Vinhomes (VHM) Investor presentation summary

9M2026 performance and FY targets

• 9M2026 net revenue VND 202.6tn, up 302% YoY; adjusted revenue VND 232.6tn, up 234% YoY.

• 9M2026 net profit after tax VND 75.1tn, up 390% YoY; equal to 125% of the FY2026 target.

• Contracted sales reached VND 219.6tn, up 35% YoY; unbilled sales were VND 185.6tn at 1H2026-end, 1.7x the 2021–2025 average.

• FY2026 targets: adjusted revenue VND 285tn, up 56% vs. 2025 actuals, and net profit after tax VND 60tn, up 38%+; 9M achievement was ~82% and 125%, respectively.

• Revenue recognition expected from Green Paradise, Golden City, Green City, Saigon Park, Global Gate Ha Long and Hai Van Bay; presales supported by new launches and ongoing projects.

Market backdrop

• Vietnam’s 2021–2025 GDP CAGR was 6.2%; 9M2026 FDI disbursement reached USD 21.1bn, up 12% YoY.

• 2026F nominal GDP was USD 525bn and GDP per capita USD 5,250; infrastructure investment and administrative reforms were highlighted as growth supports.

• Hanoi and HCMC transport projects advanced, including ring roads, bridges and expressway works, supporting regional connectivity and property-market access.

Land bank and operating platform

• Residential land bank totaled 384m sqm, with 84% allocated to pipeline projects; the portfolio was 10.2x larger than the next developer cited.

• Diversified operations span residential development, leasing, property management, industrial real estate and construction services, with residential offerings from luxury to social housing.

• Integrated urban projects combine housing with education, healthcare, retail, transport and hospitality; the strategy emphasizes ESG, smart living and transit-oriented development.

• Land-clearance execution can reduce timelines from 2–3 years to ~9–12 months; upfront payment of up to 70% supports self-funded growth and lowers credit reliance.