Van Phu Real Estate (VPI) Targets Record 2026 Profit of 720B VND, Up 83%

Overview

Van Phu Real Estate Development Joint Stock Company (VPI) has announced its 2026 business plan targeting record revenue of VND 4,500 billion and net profit of VND 720 billion, representing growth of 127.7% and 83.2% respectively over 2025. The ambitious targets are driven by accelerated sales and construction at key projects and the launch of new commercial assets.

Key Facts

• VPI targets 2026 total revenue of VND 4,500 billion, up 127.7% from 2025.
• 2026 net profit target is VND 720 billion, an 83.2% increase year-on-year.
• Pre-tax profit target for 2026 is VND 900 billion, up 73% from 2025.
• The company plans to launch nearly 2,000 products across multiple projects in major cities.
• Core projects include Vlasta Premier – Phu Thuan (Ho Chi Minh City), Vlasta – Thuy Nguyen (Hai Phong), and Vlasta Premier – Phu Hoi (Hue).
• In June 2026, VPI will open Auko Glamping – Phong Nha (Quang Tri) near the Son Doong world heritage site.
• The company will also optimize cash flow from commercial assets such as Oakwood Residence Hanoi and Terra – An Hung (Hanoi).

What Happened

On April 23, 2026, Van Phu Real Estate (VPI) announced its 2026 business plan, setting record-high targets for revenue and profit. The company aims for total revenue of VND 4,500 billion, pre-tax profit of VND 900 billion, and net profit of VND 720 billion, representing growth of 127.7%, 73%, and 83.2% respectively compared to 2025 actual results.

According to VPI management, the plan focuses on accelerating sales and construction progress at core projects, completing legal procedures to enable sales and handovers. Key projects include Vlasta Premier – Phu Thuan in Ho Chi Minh City, Vlasta – Thuy Nguyen in Hai Phong, and Vlasta Premier – Phu Hoi in Hue. The company also plans to optimize operating cash flow through improved management of commercial and hospitality assets, including Oakwood Residence Hanoi and Terra – An Hung in Hanoi. In June 2026, VPI will launch the Auko Glamping – Phong Nha project in Quang Tri, located near the Son Doong world natural heritage site, targeting international tourists.

Market Context

VPI shares closed at VND 56,000 on April 10, 2026, down 0.70% with volume of 841,000 shares. The real estate sector in Vietnam is undergoing deep restructuring in 2026, with new land, housing, and real estate business laws increasing project input costs. Interest rates have risen, with 12-month deposit rates at commercial banks ranging from 6.5% to 7.5%, and some small banks offering over 8% or even 9.65% for long terms. VPI, listed on HOSE, faces a challenging macro environment but aims to leverage its financial stability and flexible strategy.

Strategic Significance

VPI’s 2026 targets represent a significant leap in scale, aiming for record revenue and profit since listing. The strategy relies on launching nearly 2,000 products across multiple projects in major cities, indicating a shift toward mass-market supply. The inclusion of commercial and hospitality assets (Oakwood, Terra, Auko Glamping) suggests a diversification into recurring income streams. Success depends on execution in a high-interest-rate environment and the ability to navigate new regulatory costs. The plan signals management’s confidence in its project pipeline and market positioning.

What to Watch

• Quarterly sales and handover progress at Vlasta Premier – Phu Thuan, Vlasta – Thuy Nguyen, and Vlasta Premier – Phu Hoi.
• Official opening and initial occupancy of Auko Glamping – Phong Nha in June 2026.
• Updates on legal approvals and pre-sales for the planned 2,000 units.
• VPI’s Q1 2026 earnings release to gauge early momentum toward targets.
• Interest rate trends and their impact on buyer financing and VPI’s borrowing costs.