Announcement of Business Results Quarter II/2024

PRESS RELEASE

VINHOMES REPORTED VND 11,513 BILLION PROFIT AFTER TAX IN 1H2024

With promising signs of recovery in the real estate market, Vinhomes’ presales reached VND 51,710 billion in the first six months of 2024. The company expects to achieve its 2024 revenue and net profit target. The delivery and accelerated sales performance across key projects such as Vinhomes Ocean Park 3 and Vinhomes Royal Island are the main driver for 2024 performance.

Hanoi, July 18, 2024, Vinhomes Joint Stock Company (ticker “VHM”) released its unaudited consolidated financial statements for the first half of 2024, in accordance with Vietnamese Accounting Standards (VAS).

For the period, Vinhomes achieved a total consolidated net revenue of VND 36,429 billion, with total adjusted net revenue (including revenue from both Vinhomes’ businesses and business cooperation contracts) standing at VND 47,904 billion. The company reported a consolidated profit after tax of VND 11,513 billion, primarily driven by the bulk sales transactions at Vinhomes Royal Island and continued deliveries at existing projects.

With contracted sales reached VND 51,710 billion in the first six month and total unbilled bookings amounted to VND 118,660 billion by the end of 2Q2024, Vinhomes remains positive in achieving its 2024 business plan, supported by upcoming deliveries of key projects such as Vinhomes Ocean Park 3 and Vinhomes Royal Island.

As of June 30, 2024, Vinhomes maintains a robust financial position, with total assets and equity reaching VND 494,461 billion and VND 206,783 billion, respectively. These represent an increase of 11.2% and 13.2% from the figures reported on December 31, 2023.

During the first half of 2024, Vinhomes successfully issued VND 12,500 billion of corporate bonds, underscoring its ability to access new capital as well as secure resources for project developments. Additionally, on June 28, 2024, Vinhomes received approval from the Department of Construction of Hung Yen Province to allow the Company to sell houses in Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3 to foreign individuals and organizations. This milestone is expected to invigorate the company's sales and bolster positive sentiment within the local real estate market.

Vinhomes distinguishes itself with its entertainment, shopping, and culinary complexes strategically positioned in the key urban centers. These hubs not only enhance the project's sustainability but also serve as vibrant attractions for residents, investors, and tourists, stimulating growth in both the real estate and retail sectors.

At Vinhomes Ocean Park 2, K-Town has emerged as a bustling “new Korean center” in Vietnam, boasting nearly 200 shops. Through strategic cooperation with the Korea Tourism Organization, K-Town and Vinhomes’ urban areas have become regional destinations, hosting events that feature top stars from both V-POP and K-POP. Furthermore, the authentic recreation of Hong Kong’s culture in Little Hong Kong attracted 25,000 visitors on its grand opening day on June 15, 2024, bolstering the local night economy.

Meanwhile, Vinhomes Royal Island (Vu Yen Island, Hai Phong), has rapidly established itself as a premier destination since its launch in less than three months ago, with the introduction of a vast array of amenities, including Vinpearl Horse Academy, Walking Street - Vu Yen Park, Europe Square, and K-Park Korean Cultural Park. The development has also hosted various weekend events, including the highly acclaimed Wonder Island International Music Festival, drawing over 150,000 visitors.

Vinhomes Grand Park in the southern region has unveiled an array of distinctive and top-notch amenities, aimed at enriching residents' quality of life and stimulating the growth of commercial and service activities. Notably, Vincom Mega Mall Grand Park and Golden Eagle Square commenced operations in June, with upcoming attractions including a two-story 36-slot golf driving range, VinWonders amusement park, and the Broadway commercial area.

In addition to its focus on developing world-class smart urban areas, Vinhomes is dedicated to fostering a Green Living - Healthy Living community, offering additional exclusive privileges to members of the Vinhomes Elite Club. This initiative underscores Vinhomes’ commitment to delivering exceptional after-sales service, distinguishing it as a leader in Vietnam’s real estate sector.

The company's dedication to excellence has been consistently recognized on the global stage, with recent accolades including "Top 10 developers in Vietnam" at the BCI Asia Awards 2024. In addition, at the International Property Awards (IPA), Vinhomes Ocean Park 3 was award winner of “Mixed Use Development Vietnam” category, while Ocean City garnered the top award in “Best Mixed Use Development Vietnam” category and was nominated for regional recognition in the Asia-Pacific (IPA) award.

Looking ahead, it is expected that favorable macroeconomic conditions, the implementation of amended Land Law 2024, Housing Law 2023, Real Estate Business Law 2023 from August 1 which are anticipated to help resolving legal obstacles, as well as the proactive efforts of the government and local authorities, will catalyze positive transformations within the real estate market. This serves as crucial momentum for Vinhomes to continue introducing new projects/subdivisions, aiming to achieve remarkable milestones in the latter half of 2024, and fulfill the business targets set at the Shareholders' General Meeting.