A real estate company with 75 employees reported a profit of 18,600 billion VND, several times more than a large bank.

Vefac - a subsidiary of Vingroup - reported profits many times higher than some major banks - Photo: QUANG DINH

Vietnam Exhibition Fair Center Joint Stock Company - Vefac (VEF), the investor of Vinhomes Global Gate , has just announced its financial report for the first quarter of 2025 with revenue and profit increasing dramatically compared to the same period last year.

Specifically, VEF's revenue reached VND44,560 billion, 166,269 times higher than the same period last year. According to VEF's leaders, the company's revenue comes from the transfer of part of the Vinhomes Global Gate project.

While in the previous period, this enterprise's net revenue was almost insignificant, still mainly contributed by financial activities.

In the first quarter of this year, VEF's financial revenue reached VND1,857 billion, nearly 15 times higher than the same period last year due to profits from lending and investment activities.

After deducting sales, administrative and other expenses, VEF reported pre-tax profit of VND18,605 billion, 163 times higher than in the first quarter of 2024. After-tax profit reached more than VND14,873 billion.

VEF's profit is many times higher than that of major banks in Vietnam. For example, VPBank reported pre-tax profit in the first quarter of 2025 at VND5,014 billion, while Techcombank's was VND7,236 billion.

According to the financial statement, VEF had 75 employees at the end of March 2025. Total assets at the same time amounted to VND 40,136 billion, down more than 60% compared to the beginning of the year. This was mainly due to a decrease in inventories and short-term receivables.

Previously, at the end of 2024, VEF incurred more than VND 63,000 billion in receivables from Vinhomes Joint Stock Company. This amount was used to sign a cooperation agreement between the two parties to invest in and operate the Vinhomes Global Gate project.

VEF is a subsidiary of Vingroup Corporation, chaired by Mr. Pham Nhat Vuong, and is also the investor of the Vinhomes Global Gate project with a scale of more than 260 hectares.

At Vinhomes' annual general meeting of shareholders held on April 23, shareholders questioned the company's leadership about the relationship between Vinhomes and Vingroup, including the division of benefits at the Vinhomes Global Gate project.

In response, Vinhomes leaders affirmed transparency and harmonious division of benefits and shared risks between Vinhomes and Vingroup Corporation, especially in projects invested by Vingroup.

"All cooperation between Vinhomes and Vingroup will be clearly and fully disclosed so that shareholders can understand and rest assured that their interests are always put first," Vinhomes leaders affirmed. VHM is the largest real estate investor in Vietnam, so it is always transparently reflected in financial reports.

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BINH KHANH

Source: https://tuoitre.vn/mot-cong-ty-dia-oc-co-75-nhan-vien-bao-lai-18-600-ti-dong-gap-may-lan-ngan-hang-lon-20250423165812281.htm