Thaiholdings Q2 Profit Triples; Proposes World's Tallest Twin Towers with Vingroup

Overview

Thaiholdings (HNX: THD) announced strong Q2 2026 results, with net profit nearly tripling year-on-year, and revealed a proposal to develop the world’s tallest twin towers in Hanoi in partnership with a Vingroup affiliate. The news highlights the company’s improving profitability and its strategic push into landmark real estate development.

Key Facts

• Q2 2026 net profit reached VND 71 billion, nearly 3 times the same period last year.
• Q2 revenue was VND 333 billion, up 9% year-on-year; gross margin improved from 2% to nearly 10%.
• H1 2026 revenue reached VND 572 billion (+9% YoY); net profit was VND 101 billion, double the H1 2025 figure.
• H1 results completed 59% of the full-year revenue target and exceeded profit targets: 105% of pre-tax and 111% of after-tax plans.
• Total assets at June 30, 2026 stood at VND 5,400 billion, up 19% from the start of the year.
• On July 8, 2026, a consortium including Thaiholdings, Kim Liên Tourism, and Thái Sơn Construction (a Vingroup member) proposed the Hanoi Twin Towers 99 project, with estimated investment of $3-3.5 billion.
• Thaiholdings holds a 48% stake in Thaigroup, valued at VND 2,374 billion, which contributed VND 26 billion in associate income in Q2.

What Happened

Thaiholdings released its Q2 2026 financial statements on the HNX, showing a sharp improvement in profitability. Net profit for the quarter was VND 71 billion, nearly triple the year-ago figure, driven by a stronger gross margin and income from associates, primarily Thaigroup. Revenue grew modestly to VND 333 billion, but cost of goods sold remained flat, lifting gross profit to VND 32 billion.

In a separate announcement, the company revealed that on July 8, 2026, it joined a consortium with Kim Liên Tourism and Thái Sơn Construction—a Vingroup affiliate—to propose the Hanoi Twin Towers 99 project. The project, to be built on a site at 5-7 Đào Duy Anh in Hanoi, would feature 99-story twin towers and require an estimated investment of $3-3.5 billion. The proposal is subject to government approval.

Market Context

Thaiholdings shares closed at VND 131,600 on August 3, 2026, on the HNX. The stock has been active amid growing interest in Vietnam’s super-tall building race, with developers like Vingroup, BRG, and Sun Group also proposing towers over 500 meters. The company’s improving financials and high-profile project proposal could support investor sentiment, though the project’s feasibility and approval timeline remain uncertain.

Strategic Significance

The Hanoi Twin Towers proposal marks a strategic shift for Thaiholdings, traditionally an investment holding company, into large-scale real estate development. Partnering with a Vingroup affiliate provides credibility and access to development expertise. If approved, the project could transform Thaiholdings’ revenue profile and asset base, but it also carries significant execution and financing risks. The company’s existing investments in Thaigroup and other real estate-related entities suggest a deliberate pivot toward property development.

What to Watch

• Approval status of the Hanoi Twin Towers 99 project from Hanoi authorities and central government.
• Q3 2026 earnings release, expected in October, to see if profit growth continues.
• Updates on the consortium’s financing plan for the $3-3.5 billion investment.
• Any changes in Thaiholdings’ stake in Thaigroup or other key associates.
• Regulatory developments regarding Vietnam’s high-rise construction permits and foreign investment rules.