during the year and undelivered sales reached VND 128.2 trillion and VND 107.6 trillion, creating a solid foundation for 2023.

In the retail real estate sector, in 2022 Vincom Retail is also the only retail real estate developer to open 3 new shopping malls and all achieved an occupancy rate of over 94%. Along with Vinhomes and Vincom Retail, Vinpearl and VinWonders continue to hold their position as the leading hotel, resort and entertainment system in Vietnam.

At the end of fiscal year 2022, Vingroup's net revenue reached VND101,794 billion. Pre-tax and after-tax profits reached VND12,756 billion and VND2,044 trillion, respectively. After excluding financial expenses from provisioning for exchange rate losses, costs related to the decision to stop producing gasoline vehicles and withdraw from the phone manufacturing sector, Vingroup's after-tax profit reached VND5,278 billion, achieving 88% of the plan.

Notably, in 2022, Vingroup raised nearly 1.1 billion USD from the international capital market, demonstrating the group's reputation globally.

Le Thinh

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