Vinhomes (VHM) Targets 62.2% Revenue Growth, Proposes $1B Cash Dividend

Overview

Vinhomes Joint Stock Company (VHM) reported strong 2025 results and set ambitious 2026 targets, including revenue of VND 250 trillion and net profit of VND 50 trillion. The company also announced a proposed cash dividend of nearly $1 billion, its first since 2022. Chairman Phạm Thiếu Hoa stated the Vietnamese real estate market is entering a phase of ‘selective recovery’.

Key Facts

• 2025 Results: Consolidated revenue reached ~VND 183.1 trillion, up 29% year-on-year (YoY), with net profit of VND 43.3 trillion.
• 2026 Targets: Proposed revenue target of VND 250 trillion (+62.2% YoY) and net profit target of VND 50 trillion (+18.7% YoY), to be voted on at the upcoming Annual General Meeting (AGM).
• Dividend Plan: Proposed cash dividend payout of VND 24.644 trillion (~$1 billion) at a 60% ratio (VND 6,000 per share). Also proposed a 100% stock dividend (1:1).
• Land Bank: As of end-2025, Vinhomes holds a land bank of 29,500 hectares, described as the largest in the market.
• Historical Sales: Cumulative sales over 15 years total 309,000 units (apartments, villas, townhouses), equivalent to over VND 1,000 trillion in sales value.
• Market View: Chairman Phạm Thiếu Hoa forecasts a ‘selective recovery’ in 2026, with a shift towards green, sustainable, transparent, and disciplined development.
• Long-term Strategy: Focus on Transit-Oriented Development (TOD) projects and a plan to develop 500,000 social housing units under the Happy Home brand.

What Happened

In the Chairman’s message within the recently published annual report, Phạm Thiếu Hoa stated that Vinhomes delivered four new projects in Hà Nội, Hải Phòng, Hồ Chí Minh City, and Long An in 2025. The company achieved the reported revenue and profit growth due to a favorable business environment and a solid internal foundation, consolidating its leading market position.

At the AGM scheduled for next week, Vinhomes plans to seek shareholder approval for the 2026 revenue and profit targets, which represent record highs for the company. The Chairman characterized the 2026 market outlook as a ‘selective recovery,’ requiring high adaptability from developers. He emphasized that core market momentum will come from real products and integrated green urban areas. Concurrently, the company proposed the significant cash and stock dividend distributions, noting it had retained profits over the past three years to maintain resources for market recovery.

Market Context

Vinhomes (VHM) is listed on the Ho Chi Minh City Stock Exchange (HOSE). The stock closed at VND 127,000 on April 14, 2026, up 3.34% on volume of 4.42 million shares. The positive price movement coincides with the release of the strong 2025 results and the announcement of aggressive 2026 growth targets and a substantial return of capital to shareholders. This news provides a concrete data point for investors assessing the recovery trajectory of Vietnam’s large-cap real estate sector.

Strategic Significance

The proposed 2026 targets and dividend plan signal a strategic pivot from capital retention to aggressive growth and shareholder returns, underpinned by management’s confidence in a market recovery. The focus on ‘selective recovery’ and green, integrated townships aligns Vinhomes with evolving regulatory and consumer preferences in Vietnam. The company’s massive land bank (29,500 ha) and stated intent to continue land banking provide a tangible asset base to execute this strategy, particularly for large-scale projects in key regions like Hà Nội, Hạ Long, Đà Nẵng, and Khánh Hòa.

What to Watch

• AGM Outcome: Shareholder vote on the 2026 business plan and dividend proposals at the upcoming Annual General Meeting.
• Quarterly Earnings: Q1 2026 results to provide an early indication of progress toward the full-year revenue and profit targets.
• Project Launches: Announcement and sales velocity of new projects in 2026, especially in the prioritized regions.
• Land Bank Updates: Any announcements regarding further expansion of the company’s land bank.
• Policy Developments: Implementation of legal reforms to ‘remove bottlenecks’ in the real estate market, as referenced by the Chairman.