VINCOM RETAIL RECOGNIZED VND 4,096 BILLION NET PROFIT AFTER TAX IN 2024, SOLIDIFYING ITS LEADING POSITION IN TERMS OF SCALE AND COVERAGE IN VIETNAM

Hanoi, on January 23, 2024, Vincom Retail Joint Stock Company (ticker “VRE”) released the consolidated financial statements for 4Q2024 according to Vietnamese Accounting Standards (VAS).

Revenue from leasing of investment properties and rendering of related services was VND 7,878 billion in 2024. For the shophouse-for-sale segment, sales of inventory properties was VND 839 billion in 2024, lower than that in 2023 as most of the shophouse handovers in Vincom Shophouse Royal Park (Dong Ha – Quang Tri) project were completed in 2023, meanwhile the company’s pipeline for-sale inventory properties including the commercial landed properties in Vinhomes Golden Avenue project in Mong Cai, Quang Ninh and Vinhomes Royal Island in Vu Yen, Hai Phong will start its delivery as soon as in 2026. Accordingly, consolidated net revenue in 2024 reached VND 8,939 billion, and after-tax profit for the year reached VND 4,096 billion.

In 2024, Vincom Retail solidified its position as a market leader in terms of scale and coverage. The company launched five new shopping malls with a total increase in gross floor area (GFA) of 94,700 m², including Vincom Mega Mall Grand Park, Vincom Plaza Ha Giang, Vincom Plaza Dien Bien Phu, Vincom Plaza Bac Giang, and Vincom Plaza Dong Ha Quang Tri. The new openings have brought the total number of shopping malls in operation to 88, spanning across 48/63 provinces nationwide, with a total retail gross floor area exceeding 1.84 million square meters. Concurrently, the company continued to implement initiatives to enhance service quality and operational efficiency across its existing shopping malls. In June 2024, Vincom Plaza 3/2 in District 10, Ho Chi Minh City was reopened after a comprehensive renovation, offering customers completely refreshed shopping experience with a modern design and a variety of new brands making their debut in Vincom mall system. Additionally, this year, the company had repositioned Vincom Plaza Imperia Hai Phong, introducing new trending brands to enhance customer experience, creating a premier shopping environment.

2024 marked Vincom Retail’s 20^th anniversary, a testament to the company’s journey in developing, pioneering and shaping the Vietnam’s retail landscape. Beginning with the first shopping mall,Vincom Center Ba Trieu, an iconic landmark of Hanoi, Vincom Retail has expanded rapidly, diversified its mall offerings and solidified its position as the leading mall developer and operator in Vietnam. To commemorate the 20-year milestone, Vincom Retail hosted a prestigious music concert featuring both renowed international and domestic artists, attracting thousands of spectators. This event not only elevated Vincom’s brand awareness but also showcased its ability to organize large-scale events. Other notable marketing campaigns in 2024 including ‘Vincom Xanh Tuoi’, ‘Vincom Sportia Summer’, ‘Moon Malliday’, ‘Black Friday’, and ‘Vincom Jingle Bell’, each with unique festive and themed decorations, and attractive promotions also contributed to solidifying Vincom’s position as the premier destination for entertainment, shopping, and dining.

Vincom Retail continued to be recognized through a series of prestigious brand awards, including Top 10 Leading Brands in Vietnam as voted by Forbes Vietnam, Top 50 Most Valuable Brands in Vietnam by Brand Finance, and Top Trendy Brand by YouNet Media’s ranking. In addition, Vincom Retail was honoured among Top 50 Best Listed Companies in Vietnam by Forbes Vietnam, Green Leadership at the Asia Responsible Enterprise Awards 2024 and Top 50 Listed Companies with Best Governance Practices (VNCG50), demonstrating the company’s efforts in Environmental, Social, and Governance (ESG) activities being recognized by international organizations.