Taiwan-backed property developer Phu My Hung incurs 27.5% drop in H1 profit

Taiwan-backed property developer Phu My Hung Corp reported pre-tax profit of VND1.23 trillion ($46.8 million) in the first half of 2025, down 27.5% year-on-year, according to a filing with the Hanoi Stock Exchange.

The Ho Chi Minh City-based firm did not provide an explanation for the decline in earnings.

Founded in May 1993, Phu My Hung is a joint venture between Tan Thuan Industrial Promotion Co. (IPC), which holds a 30% stake, and Taiwan’s Phu My Hung Asia Holdings (formerly CT&D Group of Taiwan).

In 2024, Phu My Hung posted nearly VND2.09 trillion ($79.3 million) in pre-tax profit, down 5% from a year earlier, marking a second consecutive annual decline.

In the first half of 2025, the company unveiled its first northern Vietnam project, Hong Hac City in Bac Ninh province, with an investment of nearly $1.1 billion. The project marks its long-awaited expansion beyond southern Vietnam, where it has been operating for more than three decades.

As of June 30, its owner’s equity stood at VND10.47 trillion ($397.4 million), down 17% from year-on-year, largely due to a 12% decline in retained earnings to VND9.2 trillion ($349.3 million). Total liabilities rose by over VND1 trillion ($38 million) to VND23.41 trillion ($888.6 million).

The company is best known for developing the Phu My Hung urban township in Ho Chi Minh City’s District 7, one of Vietnam’s flagship real estate projects that transformed swamp land into a thriving urban hub.

In 2008, the project was officially recognized as a “model urban area” by Vietnam's Ministry of Construction and the municipal government.