Vinhomes (VHM) Raises VND 6,000B in Bonds, Sets 2026 Revenue Target of VND 285,000B

Overview

Vinhomes Joint Stock Company (VHM) successfully raised VND 6,000 billion through a bond issuance of 60,000 bonds with a 30-month term, as disclosed in a filing to the Hanoi Stock Exchange (HNX). At its 2026 Annual General Meeting of Shareholders, the company also presented ambitious targets for the year, including revenue of VND 285,000 billion and net profit of VND 60,000 billion. This capital raise and strategic outlook highlight Vinhomes’ aggressive expansion plans in Vietnam’s real estate sector.

Key Facts

• Vinhomes issued 60,000 bonds (code VHM12601) at VND 100 million per bond, raising VND 6,000 billion (approx. $240 million).
• The bonds have a 30-month term, maturing on October 13, 2028.
• This is Vinhomes’ first bond issuance in 2026, following three issuances in 2025 that raised a total of VND 19,500 billion.
• At its 2026 AGM, Vinhomes set a revenue target of VND 285,000 billion and a net profit target of VND 60,000 billion for the year.
• The company targets pre-sales of VND 300,000-350,000 billion in 2026, driven by projects like Cần Giờ, Green Bay, Hậu Nghĩa - Đức Hòa, and Ocean Park 2-3.
• The Green Bay project achieved an 80-90% absorption rate in late March/early April 2026, with 1,300-1,400 units reserved.
• Approximately 30-40% of 2026 revenue is expected from previously sold products awaiting handover.

What Happened

According to a filing sent to the Hanoi Stock Exchange (HNX), Vinhomes conducted the bond issuance from April 13 to 15, 2026, raising VND 6,000 billion. The bonds, with a face value of VND 100 million each, are set to mature in 30 months on October 13, 2028. This marks the company’s first bond offering in 2026, building on prior fundraising efforts that included three bond lots in 2025 totaling VND 19,500 billion.

Separately, at its Annual General Meeting of Shareholders held on April 21, 2026, Vinhomes outlined its strategic and financial targets for the year. The company presented a revenue plan of VND 285,000 billion and a net profit target of VND 60,000 billion. It also detailed a pre-sales target of VND 300,000-350,000 billion, citing momentum from key projects such as Cần Giờ, Green Bay, Hậu Nghĩa - Đức Hòa, and Ocean Park 2-3. The Green Bay project, launched in late March 2026, reportedly saw strong early demand with an 80-90% absorption rate and about 1,300-1,400 units reserved.

Market Context

Vinhomes (VHM) is listed on the HOSE exchange and closed at VND 138 on April 15, 2026, up 6.83% with a volume of 6,254,100 shares. This price movement coincides with the bond issuance period and may reflect investor reaction to the capital raise and forward-looking targets. As a major player in Vietnam’s real estate sector, Vinhomes’ activities are closely watched for signals on market liquidity and development trends.

Strategic Significance

The bond issuance provides Vinhomes with substantial liquidity to fund its ambitious 2026 project pipeline, including high-profile developments like Cần Giờ and Green Bay. By setting aggressive revenue and profit targets, the company signals confidence in Vietnam’s real estate demand, particularly in large-scale integrated urban projects. The capital structure shift towards debt financing may support growth without immediate equity dilution, but it also increases financial leverage in a sector sensitive to interest rates and economic cycles.

What to Watch

• Quarterly earnings reports in 2026 to track progress toward the VND 285,000 billion revenue and VND 60,000 billion net profit targets.
• Updates on pre-sales figures for key projects like Cần Giờ and Ocean Park phases to validate the VND 300,000-350,000 billion target.
• Further bond issuances or capital-raising activities, given the company’s history of using debt markets.
• Handover rates and revenue recognition from the 30-40% of revenue expected from previously sold products.
• Broader real estate market indicators and regulatory changes that could impact Vinhomes’ project timelines and sales.