Can Gio Coastal Urban Project Reports Over 30 Trillion VND Profit in First Half

Can Gio Tourism Urban Development JSC, a subsidiary of Vingroup, has reported a consolidated after-tax profit exceeding 30 trillion VND (approximately USD 1.5 billion) in the first half of this year. This figure represents a nearly fivefold increase compared to the same period last year. The company disclosed this significant profit surge in its interim financial report to bondholders. Its parent company, Vingroup, recorded an after-tax profit of 12.357 trillion VND, tripling from the first half of 2025. Can Gio Tourism Urban Development JSC, wholly owned by Vingroup, is the developer of the mega Can Gio coastal urban project (Vinhomes Green Paradise). The project boasts a total investment of nearly 9 billion USD and spans approximately 2,870 hectares. The developer began launching products from this project last year and continues to open new phases for sale this year. As of June 30, the company's equity exceeded 98.813 trillion VND, an increase of 58.4% from a year prior. Undistributed profits after tax stood at around 27 trillion VND. However, the company's total liabilities reached over 355.591 trillion VND, a nearly 65% increase compared to June 30, 2025. Notably, its bond debt alone surged more than elevenfold to over 22.241 trillion VND, with all these bonds being privately placed in the domestic market. As of June, Can Gio Tourism Urban Development JSC's total assets amounted to approximately 455.885 trillion VND, accounting for over 40% of Vinhomes' total assets. This asset scale significantly surpasses major listed real estate firms, being 1.76 times that of Novaland and 3.63 times that of Sunshine Group.