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Vingroup sets record revenue targets and promotes the VinFast project in the US

Vingroup Corporation (VIC), chaired by billionaire Pham Nhat Vuong, has just announced the documents of the 2023 Annual General Meeting of Shareholders (expected to be held on May 17). Accordingly, Vingroup sets a net revenue target of 190,000 billion VND (about 8 billion USD), an increase of nearly 90% compared to last year.

Read more: US$2.5 billion poured into VinFast

This plan will be the highest revenue milestone in the group's history if achieved.
However, the profit plan is relatively modest, at VND2,000 billion, almost equal to the level realized in 2022.
An important goal for 2023 is accelerating the construction of an electric vehicle plant in North Carolina, USA.

Read more: VinFast starts delivering 999 electric cars to U.S. buyers

Previously, according to Bloomberg, VinFast was funded by $ 2.5 billion from founder Pham Nhat Vuong and Vingroup before the IPO.
A project of Vinhomes

Vingroup plans to develop a sales network in target markets at home and abroad, speeding up sales and product delivery in the US.VinFast also promotes the production of car models that have been opened for sale in 2022 to hand over to customers (VF5, VF8, and VF9) and prepares to launch the production of upcoming new models (VF6 and VF7).
In 2023, Vingroup will continue focusing on three technological pillars - industry, trade and service, and social charity.

Also read: Vingroup was honored for its sustainable development strategy
Vingroup establishes EV rental business

According to the plan, VinES will be an energy solution provider, supporting VinFast's strategy of self-reliance in input materials, focusing on perfecting production, research, and developing new products.
The residential real estate sector is forecasted to continue to be influenced by the macroeconomic and policy environment. Vinhomes - Vingroup's real estate management business - will use the land fund to develop projects in which Happy Home - Vinhomes's low-cost social housing segment will be one of the focuses set shortly. Happy Home projects also integrate multiple utility models.
With the field of industrial real estate, Vinhomes IZ will focus on researching and applying innovative industrial real estate models, ecological industrial parks, and large-scale specialties.
With the retail segment, in 2023, Vincom Retail (VRE) plans to open two new trade centers.
As for the resort and entertainment sector, Vinpearl aims to maintain a strong recovery from the expectation that the tourism industry will prosper again in 2023, with many contributions coming from the hotel and tourism segment. Food and entertainment besides golf service.
Vingroup also submitted to the meeting a plan to issue a maximum of VND 5,000 billion of convertible bonds (maybe one or more offers) with a maximum interest rate of 15%/year through private placement or public offering. . Bonds have a term of 12 months or more and a maximum of 60 months.
According to the shareholders' meeting document, Vingroup will submit to the general meeting to approve the dismissal of Mr. Yoo Ji Han from the position of a member of the Board of Directors and is expected to elect Ms. Chun Chae Rhan to replace him. Ms. Chun Chae Rhan is from SK Group.

Read more: VinFast to deliver electric cars to U.S. buyers tomorrow

Regarding the plan to use the accumulated after-tax profit until the end of 2022, Vingroup plans to deduct 5 billion VND into the reserve fund according to the provisions of the Group's Charter. All accumulated profits will be kept for operational purposes and business activities.
In 2022, Vingroup recorded net revenue of VND 101,523 billion profit after tax of VND 1,981 billion.
According to the financial statements of the first quarter of 2023, Vingroup achieved a consolidated net revenue of 38,963 billion VND, up 114% over the same period, and consolidated pre-tax profit reached 4,264 billion VND, up 121% over the same period in 2022; profit after tax is 589 billion dongs, up 15%.

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