Vinhomes (VHM) Raises Cam Ranh Bay Project Investment to USD 7.76 Billion

Overview

Vinhomes (ticker VHM, HOSE) has adjusted the total investment of its Cam Ranh Bay coastal urban area in Khánh Hòa province from VND 85,300 billion to approximately VND 194,000 billion, equivalent to about USD 7.76 billion. The revision, disclosed in an unusual-information filing to the State Securities Commission, the Hồ Chí Minh City Stock Exchange (HoSE) and the Hà Nội Stock Exchange (HNX), moves the project into Vinhomes’ five largest developments by committed capital.

Key Facts

• Total investment raised from VND 85,300 billion to VND 194,000 billion, a 2.27-fold increase.
• The new figure is equivalent to roughly USD 7.76 billion.
• The project covers more than 1,250 hectares along Cam Ranh Bay, spanning about 25 km of coastline.
• Investment approval was granted in April 2023; the investor consortium comprises Vinhomes, Công ty Đầu tư Cam Ranh and VinES Energy Solutions.
• The revised project ranks behind Global Sportia (Hà Nội, VND 925,000 billion), Global Gate (Quảng Ninh, VND 456,639 billion), Cam Lâm New Urban Area (Nha Trang, VND 285,267 billion) and Green Paradise Cần Giờ (Hồ Chí Minh City, VND 217,000 billion).
• The project is divided into three sub-zones: an ecological coastal urban area and tourism-commercial hub, a central bay-facing district, and a northern shore zone linked to Cam Ranh Airport and Long Hồ Bridge.
• VHM closed at VND 67 on 2 October 2026, down 1.46% on volume of 2,485,400 shares.

What Happened

Vinhomes said the adjustment reflects investment values consistent with current market conditions and the actual implementation status of the Cam Ranh Bay urban area. The company stated the revised total includes post-VAT construction costs and land-related financial obligations. The disclosure was made through an unusual-information announcement addressed to the State Securities Commission, HoSE and HNX, according to the filing.

The project was originally approved in April 2023 with an investment scale exceeding 1,250 hectares, located across the former wards and communes of Cam Lập, Cam Thịnh Đông, Ba Ngòi, Cam Linh, Cam Lợi, Cam Thuận, Cam Phú, Cam Phúc Nam, Cam Phúc Bắc and Cam Nghĩa in Cam Ranh city. The site stretches roughly 25 km along Cam Ranh Bay, which international geographers and maritime specialists have described as one of the world’s three best natural harbours, alongside San Francisco Bay and Rio de Janeiro Bay. The development is structured into three sub-zones covering ecological coastal urban space, tourism, commercial services and premium sports facilities.

Market Context

VHM trades on HOSE, where it is one of the largest real-estate counters by market capitalisation. The shares closed at VND 67 on 2 October 2026, down 1.46% on modest volume of 2,485,400 shares, a muted reaction relative to the scale of the capital adjustment. The news lands amid a broader Vietnamese real-estate sector still working through legal and funding normalisation, with large-scale coastal and urban township projects serving as the primary growth engine for listed developers. Vinhomes’ project pipeline, anchored by Global Sportia, Global Gate, Cam Lâm and Green Paradise Cần Giờ, positions the company as the dominant player in mega-township development.

Strategic Significance

The capital increase signals that Vinhomes is committing materially larger resources to a long-dated coastal asset rather than treating Cam Ranh as a peripheral project. For long-term investors, the key question is whether the higher investment base reflects genuine cost escalation and land-obligation recognition, or a strategic re-rating of the asset ahead of future sales launches. Cam Ranh Bay’s natural-harbour attributes and the site’s airport, seaport, highway and industrial-zone connectivity give the project a differentiated tourism and second-home thesis relative to inland township peers. The revision also raises the capital-intensity profile of VHM’s pipeline, which matters for gearing, presale funding requirements and dividend capacity over the medium term.

What to Watch

• Vinhomes’ next quarterly earnings release for updated project cost guidance and presale disclosures.
• Any further unusual-information filings on land-use rights, compensation or site-clearance progress at Cam Ranh.
• Bond issuance activity, following reports of VND 8,000 billion in bonds flowing to Vinhomes.
• Khánh Hòa provincial approvals covering subdivision master plans and construction permits.
• Foreign-ownership and major-shareholder filings for VHM on HoSE.