VHM's Can Gio Project Posts VND 30 Trillion H1 Profit, Up 5x

Overview

Can Gio Urban and Tourism Company, a wholly-owned subsidiary of Vingroup developing the Vinhomes Green Paradise sea-reclamation project, reported consolidated after-tax profit of over VND 30 trillion in H1 2026, nearly five times higher than the same period last year. The company’s parent, Vingroup, also saw a threefold increase in after-tax profit to VND 12,357 billion. This earnings beat highlights the financial impact of the mega-project on Vinhomes (VHM) and Vingroup (VIC).

Key Facts

• Can Gio Urban and Tourism reported consolidated after-tax profit of VND 30,042 billion in H1 2026, up nearly 5x year-on-year.
• Parent company Vingroup’s after-tax profit reached VND 12,357 billion in H1 2026, tripling from H1 2025.
• Total assets of Can Gio Urban and Tourism stood at approximately VND 455,885 billion as of June 30, 2026, equivalent to over 40% of Vinhomes’ total assets.
• Equity of Can Gio Urban and Tourism exceeded VND 98,813 billion, up 58.4% year-on-year, with undistributed after-tax profit of about VND 27,000 billion.
• Total liabilities reached over VND 355,591 billion, up nearly 65% from June 30, 2025, including bond debt of over VND 22,241 billion, up more than 11 times.
• Vinhomes Green Paradise has a total investment of nearly USD 9 billion and covers approximately 2,870 hectares.
• The project began selling products last year and continues to launch new phases this year.

What Happened

In a semi-annual 2026 financial report sent to bondholders, Can Gio Urban and Tourism Company recorded a sharp increase in profit compared to the same period last year. The company, which is 100% owned by Vingroup, is the developer of the Vinhomes Green Paradise sea-reclamation project in Cần Giờ. The report shows consolidated after-tax profit of VND 30,042 billion for the first half of 2026, nearly five times higher than the same period in 2025.

The company’s parent, Vingroup, reported after-tax profit of VND 12,357 billion, tripling from H1 2025. The financial report also reveals that as of June 30, 2026, Can Gio Urban and Tourism’s total assets reached approximately VND 455,885 billion, which is more than 40% of Vinhomes’ total assets. This scale exceeds major listed real estate firms, being 1.76 times larger than Novaland and 3.63 times larger than Sunshine Group.

Market Context

Vinhomes (VHM) shares closed at VND 75 on September 4, 2026, up 2.32% with a volume of 13,206,600 shares on HOSE. Vingroup (VIC) shares closed at VND 259, up 5.85% with a volume of 6,735,600 shares. The strong earnings from the Can Gio project are likely contributing to positive sentiment for both stocks. The project’s financial performance underscores its growing importance within Vingroup’s ecosystem, as the real estate sector in Vietnam continues to show resilience.

Strategic Significance

The substantial profit from Can Gio Urban and Tourism highlights the strategic value of the Vinhomes Green Paradise project to Vingroup and Vinhomes. With total assets exceeding VND 455,885 billion, the project is becoming a major profit driver. The increase in bond debt, up more than 11 times to over VND 22,241 billion, indicates significant financing activity, likely to support ongoing development and sales. For long-term investors, the project’s success could enhance Vingroup’s overall financial health and support future growth, but the high leverage also warrants monitoring.

What to Watch

• Continued sales performance and launch of new phases at Vinhomes Green Paradise in the coming quarters.
• Updates on the project’s total investment and any adjustments to the development timeline.
• Vinhomes’ and Vingroup’s quarterly earnings reports to assess the project’s contribution to consolidated results.
• Changes in bond debt levels and any refinancing activities by Can Gio Urban and Tourism.
• Regulatory or policy developments related to sea-reclamation projects in Vietnam.