Van Phu (VPI) 9M2026: Gross Profit Up 68.9% as Margin Reaches 37.5%

Overview

Van Phu - Invest (ticker VPI, HOSE) reported 9M2026 net revenue of VND 1,284.4 billion, up 56% year on year, and gross profit of VND 481.9 billion, up 68.9%, according to the company’s results commentary. The improvement came as cost of goods sold grew more slowly than revenue, lifting gross margin to 37.5% from 34.6% a year earlier, even as the broader Hà Nội and Hồ Chí Minh City apartment markets slowed.

Key Facts

• 9M2026 net revenue from sales and services: VND 1,284.4 billion, up 56% year on year.
• 9M2026 gross profit: VND 481.9 billion, up 68.9% year on year.
• Gross margin: 37.5% in 9M2026 versus 34.6% in 9M2025.
• Cost of goods sold: VND 538.5 billion, up 49% year on year, 7 percentage points below the revenue growth rate.
• Vlasta - Thủy Nguyên (Hải Phòng) recorded revenue of VND 576.7 billion; TT39-40 Khu đô thị Văn Phú (Hà Nội) recorded VND 480 billion.
• Vlasta Premier - Phú Thuận (Hồ Chí Minh City) posted sales of VND 1,263 billion.
• Oakwood Residence Ha Noi contributes average revenue of about VND 200 billion per year, or roughly VND 50 billion per quarter.

What Happened

Management said the company prioritised handovers at projects launched in earlier periods rather than relying on new sales, a response to a market that turned cautious in 2026 as deposit and lending rates rose. The two main handover contributors were Vlasta - Thủy Nguyên in Hải Phòng, with VND 576.7 billion of revenue, and TT39-40 in the Văn Phú urban area in Hà Nội, with VND 480 billion. In the south, the company focused on selling the new Vlasta Premier - Phú Thuận project in Hồ Chí Minh City, generating sales of VND 1,263 billion.

The recurring services segment continued to provide a stable cash base. Oakwood Residence Ha Noi averages about VND 200 billion of revenue per year, while the Auko Eco-Wellness Lodges resort in Phong Nha (now part of Quảng Trị province) began operating in late August 2026. On costs, the company said project cost optimisation held cost of goods sold to VND 538.5 billion, up 49% and below the 56% revenue growth rate, which drove the gross margin expansion. The article does not disclose net profit, financial expenses, or the source document behind the figures.

Market Context

VPI closed at VND 57,500 on 1 November 2026 on HOSE. The result lands in a difficult residential market: Savills Việt Nam data cited in the article put Hồ Chí Minh City apartment absorption at 25% at the end of Q3/2026, or roughly 1,400 transactions, with new launches absorbing 45%. In Hà Nội, Q3/2026 units sold fell 26% quarter on quarter and 48% year on year, while new supply fell 42% and 51% respectively. VPI’s revenue growth therefore reflects handover timing on legacy projects rather than a broad market recovery.

Strategic Significance

The thesis for VPI rests on execution rather than market beta. Gross margin expansion of nearly 3 percentage points while the market contracts shows that cost control on existing projects, not pricing power, is doing the work. The VND 1,263 billion of sales booked at Vlasta Premier - Phú Thuận is the key forward indicator: it is unrecognised revenue that should convert to gross profit as units are handed over, giving the company a southern leg beyond its Hà Nội and Hải Phòng base. The recurring hospitality income from Oakwood and Auko adds a smaller but steadier cash layer that partially offsets the cyclicality of property handovers.

What to Watch

• Full 9M2026 financial statements, including net profit, financial expenses and inventory, which the article does not disclose.
• Handover schedule and revenue recognition at Vlasta Premier - Phú Thuận from the VND 1,263 billion sales backlog.
• Q4/2026 Hà Nội and Hồ Chí Minh City absorption data from Savills Việt Nam, to test whether the market slowdown deepens.
• Movement in deposit and lending rates, the stated driver of weaker buyer sentiment in 2026.
• Ramp-up at Auko Eco-Wellness Lodges after its late-August 2026 opening and any update to Oakwood’s contribution.