Vingroup subsidiary Thai Son posts VND 11,231B H1 profit, up 13x

Overview

CTCP Đầu tư Xây dựng Thái Sơn (Thai Son Construction Investment JSC), a subsidiary of Vingroup (HOSE: VIC), reported after-tax profit of over VND 11,231 billion for the first half of 2026, more than 13 times the same period last year. The company is part of a consortium that has proposed the Hanoi Twin Towers 99 project, which would become the world’s tallest twin towers if approved.

Key Facts

• After-tax profit for H1 2026: over VND 11,231 billion, up more than 13x from VND 847 billion in H1 2025.
• Pre-tax profit reached VND 13,695 billion in H1 2026, about 12x the VND 1,140 billion recorded in the same period of 2025.
• Total assets at June 30, 2026: VND 98,115 billion.
• Equity at June 30, 2026: over VND 27,212 billion, up 38% from VND 19,654 billion a year earlier.
• Total liabilities decreased to about VND 70,903 billion from over VND 82,723 billion.
• Outstanding bond debt at June 30, 2026: nearly VND 19,392 billion, up 10x from VND 1,874 billion a year earlier.
• Vingroup holds a 47.64% economic interest but 100% voting rights in Thai Son.
• Thai Son is part of a consortium proposing the Hanoi Twin Towers 99 project, with an estimated investment of USD 3–3.5 billion.

What Happened

According to a periodic financial disclosure, Thai Son Construction Investment JSC recorded a sharp jump in profitability for the first six months of 2026. After-tax profit reached over VND 11,231 billion, more than 13 times the VND 847 billion reported in the same period of 2025. The company’s equity rose 38% year-on-year to over VND 27,212 billion, driven mainly by an increase in undistributed profits.

Thai Son is a subsidiary of Vingroup, with Vingroup holding a 47.64% economic interest but 100% voting rights, as stated in Vingroup’s reviewed semi-annual consolidated financial statements. The company is the developer and partner for several large-scale projects. In July 2026, a consortium including Thai Son, Kim Lien Tourism JSC, and Thaiholdings JSC submitted a proposal to the Hà Nội People’s Committee to approve planning and investment for the Hanoi Twin Towers 99 project on a 34,936 m² site at 5-7 Đào Duy Anh. The project, with an estimated total investment of USD 3–3.5 billion, would feature two 99-story towers with a height of about 568 meters, aiming to become the world’s tallest twin towers. Construction is proposed to start on September 2, 2026, with completion by the end of 2030.

Market Context

Vingroup (HOSE: VIC) closed at VND 256,100 on September 5, 2026. The strong earnings from Thai Son come amid Vingroup’s broader expansion across real estate, technology, and automotive sectors. The proposed Hanoi Twin Towers project, if approved, would add a landmark development to Vingroup’s portfolio, potentially enhancing its real estate pipeline. The surge in Thai Son’s profit and bond issuance indicates significant financial activity within the subsidiary, which may reflect internal restructuring or project financing ahead of major developments.

Strategic Significance

For long-term investors, Thai Son’s exceptional profit growth and its role in the Hanoi Twin Towers 99 proposal highlight the subsidiary’s strategic importance within Vingroup. The project, with an estimated investment of USD 3–3.5 billion, could become a flagship development, reinforcing Vingroup’s position in the high-end real estate segment. The increase in bond debt suggests active capital raising, possibly to fund upcoming projects. Investors should monitor how these developments align with Vingroup’s overall capital allocation and debt management strategy.

What to Watch

• Approval status of the Hanoi Twin Towers 99 project by the Hà Nội People’s Committee.
• Vingroup’s consolidated financial results for H2 2026, to assess the sustainability of Thai Son’s earnings.
• Further bond issuances by Thai Son or related entities, indicating financing needs.
• Updates on the project’s construction timeline, especially the proposed start date of September 2, 2026.
• Regulatory or policy changes affecting large-scale real estate developments in Hà Nội.