Vinhomes (VHM) Reports 2025 Revenue Up 50%, Net Profit Up 23.6%, Announces 6,000 VND Dividend

Overview

Vinhomes Joint Stock Company (VHM) reported its 2025 financial results, showing consolidated net revenue of over VND 153 trillion, a 50% year-on-year increase, and net profit of over VND 43 trillion, up 23.6%. The company announced a cash dividend of VND 6,000 per share and set aggressive 2026 targets, signaling strong operational momentum in Vietnam’s real estate sector.

Key Facts

• 2025 consolidated net revenue: over VND 153 trillion, up 50% year-on-year.
• 2025 net profit after tax: over VND 43 trillion, up 23.6% year-on-year.
• 2026 revenue target: VND 250 trillion, a 63% increase over 2025 actuals.
• 2026 net profit target: VND 50 trillion, a 16% increase over 2025 actuals.
• Cash dividend: VND 6,000 per share, representing a 60% payout ratio on charter capital, with total estimated payout near VND 25 trillion.
• Resident growth: Nearly 650,000 residents across Vinhomes projects nationwide as of end-2025, an increase of approximately 157,000 people from the previous year.
• Land bank: Total area exceeding 295 million square meters, the largest in Vietnam.

What Happened

According to its 2025 annual report, Vinhomes achieved significant growth driven by its core real estate transfer business, which generated over VND 108 trillion in revenue. The company attributed this performance primarily to the timely handover of units at major projects including Vinhomes Ocean Park 2, Vinhomes Ocean Park 3, Vinhomes Grand Park, and Vinhomes Golden Avenue. The report also highlighted that the company launched four large-scale commercial housing projects in 2025 and commenced construction on several key projects nationwide.

The company announced a cash dividend of VND 6,000 per share, marking the first dividend payment by billionaire Phạm Nhật Vượng’s enterprise in five years. With approximately 4.1 billion outstanding shares, the total estimated payout is nearly VND 25 trillion. For 2026, Vinhomes set ambitious targets of VND 250 trillion in revenue and VND 50 trillion in net profit, representing growth of 63% and 16% respectively over 2025 results.

Market Context

Vinhomes (VHM) is listed on the Ho Chi Minh City Stock Exchange (HOSE) and is Vietnam’s largest listed real estate company by market capitalization, which reached USD 19.4 billion (approximately VND 514.1 trillion) as of December 31, 2025. The stock closed at VND 127 on April 14, 2026, up 3.34% with volume of 4.42 million shares, reflecting positive market reception to the strong earnings and dividend announcement amidst a recovering real estate sector.

Strategic Significance

The results underscore Vinhomes’ dominant scale and execution capability in Vietnam’s residential market, leveraging its massive land bank and integrated township model. The dividend resumption after five years signals improved cash flow discipline and a potential shift towards shareholder returns, while the aggressive 2026 targets indicate management confidence in sustained project handover momentum and market demand, particularly in mid-to-high-end segments.

What to Watch

• Quarterly earnings releases in 2026 to track progress toward the VND 250 trillion revenue and VND 50 trillion profit targets.
• Handover schedules and sales rates at key projects like Vinhomes Green Paradise and Vinhomes Wonder City.
• Updates on the development pipeline, including the Vinhomes Hải Vân Bay and Vinhomes Global Gate Hạ Long projects.
• Dividend payment timeline and any changes to capital allocation policy.
• Broader Vietnamese real estate sector indicators and regulatory developments affecting large-scale developers.