Vingroup is one of Vietnam’s largest private conglomerates, developed under a diversified ecosystem model spanning real estate, manufacturing and industry, as well as service and social sectors. In terms of revenue composition, the key growth drivers typically come from real estate and manufacturing activities, alongside service segments such as tourism and hospitality, healthcare, and education. This article focuses on analyzing the industries and providing an overview of the business performance of representative entities within the ecosystem, including Vinhomes, VinFast, Vinpearl, Vinmec, Vinschool and VinUni.

About Vingroup

Vingroup traces its origins to Technocom, which was founded in 1993 in Ukraine, and began its return to Vietnam in the early 2000s with two foundational brands, Vincom and Vinpearl. In January 2012, Vinpearl merged with Vincom to form Vingroup Joint Stock Company, marking a major milestone in consolidating resources and developing a diversified ecosystem[1]. VIC shares have been listed on the Ho Chi Minh Stock Exchange (HOSE) since 2007, providing a platform for scale expansion and the standardization of governance under a public group model[2].

Over its development journey, Vingroup has gradually expanded from real estate and tourism and hospitality into social services, high-tech industry and technology. In social services, Vingroup established Vinmec in 2012[3] to invest in an international-standard healthcare system, and Vinschool in 2013 under a non-profit education model. VinUniversity[4] was subsequently approved for establishment under the Prime Minister’s decision dated 17 December 2019, with the ambition of becoming an elite university. In the industry, VinFast[5] was launched in 2017 and quickly became a strategic pillar in the group’s industry and technology orientation. At present, Vingroup positions its operations around multiple pillars, notably industry and technology, real estate and services, and social initiatives.

In terms of business performance, 2025 recorded a sharp surge, with full-year consolidated net revenue reaching VND 332,770 billion, up 76% compared with 2024. Profit after tax amounted to VND 11,146 billion, driven mainly by real estate, along with the expansion of industrial manufacturing activities and income from financial operations[6].

Total revenue and profit before tax of Vingroup, 2019-2025

Unit: Billion VND

Source: Vnexpress.net

Vingroup’s revenue increased strongly in 2025, but its profit margin remained low because a large part of that growth came from businesses that were still under heavy cost pressure, especially VinFast. While real estate continued to generate solid earnings, VinFast was still in an aggressive expansion phase and had to absorb high production, sales, warranty, and market development costs. As a result, the profit contribution from higher-margin segments was diluted by losses in other businesses; notably, VinFast posted a net loss of VND 24 trillion in the third quarter of 2025, equivalent to a rise of around 81% compared with the same period last year, which significantly weighed on Vingroup’s consolidated profitability[7].

Vinhomes

Vinhomes is a real estate developer within the Vingroup ecosystem, focusing on large-scale township developments and a diversified portfolio of housing products. The company typically emphasizes its end-to-end execution capabilities, project management, and on-schedule handover as core competitive advantages. In 2025, Vinhomes accelerated the expansion of its project pipeline and launched additional new developments in key markets, laying the groundwork for sales and revenue growth in subsequent periods.

Total revenue and profit after tax of Vinhomes, Q1/2025-Q4/2025

Unit: Billion VND

Source: B&Company’s Synthesis from Vinhomes

In 2025, Vinhomes’ cumulative net revenue increased steadily across quarters, with most revenue and profit recognized in Q4, reflecting the company’s handover-based revenue recognition and the concentration of project deliveries in the second half of the year. Beyond the delivery factor, Vinhomes reported that sales remained resilient, with full-year contracted sales reaching VND 205,252 billion and unrecognized contracted sales of VND 186,426 billion, providing a solid base for revenue in subsequent periods.

Sales momentum was further strengthened by the strategy of expanding the project portfolio. In 2025, Vinhomes launched five new projects, including Vinhomes Wonder City (Dan Phuong, Hanoi), Vinhomes Green City (Hau Nghia, Tay Ninh), Vinhomes Golden City (Duong Kinh, Hai Phong), Vinhomes Green Paradise (Can Gio, Ho Chi Minh City), and Happy Home Trang Cat (Nam Trang Cat, Hai Phong). Among Vinhomes’ 2025 new launches, Green Paradise appears to have been the largest contributor to contracted sales, followed by Wonder City, while Golden City contributed on a smaller scale. Meanwhile, Green City and Happy Home Trang Cat were not separately disclosed in the FY2025 sales mix, and as Happy Home Trang Cat only started accepting purchase applications in January 2026, its contribution to 2025 contracted sales was likely negligible[8].

Several projects showed positive traction from early stages and saw accelerated construction progress. In addition, according to company disclosures, on 19 December 2025 Vinhomes also commenced construction on a series of key projects such as Vinhomes Global Gate Ha Long, a coastal urban development along Cam Ranh Bay, a social housing project in Pho Hien (Hung Yen), and a new urban area in Song Tri Ward (Ha Tinh), thereby expanding its medium-to-long-term pipeline and enhancing room for sustainable growth in the next phase. Happy Home Trang Cat and the social housing project in Pho Hien indicate that Vinhomes is proactively building an additional growth pillar in the affordable housing segment. However, in 2026, this segment is more likely to play a supplementary role rather than replace large-scale integrated townships in the company’s revenue mix. Vinhomes’ main growth drivers are still expected to come from its large end-2025 backlog and key projects such as Green Paradise, Ocean Park 2–3, Golden City, and Green City, while social housing will help the company broaden its base of end-user buyers and enhance the sustainability of its medium-term growth[9].

VinFast

VinFast is a member company of Vingroup, focusing on building a green mobility ecosystem with electric vehicles and related solutions at its core. The company pursues a customer-centric philosophy and positions itself as a pure-play EV manufacturer with a mission to make electric vehicles accessible to everyone while expanding its presence across multiple markets.

Total revenue of Vinfast, Q1/2024-Q3/2025

Unit: Billion VND

Source: B&Company’s Synthesis from VinFast

Based on VinFast’s disclosed data, revenue increased markedly in 2024, reflecting a broader scale-up in sales and vehicle deliveries. Entering 2025, revenue softened in the early part of the year before gradually improving and rising more strongly in Q3; according to VinFast, the main drivers were higher delivery volumes in the Vietnamese market and increasing contributions from new markets. In Vietnam, part of that momentum likely also reflected Vingroup’s ecosystem effect, as Vinhomes continued to develop large urban areas with electric bus links and EV charging infrastructure that make VinFast vehicles easier to own and use. Overseas, however, growth appeared to be driven less by a property-linked ecosystem than by basic market building, including wider dealer networks, financing and aftersales partnerships, and better charging access, most clearly in Indonesia, the Philippines and India.

Outside Vietnam, VinFast’s overseas expansion was most visible in Southeast Asia, where it expanded its dealer network to 33 locations in Indonesia, captured around 5% of the country’s BEV market, and ranked among the top five BEV brands by year to date wholesale volume. The company also expanded to nine showrooms in the Philippines. In other markets, VinFast remained largely in a market building phase, opening its first dealership in California to strengthen brand visibility in the U.S., entering Europe’s commercial EV segment through the unveiling of its EB 8 and EB 12 electric buses at Busworld Europe 2025, and enhancing aftersales capabilities in the Middle East through a roadside assistance partnership covering six countries: the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman[10].

Nevertheless, the company continued to report net losses across quarters, indicating that VinFast remains in an investment-led growth phase with negative gross margins and is affected by manufacturing costs, warranty provisions, and revenue recognition under accounting standards. VinFast has so far released official figures up to Q3 2025; Q4 2025 and full-year 2025 results are expected to be announced as scheduled on 16 March 2026.

Vinpearl

Vinpearl is Vingroup’s tourism, hospitality, and entertainment brand, operating mainly in hotels and resorts, amusement and recreation, golf, and event management. The company pursues an integrated destination model that combines accommodation, entertainment, and experiential services within a single ecosystem. With a presence across many key tourism destinations in Vietnam, Vinpearl is often regarded as a flagship tourism pillar within Vingroup’s overall business portfolio.

Total revenue of Vinpearl, Q1/2024-Q4/2025

Unit: Billion VND

Source: B&Company’s Synthesis from Vinpearl

Looking at quarterly revenue over the period from Q1 2024 to Q4 2025, Vinpearl’s performance clearly reflects the seasonality typical of the resort tourism industry. Revenue rose sharply from Q1 2024 and remained high in Q2–Q3 2024, before declining significantly in Q4 2024 as the market moved past the summer peak season and was further affected by weather conditions at certain coastal destinations.

Entering 2025, revenue stayed relatively stable across the first three quarters, then surged in Q4 2025 to VND 6,526 billion. This year-end increase is not only associated with peak travel demand and stronger event-related activities during the year-end and Lunar New Year holiday period, but may also reflect differences in revenue mix across periods, as Q4 2025 likely included a meaningful contribution from progress-based recognition items such as destination real estate transfers, alongside efforts to accelerate sales and optimize operating capacity during the peak season.

This sharp increase appears to be more of a one-off revenue boost driven by asset transfers and project handovers than a clear sign that Vinpearl is shifting away from its core hospitality business toward a resort real estate model like Vinhomes. Although the company recorded a sizable contribution from real estate transfers in Q4 2025, its full-year real estate revenue still declined compared with 2024, while revenue from the hotel and entertainment segment still rose by 34% year-on-year in the fourth quarter. Pre-IPO analyses also suggest that Vinpearl’s recent profit growth was partly supported by asset-related transactions and restructuring activities, indicating that this may not represent a fully recurring growth driver.

Non-profit subsidiaries in healthcare and education: Vinmec, Vinschool, and VinUni

Within Vingroup’s ecosystem, the healthcare and education cluster is positioned on a not-for-profit basis, serving as a community-oriented pillar alongside the group’s core business areas.  In Vingroup’s consolidated financial statements, these entities are still fully consolidated, meaning their revenue, costs, and profit or loss remain part of the Group’s overall financial results. However, “not-for-profit” refers to how any earnings are used: according to Vingroup, profits generated by Vinmec and Vinschool are reinvested back into their own systems rather than distributed or redirected to support other business segments.

Vinmec is Vingroup’s healthcare system, developed under a not-for-profit model with a focus on clinical excellence and patient experience aligned with international standards. Beyond medical examination and treatment, Vinmec emphasizes research, training, and the application of medical technology to enhance treatment capabilities and contribute to the advancement of modern healthcare in Vietnam.

Vinschool is Vingroup’s K–12 education system, introduced as operating under a not-for-profit orientation and focusing on long-term education quality. Its curriculum combines the Vietnamese education foundation with modern elements such as practical skills, foreign languages, and experiential learning, aiming to foster students’ holistic development.

VinUni is a private, not-for-profit university founded by Vingroup, pursuing an elite university model centred on education, research, and innovation. VinUni prioritizes the development of key disciplines, aligns its programs with international standards, and strengthens its academic ecosystem, thereby contributing to the formation of high-quality human resources for Vietnam.

Revenue from healthcare and education activities of Vingroup, Q1/2024 – Q4/2025

Unit: Billion VND

Source: B&Company’s Synthesis from Vingroup

Vingroup’s healthcare and education revenues have generally trended upward over time, though quarterly fluctuations are quite pronounced. Healthcare revenue shows a relatively steady rise, reflecting stable demand and a gradually expanding operating scale. Education revenue, by contrast, is more volatile, as it is often shaped by the academic-year cycle and the timing of revenue recognition, making quarter-to-quarter swings more noticeable.

One important note is that entities such as Vinmec, Vinschool, and VinUni are positioned to operate on a not-for-profit basis, and therefore typically do not publicly disclose standalone financial statements in the same way listed companies do. As a result, the figures shown in the chart are segment revenues for healthcare and education consolidated within Vingroup’s consolidated financial statements, serving as the closest available proxy for the operating scale of this group. Overall, education revenue tends to exceed healthcare revenue at various points, and both segments often rise more strongly toward year-end, consistent with the seasonality of the education cycle and peak-period demand for services.

Conclusion

Overall, Vingroup’s ecosystem reflects a multi-pillar growth structure in which real estate continues to lead revenue scale, while industry and services provide additional momentum for long-term expansion. In 2025, Vinhomes stood out for its strong revenue and profit generation driven by the handover progress of housing projects, whereas VinFast’s revenue grew alongside higher vehicle deliveries but the company remained in a heavy investment phase to improve efficiency. Vinpearl highlights the pronounced seasonality of the resort tourism segment, with a year-end surge supported by peak travel demand and holiday-related events. Meanwhile, the not-for-profit healthcare and education cluster helps reinforce Vingroup’s community value and enhances the diversity of the overall ecosystem.

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[1] https://vingroup.net/en/about

[2] https://finance.vietstock.vn/vic/profile.htm?languageid=2

[3] https://vingroup.net/en/business/social-br-enterprises/420/vinmec

[4] https://vinuni.edu.vn/about-vinuniversity/

[5] https://vinfastauto.us/story

[6] https://vnexpress.net/vingroup-lai-truoc-thue-ty-usd-nam-ngoai-5011975.html

[7] https://www.reuters.com/world/asia-pacific/vinfasts-quarterly-revenue-jumps-strong-deliveries-2025-11-21/

[8] https://storage.googleapis.com/vinhomes-data-02/260130_VHM_4Q2025_Earnings%20Presentation_vf%20up%20web%201.pdf

[9] https://storage.googleapis.com/vinhomes-data-02/260130_VHM_4Q2025_Earnings%20Presentation_vf%20up%20web%201.pdf

[10] https://vinfastauto.com/vn_en/vinfast-reports-unaudited-third-quarter-2025-financial-results