VinaLiving Holdings, a real estate unit of VinaCapital, posts net loss of 165 billion dong in 2025

VinaLiving Holdings, a real estate company within the VinaCapital ecosystem, reported 2025 financial results with a net loss after tax of VND 165 billion, reversing from a net profit of VND 582.5 billion in the prior year.

2025 financial position

As of December 31, 2025, VinaLiving Holdings’ shareholders’ equity was VND 1,344.6 billion, down about 11% compared with the beginning of the year, effectively erasing VND 165 billion. The equity structure included owner’s capital of VND 792.5 billion, share premium of VND 91.4 billion, non-controlling interests of VND 151.5 billion, and retained earnings of VND 309 billion.

Total liabilities decreased by more than VND 250 billion over the year to VND 1,934 billion. Within liabilities, bank borrowings were VND 177.3 billion, bonds issued were VND 50 billion, and other payables were VND 1,707 billion. Other payables included VND 113.3 billion in taxes and amounts payable to the State, and VND 3.2 billion in employee payables.

Bond issuance in late 2025 to early 2026

Data from the Hanoi Stock Exchange shows VinaLiving Holdings has two outstanding bond issues, VLH12501 and VLH12502, totaling VND 190 billion.

• VLH12501: From December 30, 2025 to January 6, 2026, the company issued 1,200 bonds with a face value of VND 100 million each, totaling VND 120 billion. The bonds have a two-year tenor, due December 30, 2027, with a fixed interest rate of 10.5% per year.
• VLH12502: From December 30, 2025 to January 9, 2026, the company issued 700 bonds with a face value of VND 100 million per bond, totaling VND 70 billion. The bonds also have a two-year tenor, due December 30, 2027, with a fixed interest rate of 11% per year.

Source: HNX.

Business profile and credit assessment

VinaLiving Holdings was established in June 2019, with core activity in real estate development. The company’s headquarters are at 19th Floor, Sun Wah Tower, 115 Nguyen Hue, Saigon, Ho Chi Minh City. The legal representative is CEO Do Chi Hieu.

In December 2025, VIS Rating assigned VinaLiving Holdings a BBB rating, reflecting an independent credit profile described as medium. The firm previously maintained EBITDA margins of about 24–38% in 2023–2024, higher than the average in the housing real estate sector, mainly due to its focus on the high-end segment. However, indicators of scale, financial leverage, and debt coverage were assessed as average, consistent with the nature of a project-developing business.

Projects and revenue trends

VinaLiving Holdings is a real estate development unit within the VinaCapital ecosystem. Since its formation, it has developed and completed more than 10 low-rise housing projects in the outskirts of Ho Chi Minh City, along with villas and coastal Condotels targeting the high-end segment. Notable projects include Maia Resort Quy Nhon, The Ocean Villas Quy Nhon (Gia Lai), and Nine South Estates (Ho Chi Minh City).

Beyond development, VinaLiving provides project management services for VinaCapital and investment advisory services, including feasibility studies, solution consulting, design–build management, and sales and marketing.

From 2023 through the first nine months of 2025, VinaLiving Holdings reported average annual revenue of around VND 1,000 billion from core activities in real estate development and management, indicating mid-scale operations. The company’s business performance, however, experienced significant fluctuations in the second half of the 2025 financial year.