---
title: Vinhomes delivers record 9-month net profit of 75T VND
description: Vinhomes posted 9-month net profit of 75,059 billion VND exceeding annual target by 25% with total assets expanding to 1.33 million billion VND.
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language: en
datePublished: 2026-11-01T00:00:00+07:00
dateModified: 2026-11-01T00:00:00+07:00
author:
  name: Gini
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analyst:
  name: Đào Ngọc Bảo Linh
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---

# Vinhomes delivers record 9-month net profit of 75T VND

> Vinhomes posted 9-month net profit of 75,059 billion VND exceeding annual target by 25% with total assets expanding to 1.33 million billion VND.

Gini · Companies & sectors · 2026-11-01 · https://ginity.vn/en/blog/vinhomes-record-9-month-profit-and-asset-structure

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- Cumulative 9-month net profit reached 75,059 billion VND, surging 390% year-on-year and exceeding the full-year target by 25%.
- Consolidated net revenue for the 9-month period touched 202,586 billion VND, up 302% following major urban project handovers.
- Total consolidated assets expanded to 1,339,199 billion VND as of September 30, 2026, while debt-to-assets settled at a prudent 0.18.

According to consolidated financial disclosures published on [CafeF on October 30, 2026](https://cafef.vn/chua-tung-co-vinhomes-lai-9-thang-ky-luc-hon-75000-ty-dong-vuot-25-ke-hoach-ca-nam-188261030130647614.chn), Vinhomes Joint Stock Company (ticker: VHM) achieved the largest 9-month operating earnings in the history of Vietnam equity markets. Following intensive construction delivery schedules, the leading real estate developer exceeded its entire 2026 annual profitability target by 25% within just three operating quarters, highlighting robust retail absorption and disciplined commercial executions.

## Historical revenue and earnings expansion in 2026

According to official accounting statements published on [CafeF on October 30, 2026](https://cafef.vn/chua-tung-co-vinhomes-lai-9-thang-ky-luc-hon-75000-ty-dong-vuot-25-ke-hoach-ca-nam-188261030130647614.chn), consolidated net revenue across the first 9 months of 2026 reached 202,586 billion VND, representing a 302% increase over the identical period of 2025. When including equivalent revenue streams derived from business cooperation agreements and bulk real estate sales recognized in financial income, total adjusted revenue totaled 232,593 billion VND, representing an advance of 234% and achieving 82% of management's annual operational projection.

According to audited earnings breakdowns published on [CafeF on October 30, 2026](https://cafef.vn/chua-tung-co-vinhomes-lai-9-thang-ky-luc-hon-75000-ty-dong-vuot-25-ke-hoach-ca-nam-188261030130647614.chn), consolidated net profit after tax across the first 9 months of 2026 reached 75,059 billion VND, expanding 390% year-on-year. During the standalone third quarter of 2026, net revenue touched 85,364 billion VND, expanding 420%, while quarterly post-tax earnings reached 23,021 billion VND, rising 419%. Third-quarter gross profit amounted to 51,490 billion VND, approximately 13 times higher than the third quarter of 2025. This exceptional operational efficiency widened the quarterly gross profit margin to 60.3%, gaining 36 percentage points due to high-margin product deliveries.

Cash collection velocity across primary sales channels also accelerated substantially throughout the third quarter. According to equity market data compiled by [CafeF on November 1, 2026](https://cafef.vn/doanh-nghiep.chn), retail buyers maintained high prepayment ratios on structured milestone schedules, substantially reducing intermediate trade receivables and providing immediate internal liquidity to finance ongoing site development across the capital region.

> Chart: 9-month 2026 consolidated revenue and profit of Vinhomes. trillion VND. Adjusted revenue: 232; Net revenue: 202; Post-tax profit: 75; Q3 Gross profit: 51.

## Asset base growth and project inventory dynamics

According to balance sheet audits published on [CafeF on October 30, 2026](https://cafef.vn/chua-tung-co-vinhomes-lai-9-thang-ky-luc-hon-75000-ty-dong-vuot-25-ke-hoach-ca-nam-188261030130647614.chn), total consolidated assets of Vinhomes reached 1,339,199 billion VND as of September 30, 2026, marking an expansion of 69% compared to January 1, 2026. Consolidated owners equity expanded to 307,792 billion VND, gaining 24% over the same timeframe, which strengthens the firm's balance sheet resilience as it finances multi-phase infrastructure development.

According to development progress reports published on [CafeF on October 30, 2026](https://cafef.vn/chua-tung-co-vinhomes-lai-9-thang-ky-luc-hon-75000-ty-dong-vuot-25-ke-hoach-ca-nam-188261030130647614.chn), within the corporate inventory structure, approximately 85% of capital represents land acquisition compensation, land use fees, and direct site engineering across flagship master developments. Completed inventory held for sale accounted for only 2% of total inventory valuation, confirming that construction schedules remain tightly calibrated to real retail demand rather than accumulating speculative vacancies. Across the 9-month period, contract sales reached 219.6 trillion VND, increasing 35%, while unbilled contracted backlog settled at 185.6 trillion VND, representing 1.7 times the average baseline recorded between 2021 and 2025.

## Balance sheet solvency and debt servicing capacity

According to institutional commentary published in [Báo Đầu tư Chứng khoán on November 1, 2026](https://www.tinnhanhchungkhoan.vn/nhan-dinh-thi-truong-phien-giao-dich-ngay-211-khong-nen-ban-thao-post400579.html), despite substantial asset expansion, the capital structure remains prudently leveraged. The debt-to-assets ratio stood at 0.18 as of September 30, 2026, with 99% of total outstanding borrowings denominated in domestic currency, completely insulating operational balance sheets from international currency volatility.

The corporate interest coverage ratio reached 11.3 times on September 30, 2026, demonstrating substantial improvement relative to average multiples recorded during 2025. According to credit direction guidelines announced on [Báo Điện tử Chính phủ on October 31, 2026](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm), the State Bank of Vietnam continues prioritizing commercial credit allocations toward legally verified property developments demonstrating verified construction progress, providing stable borrowing channels for tier-one developers.

Financial audit disclosures also highlight that domestic bond maturities are evenly distributed across the 2026 to 2028 horizon, preventing concentrated liquidity refinancing pressure. With unencumbered cash reserves and substantial operating cash flow generated from ongoing apartment handovers, corporate liquidity buffers remain well equipped to settle maturing debt obligations without relying on secondary share dilution.

| Financial metric | Value recorded on September 30, 2026 | Year-on-year trajectory |
|---|---|---|
| 9-month net revenue | 202,586 billion VND | Increase of 302% |
| 9-month post-tax profit | 75,059 billion VND | Increase of 390% (Exceeds plan by 25%) |
| Total consolidated assets | 1,339,199 billion VND | Increase of 69% from year-start |
| Total equity base | 307,792 billion VND | Increase of 24% from year-start |
| Total debt-to-assets ratio | 0.18 times | Prudent capital preservation |

According to property market regulations published on the [Government Portal on October 31, 2026](https://vanban.chinhphu.vn/?docid=198541&pageid=27160), rigorous sales escrow standards and mandatory project guarantees continue filtering undercapitalized real estate sponsors. Developers possessing integrated master-planning capabilities and transparent balance sheet reporting maintain strong market leadership throughout secondary capital cycles.

The continued expansion of high-grade urban developments generates substantial positive spillover effects for domestic construction supply chains. Listed infrastructure contractors, building material suppliers, and technical engineering consultancies benefit directly from uninterrupted cash disbursements, reinforcing broader industrial productivity across the Vietnamese economy in late 2026.

## Sources

- CafeF: [Vinhomes records historic 9-month net profit exceeding 75,000 billion VND](https://cafef.vn/chua-tung-co-vinhomes-lai-9-thang-ky-luc-hon-75000-ty-dong-vuot-25-ke-hoach-ca-nam-188261030130647614.chn) (30/10/2026)
- CafeF: [Capital market movements and listed company financial updates](https://cafef.vn/doanh-nghiep.chn) (01/11/2026)
- Báo Đầu tư Chứng khoán: [Market assessment and equity trading analysis for November 2, 2026](https://www.tinnhanhchungkhoan.vn/nhan-dinh-thi-truong-phien-giao-dich-ngay-211-khong-nen-ban-thao-post400579.html) (01/11/2026)
- Báo Điện tử Chính phủ: [Central bank leadership addresses property credit and enterprise financing](https://baochinhphu.vn/thong-doc-noi-ve-lai-suat-tin-dung-bat-dong-san-va-von-cho-doanh-nghiep-102261031130933268.htm) (31/10/2026)
- Government Portal: [Regulatory framework and directives for national real estate developments](https://vanban.chinhphu.vn/?docid=198541&pageid=27160) (31/10/2026)

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_Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._

_Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._