Vingroup unit Thai Son posts 13x profit jump, proposes world's tallest twin towers

Overview

Thai Son Construction Investment JSC, a subsidiary of Vingroup (HOSE: VIC), reported a dramatic surge in first-half 2026 earnings, with after-tax profit reaching VND 11,231 billion, more than 13 times the year-ago figure. The company is also part of a consortium that has proposed building the Hanoi Twin Towers 99, a project slated to become the world’s tallest twin towers, in the capital. The results highlight the financial strength and ambitious expansion of a key Vingroup entity.

Key Facts

• Thai Son Construction Investment JSC reported pre-tax profit of VND 13,695 billion for H1 2026, about 12 times higher than the VND 1,140 billion in the same period of 2025.
• After-tax profit reached VND 11,231 billion, up more than 13 times from VND 847 billion in H1 2025.
• Total assets as of June 30, 2026 stood at VND 98,115 billion.
• Equity as of June 30, 2026 was VND 27,212 billion, up 38% year-on-year, mainly due to increased undistributed profits.
• Total liabilities decreased from VND 82,723 billion to VND 70,903 billion, while bond debt surged to VND 19,392 billion, ten times the level a year earlier.
• Vingroup holds a 47.64% economic interest in Thai Son but controls 100% of voting rights.
• In July 2026, a consortium including Thai Son, Kim Lien Tourism JSC, and Thaiholdings JSC proposed the Hanoi Twin Towers 99 project on a 34,936 m² site at 5-7 Dao Duy Anh, with an estimated investment of USD 3-3.5 billion.

What Happened

Thai Son Construction Investment JSC, established in 2007 and headquartered in the Vinhomes Riverside urban area in Hanoi, disclosed its semi-annual financial statements, revealing a massive profit jump. The company’s pre-tax profit for the first six months of 2026 reached VND 13,695 billion, approximately 12 times the VND 1,140 billion recorded in the same period last year. After-tax profit exceeded VND 11,231 billion, more than 13 times the VND 847 billion reported in H1 2025.

The company’s balance sheet also showed significant changes. Total assets grew to VND 98,115 billion as of June 30, 2026. Equity increased by 38% to VND 27,212 billion, driven by higher undistributed profits. Meanwhile, total liabilities fell from VND 82,723 billion to VND 70,903 billion. Notably, bond debt surged to VND 19,392 billion, ten times the VND 1,874 billion a year earlier, while other payables declined sharply.

Thai Son is a subsidiary of Vingroup, with the parent holding a 47.64% economic interest but 100% voting rights, according to Vingroup’s reviewed semi-annual consolidated financial statements. The company is the developer and development partner for several large-scale projects.

In a separate development, in July 2026, a consortium comprising Thai Son, Kim Lien Tourism JSC, and Thaiholdings JSC submitted a proposal to the Hanoi People’s Committee to approve the planning and investment of the Hanoi Twin Towers 99 project. The project, located on a 34,936 m² site at 5-7 Dao Duy Anh, would include two 99-story towers with six basement levels, reaching approximately 568 meters in height. The estimated total investment is USD 3-3.5 billion, with construction slated to begin on September 2, 2026, and completion targeted for end-2030, aiming to become the world’s tallest twin towers.

Market Context

Vingroup (HOSE: VIC) shares closed at VND 256,100 on September 5, 2026. The strong earnings report from Thai Son, a key subsidiary, comes amid a broader recovery in Vietnam’s real estate sector, which has been supported by policy easing and increased infrastructure spending. The proposed Hanoi Twin Towers project, if approved, would be one of the largest real estate developments in the country, potentially boosting sentiment for Vingroup and its ecosystem. However, the project is still in the proposal stage, and regulatory approvals and financing details remain uncertain.

Strategic Significance

Thai Son’s exceptional profit growth underscores its strategic importance within Vingroup’s portfolio, contributing significantly to the parent company’s consolidated earnings. The company’s involvement in the Hanoi Twin Towers 99 proposal signals Vingroup’s ambition to expand its footprint in high-profile, large-scale developments, potentially enhancing its brand and market position. For long-term investors, Thai Son’s financial performance and project pipeline could provide additional value drivers for Vingroup, but the sustainability of such profit levels and the execution risks of mega-projects warrant careful monitoring.

What to Watch

• Approval status of the Hanoi Twin Towers 99 project by the Hanoi People’s Committee and subsequent planning decisions.
• Vingroup’s consolidated financial results for H2 2026, which will reflect Thai Son’s full-year contribution.
• Thai Son’s bond issuance plans and any changes in its debt profile, given the sharp increase in bond debt.
• Progress of other large-scale projects where Thai Son serves as developer or partner.
• Regulatory and market reactions to the proposed twin towers, including environmental and urban planning assessments.