Vinhomes' Can Gio unit posts H1 profit up 5x to VND 30,042B

Overview

Can Gio Urban and Tourism Development JSC, a wholly-owned subsidiary of Vingroup developing the USD 10 billion Vinhomes Green Paradise sea-reclamation project, reported a nearly fivefold increase in after-tax profit to over VND 30,042 billion for H1 2026. The strong earnings, equivalent to more than VND 165 billion per day, highlight the project’s accelerating contribution to parent Vinhomes (HOSE: VHM).

Key Facts

• After-tax profit reached VND 30,042 billion in H1 2026, up nearly 5 times from the same period in 2025.
• Pre-tax profit stood at VND 35,330 billion, 5.4 times higher year-on-year.
• Equity exceeded VND 98,813 billion as of June 30, 2026, up 58.4% from a year earlier.
• Owner’s contributed capital nearly doubled to VND 64,560 billion from VND 32,561 billion.
• Total liabilities rose to over VND 355,591 billion, up nearly 65% year-on-year.
• Bond debt surged more than 11 times to over VND 22,241 billion, from private placements in the domestic market.
• Total assets reached approximately VND 455,885 billion, representing over 40% of Vinhomes’ total assets.

What Happened

Can Gio Urban and Tourism Development JSC, the developer of the Vinhomes Green Paradise project in Cần Giờ, Hồ Chí Minh City, released its semi-annual 2026 financial statements, revealing robust profit growth. The company, fully owned by Vingroup, reported consolidated pre-tax profit of over VND 35,330 billion for the first half, a 5.4-fold increase from the prior year. After-tax profit exceeded VND 30,042 billion, translating to an average daily profit of more than VND 165 billion.

The balance sheet also expanded significantly. Equity surpassed VND 98,813 billion, with owner’s capital nearly doubling to VND 64,560 billion. Retained earnings increased to VND 27,013 billion. Total liabilities rose to over VND 355,591 billion, including bond debt of more than VND 22,241 billion, up over 11 times, reflecting financing for the massive project.

Market Context

Vinhomes (HOSE: VHM) closed at VND 75,000 on September 4, 2026, up 2.45% on volume of 14 million shares, while parent Vingroup (HOSE: VIC) gained 4.74% to VND 256,000. The subsidiary’s asset size now exceeds that of major listed real estate firms such as Novaland and Sunshine Group, underscoring its strategic importance within Vinhomes’ portfolio. The earnings beat comes amid a broader recovery in Vietnam’s real estate sector, with large-scale projects gaining traction.

Strategic Significance

The strong performance of Can Gio Urban and Tourism Development JSC signals the successful ramp-up of Vinhomes Green Paradise, a flagship project with a total investment of approximately USD 10 billion. The project, which began construction in April 2025, is set to become Vietnam’s longest-sea-front urban area, featuring a 108-story tower, a 122-hectare entertainment complex, and a 5-star international port. For long-term investors, the subsidiary’s profitability and asset growth indicate that Vinhomes is effectively capitalizing on its land bank and development capabilities, potentially driving future earnings for the parent company.

What to Watch

• Progress updates on Vinhomes Green Paradise construction milestones and sales launches.
• Vinhomes’ consolidated financial results for H2 2026, to assess the subsidiary’s contribution.
• Regulatory approvals and land-use certificates for the project’s remaining phases.
• Changes in bond issuance and debt levels at the subsidiary, given the significant increase in liabilities.
• Market reception of the project’s residential and commercial offerings, as reflected in pre-sales and booking data.