Vingroup Joint Stock Company (VIC) Q2 2025 earnings summary

Executive summary

• Achieved robust growth in 1H2025, with adjusted revenue up 81% year-over-year to VND 133,088 billion and net profit after tax up 120% to VND 4,540 billion.

• Net revenue for Q2 2025 rose 9% year-over-year to VND 46,312 billion, mainly from increased sales of inventory properties.

• Net profit after tax for Q2 2025 was VND 2,265 billion, up 215% year-over-year, with a significant contribution from other income.

• Strong performance across all major segments: Industrials, Real Estate, Hospitality, and Social Enterprises.

• Maintained market leadership in EVs and real estate, with significant expansion in international markets and new project launches.

Financial highlights

• Adjusted revenue for 1H2025 reached VND 133,088 billion, up 81% year-over-year.

• Net profit after tax for 1H2025 was VND 4,540 billion, up 120% year-over-year.

• Gross profit for 1H2025 increased 73.6% year-over-year to VND 46,661 billion.

• EBITDA for 1H2025 rose 28.4% year-over-year to VND 39,949 billion.

• Property sales revenue up 105%, Industrials up 135%, Hospitality & Entertainment up 34% year-over-year.

Outlook and guidance

• On track to at least double last year's industrial deliveries, with stronger 2H2025 expected due to seasonality and new model launches.

• Real estate activity to ramp up in 2H2025, driven by new mega project launches and delivery of unbilled sales backlog.

• Hospitality and entertainment to benefit from increased international arrivals and new facility openings.

• Social enterprises to expand with new clinics, care centers, and school campuses, leveraging technology for efficiency.

• Management expects continued growth in real estate sales and manufacturing, with a focus on expanding inventory property sales.