Van Phu (VPI) 9M 2026: Net Profit VND 221B on 56% Revenue Growth

Overview

Van Phu Invest (ticker VPI, HOSE) reported 9M 2026 net revenue of VND 1,284.4B, up 56% year on year, and after-tax profit of VND 221B, according to its Q3 2026 financial statements. Gross profit rose 68.9% to VND 481.9B as handovers at Vlasta Thuy Nguyen in Hải Phòng and TT39-40 in the Văn Phú urban area of Hà Nội accelerated, alongside new sales at Vlasta Premier Phu Thuan in Hồ Chí Minh City.

Key Facts

• 9M 2026 net revenue from sales and services: VND 1,284.4B, +56% YoY.
• Gross profit: VND 481.9B, +68.9% YoY; gross margin 37.5% versus 34.6% in 9M 2025.
• Pre-tax and after-tax profit: VND 286.2B and VND 221B respectively.
• Vlasta Thuy Nguyen recognized VND 576.7B of revenue; TT39-40 Van Phu recognized VND 480B.
• Vlasta Premier Phu Thuan recorded sales of VND 1,263B in the period.
• Short-term customer prepayments: VND 1,075.9B (+3% since start of year), of which Phu Thuan VND 554B, Thuy Nguyen VND 287B and Yen Phong Bac Ninh VND 225B.
• Inventory: VND 6,940.8B as of 30 September 2026, up more than 32% since the start of the year.

What Happened

Per the Q3 2026 financial statements, Văn Phú focused the period on handing over units at projects sold in earlier cycles. Vlasta Thuy Nguyen in Hải Phòng and TT39-40 in the Văn Phú urban area of Hà Nội generated VND 576.7B and VND 480B of revenue respectively, while the company pushed new sales at Vlasta Premier Phu Thuan in Hồ Chí Minh City to VND 1,263B. Management said 339 units at Vlasta Thuy Nguyen had been distributed as of 30 September 2026, with roughly 200 more planned before year-end.

The company also flagged Vlasta Premier Phu Hoi in Huế for launch and cash recognition in Q4 2026. Its hospitality segment, including Oakwood Residence Ha Noi and the Auko Eco-Wellness Lodges in Quảng Trị, continues to provide recurring income; Oakwood alone averages about VND 200B of revenue per year. The filing does not break out quarterly standalone figures or disclose the profit contribution from the hospitality division.

Market Context

VPI closed at VND 57,500 on 30 October 2026 on HOSE. The result lands in a Vietnamese residential real estate sector still working through inventory built during the 2021-2022 cycle, where developers with handover-ready stock in northern and southern markets have outperformed peers reliant on unlaunched land banks. The 32% inventory build signals continued capital deployment into Vlasta Thuy Nguyen, Vlasta Premier Phu Thuan and Vlasta Premier Phu Hoi, which raises the working-capital burden even as revenue recognition improves.

Strategic Significance

The margin expansion from 34.6% to 37.5% is the more durable signal than the headline profit: it suggests Vlasta-phase products are priced above the legacy Văn Phú urban-area stock and that handover mix is shifting toward higher-value coastal and southern units. The VND 554B of prepayments at Phu Thuan effectively pre-funds revenue recognition into 2027, while the Huế launch adds a third regional leg beyond Hà Nội, Hải Phòng and Hồ Chí Minh City. The key risk is execution pace: inventory of VND 6,940.8B against 9M revenue of VND 1,284.4B implies a multi-year absorption runway that depends on sustained sales velocity rather than price appreciation.

What to Watch

• Q4 2026 launch and first cash receipts from Vlasta Premier Phu Hoi in Huế.
• Distribution progress on the remaining ~200 units at Vlasta Thuy Nguyen before year-end 2026.
• Full-year 2026 audited results and any inventory provisioning on the VND 6,940.8B balance.
• Conversion of the VND 554B Phu Thuan prepayment into recognized revenue in 2027 filings.
• Debt and leverage disclosures in the Q4 2026 statements, given management’s stated aim of reducing borrowings.