Vinhomes Reports Record H1 2026 Net Profit of VND 52 Trillion, Up 380% YoY

Overview

Vinhomes (VHM) announced record net profit of over VND 52 trillion for the first half of 2026, a 380% year-on-year increase, driven by handovers at major projects including Vinhomes Ocean Park 2,3 and Vinhomes Green Paradise. The company also reported a 203% surge in adjusted revenue to VND 134.2 trillion, completing 86.8% of its full-year profit target.

Key Facts

• H1 2026 net profit after tax: VND 52,092 billion, up 380% YoY.
• Adjusted consolidated revenue (including BCC and bulk sale revenue): VND 134,205 billion, up 203% YoY.
• Gross profit in Q2 2026: VND 34,732 billion, up 8x YoY, with gross margin of ~66%.
• Sales in H1 2026: VND 148,104 billion, up 119% YoY.
• Unrecognized sales backlog as of June 30, 2026: VND 196,813 billion, up 42% YoY.
• Total assets: VND 1,110,736 billion; equity: VND 274,005 billion.
• New project launches in H1 2026: Vinhomes Sai Gon Park, Vinhomes Global Gate Ha Long, Vinhomes Hai Van Bay.

What Happened

On July 30, 2026, Vinhomes released its consolidated financial statements for Q2 and H1 2026. The company posted record net profit of VND 52,092 billion for the first six months, a nearly fivefold increase from the same period in 2025. The strong performance was attributed to handovers at key projects such as Vinhomes Ocean Park 2 and 3 and Vinhomes Green Paradise. Adjusted revenue reached VND 134,205 billion, with gross profit in Q2 alone surging more than eight times to VND 34,732 billion, reflecting a gross margin of nearly 66%.

Management noted that the profit quality improved significantly, driven by core real estate activities rather than financial income. Sales in the first half totaled VND 148,104 billion, up 119% YoY, while the backlog of unrecognized sales stood at VND 196,813 billion, providing visibility for future revenue recognition. The company also launched three major projects in H1 2026: Vinhomes Sai Gon Park in Ho Chi Minh City, Vinhomes Global Gate Ha Long in Quang Ninh, and Vinhomes Hai Van Bay in Da Nang.

Market Context

VHM shares closed at VND 147 on July 30, up 5.29% on volume of 3.66 million shares, reflecting positive investor reaction to the earnings beat. The stock has been supported by strong sector momentum, with Vietnam’s real estate market recovering on improved credit conditions and project approvals. Vinhomes, listed on HOSE, remains the largest residential developer by market capitalization and is a bellwether for the sector.

Strategic Significance

The record earnings underscore Vinhomes’ ability to monetize its massive land bank and execute on large-scale urban projects. The high gross margin (66%) indicates pricing power and cost control, while the growing sales backlog provides multi-year revenue visibility. The launch of new projects in strategic locations (HCMC, Ha Long, Da Nang) diversifies geographic exposure and supports sustained growth. The company’s strong balance sheet (total assets over VND 1,100 trillion) positions it to weather potential headwinds and continue investing in new developments.

What to Watch

• Q3 2026 earnings release for continued handover momentum and margin trends.
• Progress of new project launches: Vinhomes Sai Gon Park, Global Gate Ha Long, and Hai Van Bay.
• Conversion of sales backlog into recognized revenue in subsequent quarters.
• Any regulatory changes affecting the real estate sector, including land laws and credit policies.
• Vinhomes’ capital-raising activities, including the planned VND 2,000 billion private bond issuance.