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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Japan is considering a proposal to tighten income requirements for long-term residence applications as part of broader measures Prime Minister Sanae Takaichi is weighing to manage the rapidly rising number of foreigners in the country. Current long-term residence framework Japan currently has about 940,000 people with long-term residence status, representing…
Data from VietCap on 28 real estate projects totaling 38,000 hectares helps clarify ownership roles of the developers and the economic benefits for the Vingroup ecosystem and Vinhomes. Correctly identifying project owners is key to understanding the cash-flow implications reflected in each unit’s year-end 2025 financial statements.
According to VietCap, the Vingroup Group directly holds the investor role for major northern projects: Vinhomes Wonder Park in Hanoi, Vinhomes Royal Island in Hai Phong, Vinhomes Quang Hanh in Quang Ninh, and Vinhomes Tan Liêu in Bac Gi. In these land banks, Vingroup maintains economic interests ranging from 95% to 99%.
Direct involvement of the parent group is also evident in the social housing segment with the Happy Home Thanh Hoa project, in which Vingroup holds 99% of the interests.
Meanwhile, the Vinhomes Company and its subsidiaries are the core operators of the flagship mega-urban projects. Vinhomes owns 100% of the interests in Vinhomes Ocean Park 2, Vinhomes Ocean Park 3, Vinhomes Golden Avenue, and southern strategic land banks such as Vinhomes Cam Lâm, Vinhomes Green Paradise, and Vinhomes Phước Vĩnh Tây.
For a specialized project like Vinhomes Ha Long Xanh, spanning more than 5,500 hectares, the model used is a joint venture with profit splits of 70% to Vinhomes and 30% to Vingroup.
Beyond residential and commercial real estate, the ecosystem owns industrial real estate and dedicated infrastructure with a net asset value of USD 1.2 billion. Control of this business is assigned to Vinhomes subsidiary entities.
Specifically, four large industrial parks are under development, including Vũng Áng in Hà Tĩnh and the Nam Tràng Cát, Ngũ Phúc, and Tân Trào clusters in Hải Phòng. The total area of these parks is about 1,630 hectares, all managed by Vinhomes group companies with economic ownership ranging from 99.2% to 99.8%.
In Hà Tĩnh, Sơn Dương International Port infrastructure and the warehousing for an EV supply chain are also operated by entities under Vinhomes. The assignment of industrial parks to Vinhomes reflects a strategy to diversify income sources beyond urban development.
Defining project ownership is key to decoding the potential revenue reflected on balance sheets of each unit. VietCap estimates the backlog value of signed but undelivered real estate contracts for VHM at VND 186,400 billion as of end-2025.
In actual cash receipts for 2025, Vingroup reported over VND 55,600 billion of customer advances, of which VND 46,246 billion came directly from projects registered under the parent company’s name, accounting for 17.3% of standalone liabilities.
For Vinhomes, the consolidated Q4 2025 financial statements show buyer advances exceeding VND 94,300 billion, equivalent to 34.6% of total liabilities.
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