Vietnam’s leading housing developer Vinhomes eyes record profit, revenue in 2025

Vinhomes, the housing development arm of Vietnam’s conglomerate Vingroup (HoSE: VIC), targets VND42 trillion ($1.63 billion) in net profit this year, up 20% from 2024, despite lingering challenges in the local real estate market.

Vinhomes (HoSE: VHM) guns for a 2025 revenue of VND180 trillion ($7 billion), up 76% year-on-year.

Both figures represent record highs for the developer, according to its business plan, which is expected to be presented at the 2025 AGM on April 23.

This year, Vinhomes has set four key operational targets: maintaining its leading position in the domestic property market by developing urban areas in localities such as Hanoi, Hai Phong, and Ho Chi Minh City; fostering green and smart living environments to support sustainable growth; enhancing marketing efforts and community-based activities; and strengthening its skilled workforce.

In 2024, Vinhomes posted a net profit of VND35.07 trillion ($1.36 billion) on a consolidated revenue of VND102.32 trillion ($3.97 billion), up 5% but down 1% year-on-year, respectively. The company contributed VND18 trillion ($698.62 million) to the state budget.

Regarding the allocation of 2024’s net profit, the VHM board has proposed setting aside VND5 billion ($194,060) for the statutory reserve fund, with the remainder to be reinvested in business operations; hence, no dividend payout for 2024.

Last year, Vinhomes issued nine tranches of bonds totalling VND27 trillion ($1.05 billion) as part of its financial structuring strategy. These were all non-convertible corporate bonds without warrants, secured by assets, and carried maximum terms of 24 to 36 months.

Additionally, the company had planned to issue $500 million worth of bonds on the Singapore Stock Exchange. However, in light of domestic and international market conditions and the 2025 business strategy, the plan was ultimately scrapped.

VHM shares closed down 6.8% on Thursday, at VND51,800 ($2.01) each.