Vinhomes (VHM) 9M2026 Profit Hits VND 75.1 Trillion, Beats Full-Year Plan by 25%

Overview

Vinhomes (ticker VHM, HOSE) reported consolidated 9M2026 net profit of VND 75.06 trillion, up 390% year on year and already 25% above its full-year profit plan, according to its Q3/2026 financial statements prepared under Vietnamese Accounting Standards (VAS). Net revenue for the nine months reached VND 202.6 trillion, up 302%, with Q3 gross margin at 60.3% and total assets up 69% since the start of the year.

Key Facts

• 9M2026 net revenue of VND 202,586 billion, up 302% year on year.
• 9M2026 net profit after tax of VND 75,059 billion, up 390% year on year and 25% above the full-year plan.
• Total converted net revenue, including business cooperation contracts and bulk-sale transactions booked in financial income, reached VND 232,593 billion, up 234% and about 82% of the annual plan.
• Q3/2026 net revenue of VND 85,364 billion (+420% YoY) and net profit of VND 23,021 billion (+419% YoY); Q3 gross profit of VND 51,490 billion, nearly 13 times the prior-year quarter.
• Q3 gross margin of 60.3%, up 36 percentage points year on year.
• 9M2026 sales of VND 219,600 billion (+35% YoY), with Q3 contributing VND 71,500 billion, 81% from retail channels; unbilled sales stood at VND 185,600 billion at quarter-end, about 1.7 times the 2021-2025 average.
• Total assets of VND 1,339,199 billion at 30 September 2026 (+69% YTD); equity of VND 307,792 billion (+24%); borrowings-to-total-assets ratio of 0.18, with 99% of debt denominated in VND and an interest coverage ratio of 11.3 times.

What Happened

Vinhomes Joint Stock Company published its consolidated Q3/2026 financial statements under VAS, disclosing the nine-month results. The company attributed revenue and profit growth to handovers at Vinhomes Green Paradise, Vinhomes Global Gate Hạ Long, Vinhomes Ocean Park 2 and 3, and other projects. Management framed the Q3 gross margin expansion to 60.3% as evidence of improved operating efficiency and execution capacity across the project pipeline.

The balance sheet expanded sharply. Total assets rose 69% from the start of the year to VND 1,339,199 billion, with roughly 85% of inventory tied to land-use costs, site clearance, construction and development of key projects, while completed ready-for-sale property accounted for only about 2% of inventory. The filing does not disclose a separate breakdown of revenue by project, nor does it quantify the bulk-sale component within the VND 232,593 billion converted revenue figure.

Market Context

VHM closed at VND 62,100 on 29 October 2026 on HOSE. The stock sits within the real estate sector, which has been sensitive to credit conditions, bond-market access and the pace of legal approvals for residential projects. Vinhomes remains the largest listed residential developer by market capitalisation on the exchange, and its earnings are a bellwether for sector sentiment. The reported margin and profit figures are backward-looking, reflecting handovers from projects launched in earlier cycles; the share price reaction will depend on how investors weigh the earnings beat against the scale of the balance-sheet expansion and the inventory build.

Strategic Significance

The central strategic signal is the VND 185,600 billion of sold-but-not-yet-handover units, roughly 1.7 times the 2021-2025 average. That backlog converts future revenue visibility into something closer to contracted cash flow, which matters for a developer whose earnings have historically been lumpy and handover-dependent. The 60.3% Q3 gross margin, if sustained, implies pricing power in the mid-to-high-end segment and a favourable mix shift toward low-rise products at Green Paradise and Global Gate Hạ Long. A borrowings-to-assets ratio of 0.18 with 99% VND-denominated debt and interest coverage of 11.3 times limits currency and refinancing exposure relative to peers, but the 69% asset expansion also means capital is being committed to inventory well ahead of recognition.

What to Watch

• Q4/2026 handover schedule for Vinhomes Green Paradise and Vinhomes Global Gate Hạ Long, and whether the VND 185,600 billion backlog begins converting.
• Full-year 2026 results against the annual plan, given 9M profit already exceeds it by 25% and converted revenue stands at about 82% of target.
• Progress and launch timing at the Bình Minh - Tam Hưng multi-purpose urban area, commenced in August 2026.
• Inventory composition and any shift in the roughly 2% share of completed ready-for-sale units.
• Any disclosure on bulk-sale transactions booked in financial income, which the filing does not break out.