Announcement of Business Results Quarter III/2023

PRESS RELEASE

VINHOMES EXCEEDED ANNUAL TARGET WITH VND 32 TRILLION OF NET PROFIT IN 9 MONTHS

Hanoi, 24 October 2023, Vinhomes Joint Stock Company (ticker “VHM”) released its unaudited consolidated financial statements for the third quarter of 2023 in accordance with Vietnamese Accounting Standards (VAS).

Resilient Business Performance and Financial Strength Amidst Mutiple Challenges

In the third quarter of 2023, Vinhomes achieved total consolidated net revenue of VND 32.7 trillion, marking a substantial increase of 84% compared to the same period last year. This impressive increase was primarily driven by the deliveries of 2,400 low-rise units at Vinhomes Ocean Park 3. Accordingly, cumulated revenue in the first nine months of 2023 reached VND 94.6 trillion. Total adjusted consolidated net revenue (including adjusted revenue of bulk sales transactions and business co-operation contracts (BCC) of which gains was recognized under financial income) reached VND 108.4 trillion, surging by 118% compared to previous period, mainly thanks to timely deliveries in Vinhomes Ocean Park 2 and 3. Consolidated profit after tax was VND 32.4 trillion, exceeding the year guidance and showcasing a 62% year-on-year growth. 
Vinhomes maintained a robust financial position with total assets and owners' equity of VND 417 trillion and VND 181 trillion as of September 30, 2023, reflecting  a 15%  and 22% increase compared to that of December 31, 2022. 

Innovative property offerings impressed the market

In addition to its outstanding financial performance, Vinhomes launched new product offerings with attractive policies during the third quarter of 2023. Particularly, the low-rise commercial units in The Mega Grand World complex in Ocean City which were introduced to the market in July, have received strong interests from buyers with 500 reservations. To make Mega Grand Word the ultimate shopping and entertainment hotspot in the North, Vinhomes and Vincom Retail jointly hosted a festival on 23 September with almost 20 F&B brands and 500 prospective customers. This event marked another milestone in the continuous development of Ocean City and reinforces VHM’s commitment to delivering lasting value for its customers. 
The Center Point commercial and service complex, which was launched at Vinhomes Ocean Park 2 in September 2023, achieved 100% rental occupancy with more than 200 brands from diversified sectors in one month.

Significant Operational Milestones

Along with sales activities, Vinhomes also made significant progress in project construction. Particularly in September, Vinhomes Sky Park in Bac Giang City was topped up ahead of schedule.

As a leading property management brand in Vietnam, Vinhomes offered various programs that engaged the community and attracted residents and visitors. The highlight of the third quarter was the K-Food Fair 2023 at the City of Lights Square (Vinhomes Ocean Park 2), which welcome more than 60,000 visitors and presented them with the culture of Korea. The Italiana Summer Party 2023 also entertained more than 20,000 participants with traditional European cuisine and art in the heart of Hanoi. 

Furthermore, the first year opening of Brighton College, a renowned UK-based school, at Vinhomes Ocean Park, offered young residents access to world-class education, equipping them for global integration.

Distinguished Awards 

Vinhomes has achieved various domestic and international distinctions for its outstanding performance. One of the most notable ones was being ranked among the Top 20 most valuable real estate brands in the world by Brand Finance in August 2023. This was a remarkable achievement, as Vinhomes was the first Vietnamese property brand to attain this prestigious honor, demonstrating its impressive growth and reputation on the global stage. In addition, Vinhomes was also the only real estate brand in the Top 5 most highly valued brands in Vietnam. The company also excelled in its investor relations (IR) activities, being among the Top 3 large capitalization listed firms with excellent IR practices as rated by financial institutions, hosted by the VAFE Association, Fili newspaper, and Vietstock.
With strong effort in ensuring timely delivery, providing innovative products and market-responsive policies, Vinhomes is confident in its ability to overcome challenges to fulfill business targets.