NVT Reports Record 2025 Revenue of 394B VND, Net Profit Up 30%

Overview

Ninh Van Bay Tourism Real Estate JSC (NVT) reported that its subsidiary, Hong Hai Tourism, achieved record 2025 revenue of 394 billion VND, up 15% year-on-year, and net profit of 95 billion VND, up 30% year-on-year. The results are driven by the Six Senses Ninh Van Bay resort, a six-star property in Khanh Hoa province that has maintained uninterrupted revenue growth for seven consecutive years.

Key Facts

• Hong Hai Tourism, 51%-owned by NVT, reported 2025 revenue of 394 billion VND, a record high and up 15% from 2024.
• Net profit after tax reached 95 billion VND in 2025, a 30% increase from 2024.
• Six Senses Ninh Van Bay resort spans approximately 150 hectares on an island in Ninh Van Bay, Nha Trang, Khanh Hoa.
• Room rates start at over 20 million VND per night for a double room, with the most expensive private villa costing nearly 100 million VND per night.
• The resort has received over 14 international awards since opening in 2005.
• NVT also owns the Ana Mandara Villas Da Lat, a four-star resort with 15 French-colonial villas, which generated 73 billion VND in revenue and 20 billion VND in net profit in 2025.
• NVT’s charter capital currently stands at 905 billion VND.

What Happened

According to the company’s financial reports, Hong Hai Tourism, the operating entity for Six Senses Ninh Van Bay, posted record revenue and profit for 2025. The resort, managed by Thailand-based Six Senses Hotels Resorts & Spas, has seen consistent growth since its inception, with no annual revenue decline in the past seven years. The parent company NVT consolidates 51% of Hong Hai Tourism’s results.

The article notes that the resort’s ultra-luxury positioning, with nightly rates reaching 100 million VND for top-tier villas, has driven its financial performance. Additionally, NVT’s subsidiary Tan An Tourism Development JSC, which operates Ana Mandara Villas Da Lat, contributed 73 billion VND in revenue and 20 billion VND in net profit for 2025.

Market Context

NVT is listed on the Ho Chi Minh Stock Exchange (HOSE) and operates in the high-end hospitality and real estate sectors. The company’s stock has historically traded at low liquidity, but the consistent earnings growth from its flagship resort provides a stable cash flow base. The broader Vietnamese tourism sector has rebounded strongly post-pandemic, with international arrivals to Khanh Hoa province recovering, benefiting luxury resorts like Six Senses Ninh Van Bay.

Strategic Significance

The record results underscore NVT’s successful strategy of focusing on ultra-luxury, destination resorts with long-term management contracts. The Six Senses brand provides international marketing reach and operational expertise, while the scarcity value of the island location creates pricing power. The Ana Mandara Villas Da Lat adds diversification into the Central Highlands market. The company’s ability to maintain revenue growth for seven consecutive years suggests resilient demand from high-net-worth travelers, a segment less sensitive to economic cycles.

What to Watch

• Q1 2026 earnings release for NVT to confirm continued momentum.
• Any updates on expansion plans or new resort developments by NVT.
• Changes in foreign ownership limits or tourism policy in Khanh Hoa province.
• Occupancy rates and average daily rates at Six Senses Ninh Van Bay for 2026.
• Performance of Ana Mandara Villas Da Lat and potential for further asset additions.