Vinhomes (VHM) Raises Can Gio Mega-Project Contract 76% to USD 12 Billion

Overview

Vinhomes (HOSE: VHM) has raised the tentative value of its general contractor contract for the Can Gio coastal tourism urban area by 76%, to VND 313,700 billion including VAT, equivalent to about USD 12 billion. The contract is signed with CTCP Đô thị Du lịch Cần Giờ, the Vingroup subsidiary acting as project owner of Vinhomes Green Paradise. Because the new contract value exceeds the project’s previously stated USD 9 billion investment, the filing implies the investment scale of the mega-project may have been increased.

Key Facts

• The Board of Directors of Vinhomes adjusted Resolution No. 05 dated 13/6/2025 on the general contractor contract with CTCP Đô thị Du lịch Cần Giờ.
• The previous tentative contract value was VND 178,600 billion, excluding VAT.
• The revised tentative contract value is VND 313,700 billion, including VAT, equivalent to about USD 12 billion.
• The increase is approximately 76% over the prior contract value.
• Vinhomes Green Paradise (Vinhomes Cần Giờ) was introduced with total investment capital of about USD 9 billion, below the revised general contractor value.
• The project spans 2,870 hectares and is planned for housing, hotels, offices, a golf course, sports and entertainment facilities, and cultural and festival spaces.
• In April 2026, Hồ Chí Minh City authorities accepted a proposal for CTCP Đô thị Du lịch Cần Giờ to study a PPP/BT road project connecting Road 15B and upgrading Rừng Sác, with preliminary investment of more than VND 19,000 billion.

What Happened

According to the adjusted board resolution, Vinhomes (VHM) revised the tentative value of its general contractor contract with CTCP Đô thị Du lịch Cần Giờ, a Vingroup subsidiary and the project owner of the Can Gio coastal tourism urban area. The original tentative value of VND 178,600 billion, excluding value-added tax, was raised to VND 313,700 billion including VAT, a 76% increase equivalent to roughly USD 12 billion. The resolution was disclosed by the company and reported by market media.

The project, marketed as Vinhomes Green Paradise, was introduced with total investment capital of about USD 9 billion, which is now lower than the revised general contractor value. The article notes that this raises the possibility that Vinhomes has increased the investment scale of the Can Gio project. The development covers 2,870 hectares and is planned to include housing, hotels, offices, a golf course, sports and entertainment facilities, and supporting landscape and cultural amenities. Vinhomes is also studying other projects in southern Vietnam, including a proposed PPP/BT road scheme in Hồ Chí Minh City with preliminary investment of more than VND 19,000 billion.

Market Context

VHM closed at VND 72 on 18/09/2026, up 1.68%, on volume of 2,888,100 shares, on the Hồ Chí Minh Stock Exchange (HOSE). The stock trades within the Vietnamese real estate sector, which remains sensitive to credit conditions, land clearance progress, and the pace of large-scale urban project launches. The Can Gio project is one of the largest single real estate developments in the country by planned investment value, and revisions to its contract scale can influence how the market assesses VHM’s long-term revenue pipeline and capital deployment.

Strategic Significance

The upward revision of the general contractor contract signals that the Can Gio project is moving from planning toward execution at a larger scale than initially indicated. For long-term investors, the key point is not the headline USD 12 billion figure itself, but what it implies about construction phasing, capital requirements, and the future revenue base VHM can recognize from the project. A larger contract value also raises questions about funding structure, including debt, equity, or presales, and about how Vingroup allocates capital across its property, auto, and technology platforms. The project’s scale relative to VHM’s existing land bank makes it a central pillar of the company’s medium-term earnings trajectory.

What to Watch

• Vinhomes’ next financial statements for disclosure on Can Gio capital expenditure, presales, and contractor payments.
• Any formal update to the project’s total investment capital from the previously stated USD 9 billion.
• Hồ Chí Minh City land clearance and construction permitting milestones for the 2,870-hectare site.
• Progress on the proposed PPP/BT road project connecting Road 15B and upgrading Rừng Sác, with preliminary investment above VND 19,000 billion.
• Foreign-ownership and related-party transaction filings tied to CTCP Đô thị Du lịch Cần Giờ.