Vinhomes (VHM) Raises 2026 Revenue Target to VND 285T, Profit to VND 60T

Overview

Vinhomes Joint Stock Company (VHM) announced a significant upward revision to its 2026 financial targets immediately prior to its Annual General Meeting of Shareholders (AGM) on April 21. The company raised its 2026 revenue target by VND 35 trillion to VND 285 trillion and its net profit target by VND 10 trillion to VND 60 trillion. This adjustment is attributed to improved legal progress on projects and stronger-than-expected Q1 2026 operational results.

Key Facts

• Vinhomes set a 2026 revenue target of VND 285 trillion, an increase of VND 35 trillion from the previous plan.
• The 2026 net profit target is VND 60 trillion, raised by VND 10 trillion.
• The revision was announced in a replacement report filed just one day before the AGM held on April 21.
• Management cited favorable Q1 2026 results, with legal obstacles cleared and existing transaction processes advancing.
• The company maintains a combined wholesale and retail sales strategy to optimize capital costs and shorten project development cycles.
• Wholesale demand remains positive, including from new investors in Southeast Asia, while core residential demand is seen as strong long-term.
• For dividends, the company plans both cash and stock dividends in 2026, with cash dividends expected to be sourced from retained earnings as of 2025 totaling approximately VND 202 trillion.

What Happened

According to the company’s Board of Directors at the AGM on April 21, Vinhomes had prepared multiple business plan scenarios based on market developments and the legal progress of its projects. Based on Q1 2026 results, where many legal obstacles were resolved and transaction execution progressed, management assessed that more challenging targets than previously proposed could be achieved. This led to the decision to raise the business plan indicators, as stated in a replacement report filed just before the meeting.

The Board addressed shareholder questions about revenue structure, particularly reliance on wholesale sales amid a challenging market. Management explained that the combined wholesale-retail strategy continues as it helps optimize capital costs and shorten project lifecycles. The company noted sustained demand from wholesale partners, including new investors from Southeast Asia, while acknowledging that retail buyers are more cautious due to short-term economic impacts but core housing demand remains substantial and long-term.

Market Context

Vinhomes (VHM) is listed on the Ho Chi Minh Stock Exchange (HOSE). The stock closed at VND 138 on April 15, up 6.83% on volume of 6.25 million shares, reflecting positive market reaction ahead of the AGM. This guidance revision occurs amid a broader Vietnamese real estate sector grappling with interest rate pressures and regulatory hurdles, positioning VHM’s upward adjustment as a notable outlier in sentiment.

Strategic Significance

The raised targets signal management confidence in execution capabilities and project pipeline monetization, particularly through legal clearance advancements. The emphasis on a wholesale-retail mix underscores a capital-efficient model to navigate market cycles, while sustained wholesale interest from Southeast Asia diversifies the buyer base. This move may reinforce VHM’s leadership in scaling large-scale integrated township projects, where legal progress is often a critical gating factor for revenue recognition.

What to Watch

• Q2 2026 earnings release to validate the improved legal and transaction progress cited for the guidance raise.
• Quarterly updates on wholesale sales composition and new partner acquisitions, particularly from Southeast Asia.
• Implementation of the 2026 dividend policy, including the timing and exact ratios for cash and stock dividends.
• Further announcements on specific project legal milestones that directly contribute to the revised revenue targets.
• Management commentary in subsequent AGMs or filings on interest rate impacts and any adjustments to customer financing support policies.