Vingroup Joint Stock Company (VIC) Q1 2025 earnings summary

Executive summary

• Net revenue for 1Q2025 surged 287% year-over-year to VND84,053bn, with net profit after tax for the Group at VND2,243bn, up 68% year-over-year.

• Strong performance across all business segments, led by Industrials and Real Estate, with VinFast reinforcing its domestic EV market leadership.

• Gross profit rebounded to VND19,205bn from a loss in Q1 2024, reflecting improved margins on property and manufacturing sales.

• Vietnam's macroeconomic environment remained robust, with GDP growth at 5.7% and inflation at 3.2% in 1Q2025.

• Operating profit rose 76% year-over-year to VND5,158bn.

Financial highlights

• Revenue reached VND187,944bn in 1Q2025, up 286.7% compared to 1Q2024; gross profit rose 51.4% to VND31,313bn.

• Property sales revenue grew 10.6x year-over-year to VND120,893bn; Industrials revenue up 158.4% to VND55,275bn.

• Manufacturing revenue reached VND15,676bn, more than doubling year-over-year.

• Gross margin improved significantly, with gross profit at VND19,205bn versus a loss last year.

• Basic EPS for Q1 2025 was VND1,876, down from VND2,133 in Q1 2024.

Outlook and guidance

• Targeting consolidated revenue of VND300,000bn (+59% vs 2024) and profit after tax of VND10,000bn (+90% vs 2024) for 2025.

• Growth to be driven by new mega project launches, strong unbilled sales backlog (VND120tn), and continued expansion in Industrials and Technology.

• Management expects continued strong performance in property and manufacturing segments, supported by robust demand and ongoing project deliveries.

• Cost increases are anticipated to persist in line with revenue growth, particularly in selling and administrative expenses.

• Hospitality to focus on high-spending international markets and expand MICE business.