Vinhomes (VHM) Raises Cam Ranh Bay Project Investment to VND 194,000 Billion

Overview

Vinhomes (VHM), listed on HOSE, has approved a revised total investment of approximately VND 194,000 billion for its Cam Ranh Bay Urban Area project in Khánh Hòa province, up from more than VND 85,293 billion previously. The 1,254-hectare development is one of the largest urban projects underway in the Cam Ranh area and is positioned as a strategic driver of the province’s urban, tourism and services planning.

Key Facts

• Board-approved total investment raised to about VND 194,000 billion, versus more than VND 85,293 billion before the adjustment.
• Incremental capital of roughly VND 108,700 billion, equivalent to more than 2.2 times the prior investment level.
• Project scale of approximately 1,254 hectares, stretching about 25 km along Cam Ranh Bay across 10 communes and wards.
• Planned population of about 230,779 residents across more than 39,000 homes: 8,474 townhouses, 10,732 villas and 19,816 social housing units.
• Site is roughly 6 km from Cam Ranh International Airport and 7 km from Cam Ranh International Port.
• Development consortium comprises Vinhomes, Cam Ranh Investment JSC and VinES Energy Solutions JSC; construction began in December 2025.
• The revised figure includes post-VAT construction costs and land-related financial obligations.

What Happened

Vinhomes’ board of directors approved the adjustment to the project’s total investment, according to a company announcement. The new figure of about VND 194,000 billion includes construction costs net of value-added tax and financial obligations related to land. Vinhomes said the revision is intended to record an investment value consistent with market conditions and the project’s actual implementation progress.

The Cam Ranh Bay Urban Area spans roughly 1,254 hectares across the administrative boundaries of ten communes and wards, including Cam Lập, Cam Thịnh Đông, Ba Ngòi, Cam Linh, Cam Lợi, Cam Thuận, Cam Phú, Cam Phúc Nam, Cam Phúc Bắc and Cam Nghĩa. The project is divided into three sub-zones, with Zone 1 covering about 613 hectares bordered by Cam Ranh Bay and Đá Lết Cape to the east and National Highway 1 to the west. The consortium delivering the project is Vinhomes, Cam Ranh Investment JSC and VinES Energy Solutions JSC, with groundbreaking in December 2025.

Market Context

VHM closed at VND 68 on 2 October 2026, down 0.15% on volume of 185,800 shares. The stock trades on HOSE within the real estate sector, which remains sensitive to land-clearing progress, absorption rates in second-home and resort segments, and credit conditions for developers. Cam Ranh Bay is regarded as one of the world’s three finest natural harbours alongside San Francisco Bay and Rio de Janeiro, and is about 60 km north of Nha Trang, covering nearly 60 square kilometres with average depths of 18 to 20 metres.

Strategic Significance

The capital revision signals that Vinhomes is marking the Cam Ranh project to current market and execution realities rather than scaling it back, which matters for how investors assess the group’s long-dated land bank. Because the new figure explicitly incorporates land-use financial obligations, it offers a clearer read on the true cost base of a project that carries a large social housing component of 19,816 units. That mix ties VHM’s coastal development pipeline to provincial urban policy and to the broader question of whether resort and second-home demand in Khánh Hòa can absorb a project of this scale over a multi-year build-out.

What to Watch

• Quarterly disclosures on Cam Ranh construction progress and capital deployment against the VND 194,000 billion plan.
• Land-clearing and compensation milestones across the ten communes and wards, particularly Zone 1’s 613 hectares.
• Pre-sales or booking updates for the villa and townhouse segments, and any pricing guidance.
• Khánh Hòa provincial approvals covering zoning, land-use rights and infrastructure connections.
• VHM’s next earnings release and any further board resolutions on project-level funding or partner contributions.