Vinhomes (VHM) 9M2026 Profit Hits Record VND 75,059B, Beats Full-Year Plan by 25%

Overview

Vinhomes (HOSE: VHM) reported record consolidated 9M2026 results under Vietnamese Accounting Standards, with after-tax profit of VND 75,059 billion, up 390% year on year, already exceeding the full-year target by roughly 25%. Net revenue reached VND 202,586 billion, up 302%, driven by handovers at Vinhomes Green Paradise, Vinhomes Global Gate Hạ Long, Vinhomes Ocean Park 2 and 3, and other projects.

Key Facts

• 9M2026 net revenue: VND 202,586 billion, +302% year on year.
• 9M2026 after-tax profit: VND 75,059 billion, +390% year on year, about 25% above the full-year plan.
• Total converted net revenue, including business cooperation contracts and bulk lot sales booked in financial income: VND 232,593 billion, +234%, equal to roughly 82% of the annual plan.
• Q3 2026 alone: net revenue VND 85,364 billion (+420%), after-tax profit VND 23,021 billion (+419%), gross profit VND 51,490 billion, gross margin 60.3% (+36 percentage points).
• 9M2026 sales: VND 219,600 billion, +35% year on year; Q3 sales VND 71,500 billion, 81% from retail.
• Unbilled sales at end-Q3: VND 185,600 billion, about 1.7x the 2021-2025 average.
• Total assets at 30 September 2026: VND 1,339,199 billion (+69% year to date); equity VND 307,792 billion (+24%); borrowings-to-assets ratio 0.18; interest coverage 11.3x.

What Happened

Vinhomes published its consolidated Q3 2026 financial statements prepared under VAS, disclosing the strongest nine-month profit in the company’s history. The developer said net revenue for the January-September period reached VND 202,586 billion, while after-tax profit of VND 75,059 billion already surpassed the full-year profit plan by about a quarter. Management attributed the growth to revenue recognition across Vinhomes Green Paradise, Vinhomes Global Gate Hạ Long, Vinhomes Ocean Park 2 and 3, and other active projects.

The third quarter was the principal driver. Net revenue rose 420% year on year to VND 85,364 billion and after-tax profit rose 419% to VND 23,021 billion, while gross profit of VND 51,490 billion was nearly 13 times the prior-year figure. Gross margin expanded 36 percentage points to 60.3%. The company also reported nine-month sales of VND 219,600 billion, up 35%, and unbilled sales of VND 185,600 billion at quarter-end. The filing does not break out project-level profit contributions or disclose a separate full-year profit guidance revision.

Market Context

VHM closed at VND 62,100 on 29 October 2026 on HOSE. The result lands in a Vietnamese real estate sector still working through the aftermath of the 2022-2023 credit tightening, where developers with clean land banks and completed inventory have regained recognition momentum while leveraged peers lag. Vinhomes’ balance sheet metrics in the filing, including a 0.18 borrowings-to-assets ratio, 99% dong-denominated debt and 11.3x interest coverage, position it at the stronger end of that divide. The scale of the profit beat is unusual for a HOSE large cap and is likely to reset consensus expectations for the sector’s 2026 earnings cycle.

Strategic Significance

The core thesis here is revenue recognition, not sales momentum: nine-month sales of VND 219,600 billion grew a comparatively modest 35%, while profit grew 390% because handovers converted a deep backlog into reported earnings. Unbilled sales of VND 185,600 billion, roughly 1.7x the 2021-2025 average, mean that conversion runway extends well beyond 2026, which reduces dependence on a single strong launch cycle. The 60.3% gross margin also signals that the bulk-lot and business cooperation channel is not diluting unit economics. For long-term holders, the key competitive dynamic is land acquisition: the August 2026 groundbreaking of the nearly 600-hectare Bình Minh - Tam Hưng multi-purpose urban area shows Vinhomes is recycling record cash flow into new supply rather than distributing it.

What to Watch

• Full-year 2026 audited results and whether the company formally raises its annual profit plan.
• Q4 handover schedule for Vinhomes Green Paradise and Vinhomes Global Gate Hạ Long, and the pace of conversion of the VND 185,600 billion unbilled balance.
• Inventory composition updates, given that about 85% of inventory is land-use-rights, clearance and construction cost and only 2% is completed ready-to-sell product.
• Progress and capital deployment at the Bình Minh - Tam Hưng project and any new land bank announcements.
• Sector-level policy signals on real estate credit and bond refinancing, which affect the discount applied to VHM’s earnings.