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Customers view VinFast cars on display at Landmark 81 – Photo: BONG MAI
VinFast Production and Business Co., Ltd. has just announced business results for the first half of 2020 with profit The profit after tax was negative 6,591 million VND, equivalent to a loss increased more than 4 times during the same period in 2019.
By the end of June this year, VinFast had increased its capital owner more than 3,000 million during the same period last year until 28,116 billion dong. The debt / equity ratio increased to 2.81 times, equivalent to liabilities approximately VND 79 billion, an increase of VND 15 billion compared to the first half of last year, but a decrease of more than VND 7.5 billion compared to the end of last year.
Return on equity (ROE) has increased from negative 6.26% in the first half of last year to the first half of this year. negative than 23.44%, but overall improved compared to 29% at the end of last year.
According to data from Vingroup, in the first half of 2020 9,900 cars and 21,400 VinFast electric motorcycles were delivered.
The 2020 semi-annual financial report, Vingroup said: “During the period, the complicated developments of the COVID-19 epidemic have affected the productive and commercial activities of most of the group’s subsidiaries ”.
The manufacturing segment, including the production of electric cars and motorcycles related to its VinFast subsidiary, also posted large losses.
In the first half of 2020, Vingroup has a net income of more than 38.727 billion, a decrease of almost 37% compared to the same period in 2019.
Although manufacturing revenues are in second place (after property transfer, above property leasing, hotel and tourist services, hospital, education …) segment. Contributing more than 6,335 billion Dong, 3 times more than in the same period last year, nBut it is also this segment that caused Vingroup’s loss of more than VND 5.228 billion (increasing the loss by more than 78% compared to 2019 and also the business segment with the largest loss compared to all segments).
It can be seen that Vingroup has invested a lot in the manufacturing segment when the cost of goods sold from this activity has increased 3 times compared to the same period last year to more than 9.280 billion VND.
Vingroup also invests in related subsidiaries such as VinFast An Phat Plastic Auto Components Co., Ltd., VinFast Lithium Battery Company is making a loss.
In expenses Construction underway, the VinFast project alone accounted for more than 7.058 billion, an 18% increase over the same period last year.
One of the strategies the group reveals about VinFast in 2020 is to focus on the Vietnamese market, seek export opportunities and launch advanced SUVs (V8s).
Recently, in early September, VinFast introduced a President line priced at 4.6 billion VND, a special car, produced with a limited number of 500 units, exclusively for the Vietnamese market.
VinFast is the first car brand in Vietnam with the support of Vingroup; By mid-2020, charter capital has increased. 26.916 trillion VND, of which Vingroup owns more than 51%, billionaire Pham Nhat Vuong owns almost 49%.
Respond to the sheet interview BloombergBillionaire Vuong said that Vingroup plans to suffer a loss of about 18 billion dong per year from VinFast because the car’s selling price is cheaper than the cost of production.
Last time, this company simultaneously opened a series of new showrooms across the country, with the aim of building a network of 63 provinces and cities.
VinFast stimulates demand with a series of attractive policies, including discounts of up to VND 600 million / car.
VinFast launched VND 4.6 billion President SUV model
