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Vingroup gains $835 mln after divesting from mall operator Vincom Retail222
Vietnamese conglomerate Vingroup earned VND21.33 trillion ($834.13 million) from selling its stake in mall operator Vincom Retail last year.
In 2024, Vingroup (HoSE: VIC) decided to sell a 100% stake in SDI Trading Development and Investment JSC, which owns a 99% stake in Sado, the largest shareholder of Vincom Retail with a 41.5% stake.
According to its 2024 audited consolidated earnings report, Vingroup stated that the sale was conducted between March and September 2024 through three transactions, without disclosing the buyer’s identity.
Vincom Mega Mall Ocean Park in Hung Yen province, northern Vietnam. Photo courtesy of Vincom Retail.
The company recorded a transfer fee of VND39.07 trillion ($1.53 billion) after fully divesting from SDI while retaining an 18.82% stake in Vincom Retail.
In 2025, Vincom Retail targets VND9.52 trillion ($372.24 million) in net revenue and VND4.7 trillion ($183.7 million) in net profit, up nearly 6.5% and 15% year-on-year, respectively.
The mall operator also plans to open three additional shopping malls in late April, including two Mega Mall outlets in the Ocean Park urban area in the northern province of Hung Yen and the Royal Island urban area in the northern city of Hai Phong, as well as the Vincom Plaza Vinh in the central province of Nghe An.
It aims to maintain its leading position in the retail real estate market in terms of occupancy and leasing area.
The report also revealed that Vingroup’s chairman, Pham Nhat Vuong, contributed nearly VND27.26 trillion ($1.07 billion) in cash to its EV subsidiary VinFast in 2023-2024.
Additionally, Vuong, who also serves as VinFast’s CEO, acquired the EV battery producer VinES from Vingroup for VND1.82 trillion ($71.16 million) and then transferred it to VinFast as a gift last year.
In 2023, Vuong, Vietnam’s richest person with a net worth of $7.5 billion according to Forbes, pledged $1 billion to VinFast, which was fully disbursed as of mid-2024.
In late 2024, he committed to providing another VND50 trillion ($1.96 billion) in funding for the EV maker by the end of 2026, using his personal assets.
