The owner of the largest exhibition center in Southeast Asia earned more than a hundred billion dong

According to the first quarter financial report, Vietnam Exhibition Fair Center Joint Stock Company (VEFAC) recorded revenue of 121 billion VND, down 99% compared to the same period last year. Of which, revenue from real estate rental accounts for 60%, reaching more than 72 billion VND, the remainder comes from other service activities.

In the explanation this business submitted to the Hanoi Stock Exchange, sales in the first quarter of the year decreased sharply due to no real estate transfer activities. In the same period last year, VEFAC earned more than 44,000 billion VND, from selling 75 hectares of land for high-rise and low-rise housing construction at the Vinhomes Global Gates project to T&T New Era company.

Minus the cost price, VEFAC’s gross profit reached more than 10 billion VND. However, the company still reported a profit after tax of nearly 140 billion VND, exceeding revenue but down 99% compared to the same period last year. According to the first quarter financial report, the business recorded a large source of revenue from financial activities with a profit of over a hundred billion VND, instead of core business.

As of March 31, this enterprise recorded accounts cLoans with a number of organizations were 12,344 billion VND, an increase of 166% compared to the beginning of the year. With an interest rate of 12% per year, this business segment has brought VEFAC more than 225 billion VND in profit.

VEFAC is a subsidiary of Vingroup with an ownership rate of more than 85%. The enterprise is the investor of an urban area in Dong Anh ward, Hanoi with the trade name Vinhomes Global Gates. The urban area has a scale of more than 261 hectares, with a total investment capital of nearly 34,880 billion VND. However, the company transferred part of the project in the first quarter of last year.

In addition, according to the 2025 annual report, the company is implementing construction of a commercial, service and mixed-use center project at 148 Giang Vo, Giang Vo ward, Hanoi.

VEFAC is also the owner of the national exhibition center (VEC), the largest in Southeast Asia, in Dong Anh ward.

At the end of the first quarter, VEFAC’s total assets reached more than 30,500 billion VND, an increase of nearly 30% compared to the beginning of the year. In particular, the strongest improvement item is the amount of money lent to other organizations. Financial debt is nearly 1,400 billion VND, while equity is more than 6,815 billion VND.