Vincom Retail’s revenue up 65 per cent in 2018

Thursday, Apr 11, 2019 16:30

The shareholders of Vincom Retail agreed to approve the development and investment-business plans for 2019 with the continued promotion of Vincom's presence in provinces and cities nationwide.— VNS Photo

Vincom Retail Joint Stock Company earned total net revenue of VND9.12 trillion (US$392.2 million) in 2018, up 65 per cent compared with the previous year, according to its financial report released at the second shareholders’ meeting in Ha Noi on Thursday.

The report showed that Vincom Retail’s total asset value gained nearly VND38.7 trillion, with operating profit margin reaching 33 per cent.

In terms of scale, last year saw the opening of 20 Vincom centres, including two Vincom centres, 15 Vincom plazas and three Vincom+. As of the end of last year, Vincom Retail owned 66 trade centres in 38 provinces and cities across the country, with a total retail area of ​​1.5 million square metres, making it the largest retail real estate investor in Viet Nam in terms of market share and number of owned shopping centres.

Besides expanding scale, new Vincom shopping centres have become the most attractive destinations in each locality, playing a leading role in consumer trends and creating new standards for people's lifestyles. The Vincom Center Landmark 81 project, which was launched in the highest building of Viet Nam in HCM City in July 2018, with nearly 100 leading brands from foreign countries and Viet Nam, attracted about one million customers in the first month after opening.

Thanks to rapid growth in scale and innovation in service quality, Vincom Retail welcomed nearly 160 million customers who visited, shopped and used services last year, an increase of nearly 40 per cent compared to 2017.

With the trust and companionship of customers, Vincom reached the top 15 most valuable brands in Viet Nam voted by Forbes in August 2018, and was the only retail real estate brand on this list.

As for the 2019 plan, the company aims to maintain its leading position in Viet Nam’s retail market both in size and product quality. It will expand the system to potential markets by opening 13 more new shopping centres this year, bringing the total to 79 trade centres.

This year will also be the launch year for highlighted projects such as the Vincom Mega Mall with total area of 60,000 - 100,000 square metres in the Vinhomes urban area in the 2020-21 period.

In terms of service quality, Vincom Retail will continue to bring international brands to Viet Nam and head up modern technology applications, in which the first technology application is expected to be launched with full information on incentives, events and festivals throughout the system.

At the end of the meeting, the shareholders agreed to approve the development and investment-business plans for 2019 with the continued promotion of Vincom's presence in provinces and cities nationwide. The company aims to promote investment in improving product quality and comprehensive services, and to anticipate modern consumer trends to meet the needs of domestic and international consumers. — VNS

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