Vinpearl (VPL) Plans Record 2026 Revenue, 172% Profit Surge, and VND 8,000B Preferred Share Sale

Overview

Vinpearl (VPL), a hospitality and entertainment subsidiary of Vingroup, announced ambitious 2026 targets at its annual general meeting on April 24, 2026. The company plans record revenue of VND 16,000 billion, net profit of VND 3,000 billion (up 172% from 2025), and a private placement of up to 100 million preferred shares at VND 80,000/share to raise VND 8,000 billion. The capital will fund expansions including VinWonders Vu Yen and hotel partnerships.

Key Facts

• Vinpearl (VPL) targets 2026 consolidated net revenue of VND 16,000 billion, a 3% increase from 2025 and a record high.
• 2026 net profit target is VND 3,000 billion, up 172% from 2025’s VND 1,100 billion.
• The company plans to issue up to 100 million preferred shares (cumulative dividend, convertible) at VND 80,000/share, raising up to VND 8,000 billion.
• Post-issuance charter capital is expected to reach VND 18,933 billion.
• Preferred shares carry a 6% annual cumulative dividend based on the issue price.
• Proceeds allocation: VND 3,100 billion for VinWonders Vu Yen joint venture with Vingroup; VND 1,200 billion for Sheraton Vinh hotel lease; VND 500 billion for Tuyen Quang hotel partnership; VND 2,800 billion for local entertainment investment.
• The meeting also approved the election of Ms. Ngo Thi Huong, current CEO of Vinpearl, to the board of directors.

What Happened

At its annual general meeting on April 24, 2026, Vinpearl (VPL) presented a bold 2026 business plan and a significant capital-raising proposal. The company reported 2025 consolidated net revenue of VND 15,539 billion (+8% YoY) but net profit of only VND 1,100 billion, down more than 50% from 2024 due to lower financial income. No dividend was declared for 2025.

For 2026, Vinpearl targets record revenue of VND 16,000 billion and net profit of VND 3,000 billion, a 172% increase. To fund growth, the company plans a private placement of up to 100 million preferred shares at VND 80,000/share, raising up to VND 8,000 billion. The preferred shares carry a 6% cumulative dividend and are convertible into common shares. The issuance is subject to State Securities Commission approval and is expected to close in 2026.

Market Context

Vinpearl (VPL) trades on the UPCOM market. As of April 14, 2026, the stock closed at VND 80,000 with low volume of 302,700 shares. The planned capital raise at VND 80,000/share matches the current market price, suggesting the company views this as fair value. The hospitality sector in Vietnam is recovering post-pandemic, but Vinpearl’s 2025 profit decline highlights financial volatility. The 2026 targets imply a significant turnaround, driven by new projects and cost optimization.

Strategic Significance

Vinpearl’s capital raise and expansion plans underscore Vingroup’s strategy to consolidate its hospitality and entertainment assets. The proceeds will directly fund VinWonders Vu Yen, a major theme park joint venture with Vingroup, and hotel partnerships in Vinh and Tuyen Quang. The preferred share structure (6% cumulative dividend, convertible) offers investors a fixed-income-like return with upside potential, while diluting common shareholders only upon conversion. The 172% profit target suggests management expects strong operational leverage from new investments.

What to Watch

• Approval timeline from the State Securities Commission for the preferred share issuance.
• Q2 2026 earnings release to gauge early progress toward the revenue and profit targets.
• Updates on the VinWonders Vu Yen joint venture and its contribution to revenue.
• Conversion ratio and terms of the preferred shares, which will affect future dilution.
• Any changes in Vingroup’s broader capital allocation or potential international bond issuance (as previously reported).