Phu Nhuan Jewelry (PNJ) had revenue of VND37.8 trillion in 2024, an increase of 14 percent over the year before, and made a post-tax profit of VND2.115 trillion, up 7.3 percent. Jewelry made up 68 percent of the company’s total revenue.

PNJ attributed the impressive business results to the high gold demand in 2024. The world market witnessed a year of rising gold price, which pushed up domestic SJC bar gold, gold ring and jewelry prices. Cash flowed to the gold market also because other investment channels were unattractive.

The Gioi DiDong (HCM City Stock Exchange - HOSE: MWG), the largest mobile device retailer in Vietnam, reported a 13.6 percent increase in revenue in 2024, reaching VND134.3 trillion, or VND368 billion per day.

Dien May Xanh, its brand for refrigeration engineering products, and Bach Hoa Xanh, the brand for food and foodstuff, grew well in 2024, which offset the growth slowdown of the mobile device sector. Bach Hoa Xanh obtained a growth rate of 30 percent with turnover of VND41 billion. 2024 was the first year that Bach Hoa Xanh made a profit after nearly one decade of operation.

MWG has been diversifying its range of retail products and services, from selling bean sprouts to cooperating with VPBank to provide ATM services, allowing money withdrawals/payments and transfers of money at its sales points.

Masan, a major consumer goods distribution sector (HOSE: MSN), made a profit of VND2 trillion in 2024, or 4.8 times higher than the year before, a revenue of VND83.2 trillion, up 6.3 percent. In the fourth quarter 2024, its profit surged by 13.8 times over the same period 2023.

Masan reported that its profit increased sharply thanks to prosperity in consumer goods distribution, capital cost decrease, and the profit from the sale of H.C. Starck Holding GmbH (HCS) to Mitsubishi Materials Corporation.

Masan’s retail division WinCommerce had a revenue growth rate of 10 percent in 2024 thanks to its new retail store model – WIN (targeting urban shoppers) and WindMart+ Rural (targeting rural consumers).

Meanwhile, FPT owned by Truong Gia Binh saw post-tax profit in 2024 soar by 21 percent to a record high of VND9.4 trillion, and revenue increase by 19.4 percent to VND62.8 trillion. The satisfactory business results were gained thanks to its technology and telecommunications divisions, while overseas IT services grew by 27 percent.

Vinhomes (VHM) owned by the richest dollar billionaire in Vietnam Pham Nhat Vuong, has reported post-tax profit of VND35 trillion in 2024, while consolidated equivalent net revenue increased by 13 percent to VND141,800 billion.

Hoa Phat Group (HPG), the largest steel mill, owned by billionaire Tran Dinh Long, had revenue of VND140.6 trillion in 2024, up 17 percent, and post-tax profit of VND12 trillion, up 77 percent thanks to high growth in steel sales both in the domestic and foreign markets.

Further breakthroughs

Analysts note that many large corporations on the bourse had positive business results in 2024, though consumer demand did not see a strong recovery. The economic growth in 2025 is expected to depend heavily on consumer growth, public investment and real estate, rather than on exports and tourism as seen in previous years.

Many retailers have been expanding in recent years. By the end of 2024, PNJ had 429 shops in 58 out of 63 cities/provinces. WinCommerce opened 95 more stores in the third quarter 2024 and it had 3,828 stores by the end of 2024.

Masan Consumer Corporation (MCH) will also benefit from the strong recovery expected in 2025. The revenue from international markets is also on the rise, with a 22.4 percent growth rate last year.

Masan Group has set the goal of obtaining revenue of VND80-85.5 trillion this year, up 7-14 percent, depending on macroeconomic conditions and the consumer market recovery.

Like The Gioi Di Dong, Masan is also moving ahead with a ‘go global’ strategy, striving for a 20 percent growth rate by focusing on major markets such as the US, South Korea, Japan and EU, and major products such as spices, instant food and coffee.

MWG plans to open 72 more stores in 2024, raising its total number of retail points to 1,770.

As for FPT, its driving force for growth is the high demand in 2025 for technological services in nearly all segments, including software, IT services and AI.

FPT share prices regained its record peak of VND154,300 per share on January 23, with a record high capitalization value of VND230 trillion ($9 billion). 

Manh Ha