The subsidiary of Vietnam’s largest private conglomerate Vingroup saw owner’s equity rising 10.8 percent year-on-year to VND28.1 trillion ($1.2 billion) by the end of June. Its asset value by the same date was over VND100 trillion.

Pham Nhat Vuong, chairman of Vingroup, had earlier said that losses were expected for both automaker VinFast and smartphone producer VinSmart over the next three to five years as they work to increase their market share.

Vingroup recorded H1 revenues of VND6.58 trillion from cars, electric bikes and smartphone sales, triple that of last year.

VinFast has recently entered the luxury market with its new SUV, VinFast President. The company sold over 5,100 cars in the first quarter to rank fifth among auto brands in Vietnam.