Vietnam's largest public developer, Vinhomes, reported a net profit after tax of nearly VND 26.5 trillion (around $1.01 billion) for the second quarter of 2026. Compared to the same period last year, the indicator grew by more than three times. The main drivers were an increase in the volume of handing over real estate to buyers and a significant rise in gross margin.
According to the company's financial report, net revenue in the second quarter amounted to VND 52.72 trillion (around $2.01 billion), an increase of nearly 188% year-on-year.
The main contribution came from the delivery of real estate properties. Revenue from this segment reached VND 39.55 trillion, up 299.3% compared to the previous year. Revenue from general contracting, design, and construction supervision grew by 113.2% to VND 8.7 trillion, while revenue from property management and related services increased by 124.9%, exceeding VND 1.85 trillion.
At the same time, business efficiency improved significantly. Gross margin rose from just over 20% in the second quarter of 2025 to 65.8% a year later. Thanks to this, gross profit increased nearly ninefold to VND 34.73 trillion (around $1.32 billion). After accounting for expenses and taxes, net profit stood at VND 26.47 trillion (around $1.01 billion).
For the first six months of 2026, Vinhomes' net revenue reached VND 116.57 trillion (around $4.44 billion), up 243% compared to the first half of 2025. Net profit surged nearly 4.8 times to a record VND 52.09 trillion (around $1.99 billion). In the first six months, the company has already achieved about 87% of its full-year profit target.
The company attributed its strong financial results to the launch of new projects in the first half of the year, including Vinhomes Saigon Park, Vinhomes Global Gate Ha Long, and Vinhomes Hai Van Bay.
Operating cash flow also increased significantly. Net cash flow from operating activities reached VND 89.47 trillion (around $3.41 billion), more than double the figure from the same period last year (VND 41.09 trillion). The growth was driven by active inflows from the sale and handover of real estate properties to buyers.
At the same time, net cash flow from investing activities was minus VND 154.05 trillion (around $5.87 billion). Of this, VND 163.57 trillion went toward investments in other companies and investment projects, reflecting the further expansion of investment activities and land bank.
As of June 30, 2026, Vinhomes' total assets reached VND 1,110 trillion (around $42.31 billion), an increase of approximately 41% since the beginning of the year. Cash and cash equivalents stood at VND 53.18 trillion.
The company's inventories grew by over 57% to VND 206.73 trillion, mainly due to properties under construction. Their structure includes expenses for land use fees, site clearance, acquisition of subsidiaries, as well as construction and development costs for projects such as Vinhomes Global Gate Ha Long, Ven Vinh Cam Ranh Urban Area, Vinhomes Green Paradise, Vinhomes Ocean Park 2, Vinhomes Ocean Park 3, Vinhomes Grand Park, Vinhomes Golden City, and Vinhomes Green City.
Long-term work in progress reached VND 105.39 trillion (around $4.02 billion), up nearly 10% from the start of the year. The largest assets in this category were Vinhomes Green Paradise with an investment volume of VND 19.69 trillion, Vinhomes City Royal at VND 18.43 trillion, and Vinhomes Saigon Park at over VND 8.28 trillion.
The company's liabilities at the end of the second quarter amounted to approximately VND 836.73 trillion (around $31.89 billion). Short-term advances from customers rose from VND 87.6 trillion to VND 145.88 trillion. These funds will be recognized as revenue as properties are handed over to buyers in subsequent reporting periods.
Total short-term and long-term borrowings reached VND 215.45 trillion (around $8.21 billion), up more than 47% from the beginning of the year. Of this amount, long-term bonds accounted for VND 89.97 trillion, while long-term bank loans totaled VND 61.36 trillion.
In trading on August 6, Vinhomes shares (ticker VHM) rose by 5.6%, reaching VND 77,100 per share.