A real estate company's first quarter profit is many times higher than that of major banks.

Vinhomes Global Gate project owner's pre-tax profit is more than 18,000 billion VND in the first quarter of 2025, many times higher than some major banks.

Vietnam Exhibition Fair Center Joint Stock Company (Vefac, stock code: VEF) - the owner of Vinhomes Global Gate project has just announced its financial report for the first quarter of 2025 with revenue of VND 44,560 billion, 222,000 times higher than the same period last year. This quarter's revenue increased dramatically due to the company transferring part of the Vinhomes Global Gate project, while in previous quarters, this company had almost no revenue.

Revenue from financial activities reached VND1,857 billion, nearly 15 times higher than the first quarter of last year due to profits from lending and investment activities. According to the explanation in the financial report, this enterprise is lending more than VND17,000 billion to partners, enjoying an interest rate of 12% per year.

Excluding expenses, Vefac's pre-tax profit was VND18,605 billion, 163 times higher than the first quarter of last year. The company's profit is many times higher than that of major banks in Vietnam that have announced business results such as Techcombank, Vietinbank or VPBank.

At the end of the first quarter of 2025, Vefac's total assets reached VND40,136 billion, down 62% compared to the beginning of the year. Of which, the company's inventory decreased by 99% to nearly VND100 billion.

The index with the sharpest decrease is short-term receivables, from 66,836 billion VND to more than 17,000 billion VND. At the end of 2024, the enterprise incurred more than 63,000 billion VND in receivables from Vinhomes Joint Stock Company. This is the amount that Vefac and Vinhomes signed a cooperation agreement to invest in the Vinhomes Global Gate project in 2024. However, at the end of the first quarter of 2025, this item was only more than 7,000 billion VND.

Vefac is a subsidiary of Vingroup Corporation with an ownership ratio of over 85%. This enterprise is also the investor of the new urban area in Xuan Canh, Dong Hoi and Mai Lam communes, Dong Anh district (commercial name Vinhomes Global Gate). This project has a scale of over 261 hectares, with a total investment capital of nearly VND 34,880 billion.

According to the plan, Vinhomes Global Gate project has more than 15,100 products, including over 4,000 single villas, townhouses 4-5 floors high, two 45-storey apartment buildings with about 4,800 apartments. In addition, the project also has 14 mixed-use buildings (commerce, services, offices and apartments) 45 floors high with 6,100 apartments. At the end of August 2024, Vingroup started construction of the National Exhibition Center in this project area.

On March 12, the Hanoi People's Committee approved Vefac to transfer part of the Vinhomes Global Gate project. This urban area was transferred to Thoi Dai Moi T&T Company with an investment of about VND 30,360 billion, equivalent to more than 87% of the total investment capital of the project. Accordingly, Thoi Dai Moi T&T will receive the land for building high-rise and low-rise housing, mixed-use buildings and public land for business purposes, with an area of ​​about 75 hectares.

Duong Chung (According to vnexpress.net)

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/127196/Mot-cong-ty-de-oc-lai-quy-I-gap-nhieu-lan-cac-ngan-hang-lon