Vinhomes profits soar after 2 modest quarters

An apartment complex built by Vinhomes in Ho Chi Minh City’s District 1. Photo by Shutterstock/Saigoneer

The country’s biggest property developer, Vinhomes, reported a 10% increase year-on-year in profits in the second quarter to VND10.6 trillion (US$419 million).

This is a major recovery after two consecutive quarters when profits had slumped to around VND900 billion.
But revenues were down 13% at VND28.2 trillion, according to its latest earnings report.
Vinhomes made a bulk sale at Vinhomes Royal Island project in Hai Phong City in the second quarter.
The green light from Hung Yen Province authorities for it to sell units to foreigners in its two projects, Vinhomes Ocean Park 2 and 3, helped “create a positive sentiment in the local property market,” the company said.
With the positive changes to property laws taking effect in August and expected to resolve various problems faced by developers, Vinhomes plans to launch sales in the remaining months of this year.

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