Vingroup's VEFAC Q3 Profit Nearly Doubles on Real Estate Transfers

Overview

Công ty cổ phần Trung tâm Hội chợ Triển lãm Việt Nam (VEFAC), an 85%-owned subsidiary of Vingroup (VIC, HOSE), reported third-quarter net profit of nearly VND 324 billion, up 94% year-on-year, according to its Q3 financial statements and an explanation filed with the Ho Chi Minh City Stock Exchange (HoSE). The result matters for VIC because VEFAC holds the Vinhomes Global Gates urban project in Đông Anh, Hà Nội, and the National Exhibition and Fair Centre (VEC), billed as the largest in Southeast Asia.

Key Facts

• Q3 net profit: nearly VND 324 billion, up 94% year-on-year.
• Q3 revenue: close to VND 77 billion, up more than 67% year-on-year.
• Exhibition and fair services contributed more than VND 64 billion of revenue, nearly double the prior year.
• Financial revenue in the quarter exceeded VND 388 billion, driven by transfers of investment real estate, including schools within a project, to a partner.
• Financial costs fell 95% to VND 5 billion; financial debt stood at VND 1,360 billion as of 30 September, all long-term.
• Nine-month revenue was VND 586 billion and net profit VND 865 billion, down 98.7% and 93% respectively year-on-year, against a high base from a project sale in 2025.
• Total assets reached more than VND 31,900 billion, up nearly 36% since the start of the year, including close to VND 13,000 billion lent to partners at 12% per annum.

What Happened

VEFAC reported the figures in its Q3 financial statements and a separate explanation submitted to HoSE, the exchange where its shares trade. The company said the profit increase came from transferring several investment real estate assets, including schools within a project, to a partner, which generated more than VND 388 billion in financial revenue. A 95% reduction in financial costs, to VND 5 billion, also supported the result.

The operating picture is smaller. Exhibition and fair services brought in more than VND 64 billion, nearly double the prior year, but total revenue of VND 77 billion is far below the reported profit. On a nine-month basis, revenue of VND 586 billion and net profit of VND 865 billion are down 98.7% and 93% year-on-year, because the same period of 2025 included a one-off gain from the sale of a real estate project. VEFAC is the developer of the 261-hectare Vinhomes Global Gates urban area in Đông Anh, Hà Nội, with total investment of nearly VND 34,880 billion, part of which was transferred in the first quarter of last year. It is also developing a mixed-use commercial and service complex at 148 Giảng Võ, Hà Nội.

Market Context

VIC closed at VND 235 on 22 October 2026, up 5.01% on volume of 1,682,700 shares, a strong session for the HOSE-listed real estate developer. VEFAC is a consolidated subsidiary rather than a separately listed ticker in this note, so the earnings flow through Vingroup’s consolidated results rather than to a standalone share price. The result lands in a Vietnamese real estate sector still working through inventory and credit constraints, where developers increasingly rely on asset transfers and financial income to support reported profit.

Strategic Significance

For long-term VIC holders, the key read is balance-sheet composition rather than the headline growth rate. VEFAC’s assets rose nearly 36% to more than VND 31,900 billion, with close to VND 13,000 billion, nearly half of total assets, lent to partners at 12% per annum. That is a meaningful interest-earning book, but it also concentrates counterparty risk in a property market where partner liquidity is uneven. The Đông Anh land bank and the VEC exhibition centre remain the strategic anchors, and the pace of construction and handover at Vinhomes Global Gates and 148 Giảng Võ will determine whether operating revenue eventually matches the asset base.

What to Watch

• Vingroup’s consolidated Q3 results and any disclosure on VEFAC’s contribution to group profit.
• Further filings on the VND 13,000 billion partner lending book, including counterparties and repayment terms.
• Construction progress and sales updates at Vinhomes Global Gates in Đông Anh and the 148 Giảng Võ complex.
• Whether Q4 revenue includes another round of investment property transfers or reverts to exhibition and fair operations.
• Any HoSE request for additional explanation of the gap between revenue and net profit.