Vinhomes (VHM) Raises Green Paradise Main Contract to USD 12 Billion

Overview

Vinhomes (HOSE: VHM) approved a resolution on 16 September raising the estimated total value of the main contractor contract for the Vinhomes Green Paradise project to VND 313,700 billion including VAT, equivalent to about USD 12 billion. The figure replaces an earlier estimate of VND 178,600 billion excluding VAT set out in Resolution 05/2025/NQ-HDQT-VH dated 13 June 2025. The change signals a larger construction scope at the 2,870-hectare Can Gio land-reclamation project, the largest single development in Vinhomes’ pipeline.

Key Facts

• Adjusted contract value: VND 313,700 billion including VAT, or approximately USD 12 billion.
• Previous estimate: VND 178,600 billion, excluding VAT, under the June 2025 resolution.
• Counterparty: Can Gio Tourism Urban JSC, a Vingroup subsidiary established in 2004 and the project’s investor.
• Project scale: 2,870 hectares with total registered investment capital of more than VND 217,000 billion (nearly USD 9 billion).
• Construction began on 19 April 2025 in Long Hoa commune and Can Thanh town, now part of Can Gio, Ho Chi Minh City.
• Planned features include a 121 km beachfront, an 800-hectare seawater lagoon, a 108-storey tower and a 122-hectare entertainment complex.
• Can Gio Tourism Urban JSC reported consolidated pre-tax profit of more than VND 35,330 billion in the first half of 2026, 5.4 times the VND 6,510 billion recorded a year earlier.

What Happened

Vinhomes disclosed the change on 17 September, saying its Board of Directors issued a resolution the previous day amending Resolution 05/2025/NQ-HDQT-VH of 13 June 2025, which had approved the signing of a main contractor contract with Can Gio Tourism Urban JSC. The original resolution put the provisional contract value at VND 178,600 billion before value-added tax. The new resolution sets the provisional value at VND 313,700 billion inclusive of VAT, a figure the company equates to roughly USD 12 billion.

The disclosure does not break out how much of the increase reflects added scope versus the inclusion of VAT, and it does not name the contractors that will execute the work. The article notes that the higher contract value may indicate Vinhomes has enlarged the investment scale of Vinhomes Green Paradise. Can Gio Tourism Urban JSC is the project’s investor and a Vingroup subsidiary; the project broke ground on 19 April 2025 and is positioned as a marine, ecological and technology-oriented mega-urban area developed under an ESG++ model.

Market Context

VHM closed at VND 71 on 18 September 2026, down 0.42 percent, on volume of 18,774,600 shares. The stock trades on HOSE, where real estate and residential developers remain sensitive to credit conditions, land-clearance progress and pre-sale approvals. Vinhomes is the largest listed residential developer by scale, and its mega-project announcements typically move sentiment across the property sector rather than the index as a whole.

Strategic Significance

The contract revision matters less as a cost figure than as a signal about execution scale. A main contractor package of this size implies Vinhomes intends to build out Can Gio in phases rather than hold the land bank, tying a large share of group construction spending to a single asset. The reported first-half 2026 profit at Can Gio Tourism Urban JSC, more than VND 35,330 billion pre-tax, suggests revenue recognition at the project level is already underway, which supports the case that Green Paradise is moving from land bank to income-generating inventory. For long-term holders, the key question is whether the enlarged contract reflects genuine additional saleable area or simply a reclassification of costs already embedded in the VND 217,000 billion registered investment.

What to Watch

• Vinhomes’ next quarterly disclosure for any restatement of the Green Paradise investment scale or construction timeline.
• Named main contractors and subcontractor awards, which would confirm the scope of the enlarged package.
• Pre-sale launch timing and absorption for Green Paradise phases, a direct test of end-user demand at Can Gio price points.
• Can Gio Tourism Urban JSC interim financial statements for revenue recognition tied to the revised contract.
• Any update on land-clearance, reclamation or infrastructure milestones in Can Gio, Ho Chi Minh City.