Vinhomes (VHM) Acquires Berjaya Vietnam, Developer of $2.36B Urban Project in HCMC

Overview

Vinhomes (VHM) announced on May 29, 2026, that it has completed the acquisition of Berjaya Vietnam, the developer of the International University Urban Area project in Hoc Mon, Ho Chi Minh City, with a total investment of VND 59,000 billion (approximately USD 2.36 billion). The transaction makes Berjaya Vietnam a subsidiary of VHM, while VHM also divested its entire stake in a trading company, Phát Lộc. This acquisition significantly expands VHM’s land bank in Ho Chi Minh City.

Key Facts

• VHM acquired Berjaya Vietnam, the developer of the International University Urban Area project in Hoc Mon, HCMC.
• The project has a total investment of VND 59,000 billion (approx. USD 2.36 billion).
• The project covers nearly 880 hectares with a planned population of 135,000, including 60,000 students.
• The project includes 552 villas, 2,491 townhouses, 815 resettlement units, and high-rise apartments (12-22 floors).
• VHM also divested its entire capital contribution in Phát Lộc Trading and Investment Company Limited.
• The acquisition was announced on May 29, 2026, as an irregular information disclosure.
• As of Q1 2026, VHM reported total assets of VND 869,975 billion, up 10% from the start of the year.

What Happened

Vinhomes (VHM) disclosed on May 29, 2026, that it had received a transfer of shares in Berjaya Vietnam, thereby making the company a subsidiary. Berjaya Vietnam is the developer of the International University Urban Area project in Hoc Mon District, Ho Chi Minh City. The project, approved in 2012 and adjusted in early 2025, spans nearly 880 hectares with a total investment of VND 59,000 billion. It is designed for a population of 135,000, including 60,000 students, and includes villas, townhouses, resettlement units, and high-rise apartments.

On the same day, VHM also transferred its entire capital contribution in Phát Lộc Trading and Investment Company Limited, resulting in Phát Lộc no longer being a subsidiary. Both companies are headquartered at the Vincom Center Dong Khoi building in District 1, HCMC. The acquisition of Berjaya Vietnam marks the completion of VHM’s ownership rights in the project, following a previous transfer of 97.7% of Berjaya Vietnam’s capital to a domestic partner in February 2018 for nearly VND 11,750 billion.

Market Context

VHM shares closed at VND 152,000 on June 1, 2026, down 2.56% with a volume of 4.6 million shares. The stock is listed on HOSE. The acquisition comes as VHM continues to strengthen its land bank in key urban areas, particularly in Ho Chi Minh City. The company’s Q1 2026 results showed total revenue of VND 65,114 billion and net profit of VND 25,625 billion, with total assets reaching VND 869,975 billion. The market may view this acquisition positively as it adds a large-scale, long-term project to VHM’s pipeline.

Strategic Significance

This acquisition aligns with VHM’s strategy of expanding its presence in Ho Chi Minh City’s real estate market, particularly in large-scale urban development projects. The International University Urban Area project, with its mix of residential, educational, and commercial components, offers VHM a diversified revenue stream over the next decade. The project’s proximity to the city center and its scale (880 hectares) make it a significant addition to VHM’s land bank. The divestment of Phát Lộc suggests a focus on core real estate development activities.

What to Watch

• Further details on the acquisition price and funding sources for the Berjaya Vietnam transaction.
• Progress on the project’s legal approvals and construction timeline, including any updates on the adjusted investment policy approved in early 2025.
• VHM’s Q2 2026 earnings report to assess the financial impact of the acquisition.
• Any additional land bank acquisitions or divestments by VHM in the coming quarters.
• Market reaction and foreign investor interest in VHM shares following the announcement.