VHM subsidiary Thanh Pho Xanh H1 2026 net profit surges 454.6%

Overview

Thanh Pho Xanh, a 100% subsidiary of Vinhomes (VHM), reported a sharp surge in H1 2026 net profit to nearly VND 8,091 billion from VND 1,459 billion in the same period last year. The company also disclosed total liabilities of VND 66,410 billion, equivalent to 2.22 times equity. This financial update, filed with the Hanoi Stock Exchange (HNX) and bondholders, highlights the scale of Vinhomes’ development activities.

Key Facts

• H1 2026 net profit reached nearly VND 8,091 billion, up 454.6% from VND 1,459 billion in H1 2025.
• Equity as of June 30, 2026 stood at nearly VND 29,939 billion, an increase of VND 7,106 billion year-on-year.
• Total liabilities were over VND 66,410 billion, 2.22 times equity, up VND 9,683 billion from the prior year.
• Other payables rose from nearly VND 55,767 billion to nearly VND 65,163 billion, the main driver of liability growth.
• Bank loans decreased from VND 960 billion to nearly VND 772 billion.
• A new bond issuance (TPX12601) added nearly VND 475 billion in debt; the full VND 2,500 billion was issued by July 21, 2026.
• The bond has a 36-month tenor, maturing June 24, 2029, with a combined interest rate of 12.5% per annum.

What Happened

Thanh Pho Xanh (Thành phố Xanh) submitted a report to the Hanoi Stock Exchange and bondholders detailing its consolidated financial indicators for the first half of 2026. The company, headquartered in Ho Chi Minh City and established in 2007, saw net profit surge to nearly VND 8,091 billion, a dramatic increase from VND 1,459 billion in the same period of 2025. The report also revealed that total liabilities reached over VND 66,410 billion, 2.22 times equity, primarily due to a rise in other payables from nearly VND 55,767 billion to nearly VND 65,163 billion.

The company issued a bond lot (TPX12601) with a total face value of VND 2,500 billion, of which VND 500 billion was outstanding as of June 30, 2026. The bond carries a combined interest rate of 12.5% per annum and matures on June 24, 2029. Thanh Pho Xanh is a 100% subsidiary of Vinhomes, with Vinhomes holding 99.63% economic interest directly and indirectly, as per Vinhomes’ Q2 2026 financial statements.

Market Context

VHM shares closed at VND 76 on September 4, 2026, up 3.00% on volume of 6.8 million shares on the HOSE. The strong earnings report from Thanh Pho Xanh comes amid a recovering Vietnamese real estate market, with developers focusing on large-scale urban projects. Vinhomes, as the parent, benefits from the subsidiary’s robust profitability, which supports its consolidated financial performance. The surge in net profit reflects successful project handovers and sales, aligning with the broader uptick in the sector.

Strategic Significance

For long-term investors, Thanh Pho Xanh’s performance underscores Vinhomes’ ability to generate substantial profits through its subsidiaries, particularly in large-scale urban development projects. The company’s selection in April 2026 as the investor for a 228-hectare urban, tourism, and sports complex in Dien Bien province signals continued expansion into new regions. The high debt-to-equity ratio, however, highlights the capital-intensive nature of these projects and the reliance on bond financing. Investors should monitor how Vinhomes manages leverage while pursuing growth, as this could impact future cash flows and dividend capacity.

What to Watch

• Vinhomes’ consolidated H1 2026 earnings release, expected in the coming weeks, to see how Thanh Pho Xanh’s profit contributes to the group.
• Progress on the Dien Bien project, including land clearance and construction milestones.
• Updates on the TPX12601 bond’s usage and any early redemption plans after 18 months.
• Changes in Thanh Pho Xanh’s other payables, which may indicate related-party transactions or project advances.
• VHM’s stock price reaction to the subsidiary’s financials and any analyst revisions.