Vinpearl Joint Stock Company reported a profit after tax of 670 billion VND last year, averaging more than 1.8 billion VND per day. This information was shared in a report sent to the Hanoi Stock Exchange. Despite a decrease of over 80% in profit compared to the previous year, Vinpearl still managed to achieve a profit after tax of 670 billion VND in 2023, marking the second consecutive profitable year for the company after a period of losses due to the pandemic. Known as one of the top service and resort brands in the domestic market, Vinpearl currently operates 10 hotels and resorts in various locations across Vietnam.
Towards the end of last year, Vingroup made a decision to separate Vinpearl and establish a new company to optimize business operations. This led to the establishment of Ngoc Viet Trading and Business Joint Stock Company, in which Vingroup holds a majority stake.
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By the end of December 31, Vinpearl’s equity had increased by 57% compared to the previous year, reaching over 13,316 billion VND. Meanwhile, liabilities decreased by more than 35%, with outstanding bond debt decreasing by nearly 21% to about 12,500 billion VND.
Vinpearl’s success story is attributed to its ability to adapt and innovate amidst challenging economic conditions. The company has consistently invested in its properties and services while maintaining strict cost control measures.
As one of Vietnam’s largest hotel chains with hotels across multiple cities in Vietnam such as Nha Trang City Center Hotel & Spa Resort Complexes (Nha Trang), Halong Bay Pearl Resort & Spa (Halong Bay), Phu Quoc Pearl Island Resort (Phu Quoc), Nha Trang Pearls Beachfront Hotel & Spa Resort (Nha Trang) etc., Vinpearl has become synonymous with luxury travel experiences that cater not only for tourists but also locals who seek high-end vacations close home.
The company’s expansion plans include further investment in new properties both domestically and internationally as well as exploring new revenue streams through partnerships with other businesses such as food delivery services or tourism operators.
Overall, Vinpearl’s success story serves as an inspiration for other companies operating within Vietnam’s hospitality industry that have struggled due to COVID-19 pandemic impact on tourism sector.
