The conglomerate’s pre-tax profit for the period was VND9.38 trillion ($404.75 million), up 12 percent year-on-year, its Q3 financial report says.

Half of its revenue, VND49.5 trillion ($2.14 billion), came from real estate, with major projects in Hanoi. 

Its real estate unit Vinhomes delivered 14,600 units in the first three quarters, about half of its annual target of 30,100.

By the end of the third quarter, the group’s Vincom Retail unit was operating 70 malls in 39 localities; and the figure is set to rise to 79 by the end of this year.

Vingroup’s manufacturing segment, which includes smartphones, cars and electric bikes, recorded VND4.51 trillion ($194.6 million) in revenue, but suffered a loss of VND4.69 trillion ($202.4 million). The asset value of the sector is now second only to real estate at VND84 trillion ($3.62 billion), accounting for 24 percent of group’s total assets.

Vingroup’s retail arm VinCommerce launched 602 new outlets in the first nine months, totaling over 2,600 stores across the country. Revenue from convenience store chain VinMart+ grew 88 percent year-on-year to VND9.64 trillion ($416.12 million).

Revenue from the group’s hospitality business rose 36 percent year-on-year to VND5.35 trillion ($230.9 million), with 1,300 room nights sold in the first nine months.

Its entertainment wing, Vinpearl Land, served 4,600 guests in the period, up 14 percent year-on-year.

Vingroup targets a revenue increase of 15 percent to VND140 trillion ($6 billion) this year and post-tax profits of VND6.5 trillion ($280.5 million).