Vinhomes (VHM) Makes Berjaya Vietnam Subsidiary, Secures 880-Hectare HCMC Mega-Project

Overview

Vinhomes (VHM) announced on May 29, 2026, that it has acquired shares in Berjaya Vietnam, the developer of the 880-hectare International University Township project in HCMC’s Hoc Mon district, making it a subsidiary. Concurrently, VHM divested its entire stake in Phát Lộc Trading and Investment Company. The restructuring secures VHM’s control over a mega-project with a total investment of 59,000 billion VND.

Key Facts

• VHM acquired shares in Berjaya Vietnam, making it a subsidiary as of May 29, 2026.
• Berjaya Vietnam is the developer of the International University Township project in Hoc Mon, HCMC.
• The project spans nearly 880 hectares with a total investment of approximately 59,000 billion VND.
• The project is planned for a population of 135,000, including 60,000 students.
• Product mix includes 552 villas (max 4 floors), 2,491 townhouses (max 5 floors), 815 resettlement houses, and high-rise apartments (12-22 floors).
• VHM also divested its entire capital contribution in Phát Lộc Trading and Investment Company on the same day.
• As of Q1 2026, VHM reported total assets of 869,975 billion VND, up 10% from the start of the year.

What Happened

Vinhomes (VHM) disclosed in an extraordinary announcement on May 29, 2026, that it had completed the acquisition of shares in Berjaya Vietnam, thereby making the company a subsidiary. Berjaya Vietnam is the master developer of the International University Township project in Hoc Mon district, HCMC. The project, approved in 2012 and adjusted in early 2025, covers 880 hectares with a total investment of 59,000 billion VND. It is designed for 135,000 residents, including 60,000 students, with a mix of villas, townhouses, and apartments.

On the same day, VHM also transferred its entire capital contribution in Phát Lộc Trading and Investment Company, removing it from its subsidiary structure. Both Berjaya Vietnam and Phát Lộc are registered at the same address in Vincom Center Dong Khoi, District 1, HCMC. The move consolidates VHM’s control over a key mega-project while streamlining its portfolio.

Market Context

VHM shares closed at 156,000 VND on May 31, 2026, down 1.08% with volume of 5.6 million shares. The stock trades on HOSE. VHM’s Q1 2026 results showed strong revenue of 65,114 billion VND and net profit of 25,625 billion VND. Total assets reached 869,975 billion VND, with inventory of 117,678 billion VND and cash of 35,838 billion VND. The restructuring comes as VHM continues to expand its land bank amid a recovering Vietnamese real estate market.

Strategic Significance

By making Berjaya Vietnam a subsidiary, VHM gains full operational control over one of HCMC’s largest remaining undeveloped land parcels. The 880-hectare project provides a multi-year development pipeline, with a planned population of 135,000. This aligns with VHM’s strategy to dominate the high-end and integrated township segment. The divestment of Phát Lộc suggests a focus on core real estate assets. The project’s long gestation (since 2012) and recent regulatory clearance in early 2025 indicate that VHM is positioning for a multi-phase launch, potentially contributing to earnings from 2027 onward.

What to Watch

• Further regulatory approvals and site clearance progress for the International University Township.
• VHM’s Q2 2026 earnings release for updates on project capitalization and cash flow.
• Any additional land acquisitions or divestments as part of VHM’s portfolio optimization.
• The timeline for the first product launch (e.g., villas or townhouses) from the project.
• Changes in VHM’s debt levels given the large investment requirement of 59,000 billion VND.