Vinhomes Approves VND 196,000B Contractor Deal for Vinhomes Saigon Park

Overview

Vinhomes (VHM) has approved a general contractor contract worth over VND 196,000 billion (approximately USD 7.84 billion) with its subsidiary, CTCP Do thi Dai hoc Quoc te Berjaya Viet Nam, for the Vinhomes Saigon Park project. The project, a large-scale university township in Ho Chi Minh City, has a total investment of about VND 59,000 billion and was personally inspected by Vingroup chairman Pham Nhat Vuong in June 2026. This contract underscores VHM’s commitment to expanding its integrated urban development model.

Key Facts

• Vinhomes (VHM) approved a general contractor contract valued at over VND 196,000 billion (~USD 7.84 billion) with its subsidiary for the Vinhomes Saigon Park project.
• The project has a total investment of approximately VND 59,000 billion.
• Vinhomes Saigon Park covers over 880 hectares in the northwest of Ho Chi Minh City.
• The development will allocate about 150 hectares for education, research, and services; 117 hectares for green space and water; and 436 hectares for residential use.
• Upon completion, the township is expected to house about 135,000 residents and serve 60,000 students.
• Vingroup chairman Pham Nhat Vuong personally inspected the project site on June 11, 2026.
• The project was officially launched by Vingroup (VIC) in late April 2026.

What Happened

On July 2, 2026, Vinhomes announced the approval of a general contractor contract with its subsidiary, CTCP Do thi Dai hoc Quoc te Berjaya Viet Nam, for the Vinhomes Saigon Park project. The contract covers design, construction, equipment supply, and installation, with a provisional total value exceeding VND 196,000 billion. The project, developed under the Vinhomes Saigon Park brand, is a large-scale university township located in the northwest of Ho Chi Minh City.

Vingroup originally broke ground on the project in late April 2026. The development follows an integrated university city model, combining education, research, commerce, services, and housing. Chairman Pham Nhat Vuong’s site visit on June 11 drew significant attention, highlighting the strategic importance of the project to the group.

Market Context

VHM shares closed at VND 143,000 on July 13, 2026, while VIC shares closed at VND 221,500. The real estate sector in Vietnam has been under pressure from regulatory changes and rising interest rates, but Vinhomes continues to advance large-scale projects. The Vinhomes Saigon Park contract is one of the largest contractor deals in the sector, signaling VHM’s strong execution capability and pipeline depth. VHM is listed on HOSE.

Strategic Significance

This contract reinforces Vinhomes’ strategy of developing integrated urban areas with educational anchors, a model that differentiates it from pure residential developers. By using a subsidiary as the general contractor, VHM can capture construction margins and maintain quality control. The project’s scale and location in Ho Chi Minh City, Vietnam’s largest economic hub, position it to benefit from urbanization and demand for housing near educational institutions. For Vingroup (VIC), the project supports its broader ecosystem of education, healthcare, and retail services.

What to Watch

• Progress of construction milestones and any updates on the project timeline.
• VHM’s Q2 2026 earnings release for revenue recognition from the contract.
• Regulatory approvals for the project’s social housing component and financial obligations.
• Any additional capital raising or partnership announcements related to Vinhomes Saigon Park.
• Market reception of pre-sales for residential units within the development.