How Much Has VRE Invested in the Super Can Gio Project?
According to a recent analysis by Yuanta Vietnam Securities, Vincom Retail (VRE), a company within the ecosystem of the Vingroup conglomerate (VIC), chaired by billionaire Pham Nhat Vuong, has revealed interesting insights about its upcoming mega-project in Can Gio. The report highlights that VRE has made substantial financial commitments towards upcoming projects, with a total of VND 20,000 billion in deposits, accounting for 34.4% of its total assets.
VRE plans to raise additional funds through debt in Q3 2025 to support further deposits for the Can Gio project’s subdivisions. The long-term vision for this project includes four shopping malls and a cluster of commercial townhouses, with VND 1,800 billion already invested in these ventures.
Vinhomes Green Paradise Project Illustration.
The Can Gio project, named Vinhomes Green Paradise, is a large-scale eco-tourism and seaside urban area developed by Vingroup in Can Gio District, Ho Chi Minh City. Spanning an area of 2,870 hectares, including 1,357 hectares of reclaimed land, the project is divided into five subdivisions. Construction on this project commenced on April 19, 2025.
Vinhomes Green Paradise is envisioned to become a comprehensive urban area, incorporating tourism, resorts, MICE (meetings, incentives, conferences, and exhibitions), smart city features, high-tech services, residential areas, and more. It aims to accommodate approximately 230,000 residents and serve 8-10 million tourists annually.
The urban area is designed with four main functional areas, including hotels, resorts, shopping malls, entertainment facilities, and luxury villas and apartments to serve around 31,000 residents and tourists.
Illustration of the Opera House.
Several components of the project are set to be among the largest in Vietnam and globally, including the largest opera house in Southeast Asia, the world’s largest artificial sea, two international-standard golf courses, a 108-story multi-functional tower, modern hotels and shopping malls, large-scale entertainment complexes, international-standard educational institutions, and the introduction of the US-based Cleveland Clinic healthcare system.
It is estimated that the Vinhomes Green Paradise project will introduce approximately 48,150 low-rise units and 15,640 apartments to the market in the coming years.
Vincom Retail’s Business Performance
In terms of business operations, Yuanta Vietnam reported that VRE’s consolidated revenue for Q2 2025 reached VND 2,100 billion, a 0.6% increase from the previous quarter but a 13.6% decrease year-over-year. Revenue from the sale of real estate inventory plummeted by 97.4% compared to the previous year, amounting to only VND 12 billion, as VRE delivered just three units in the past quarter.
After-tax profit for Q2 2025 reached VND 1,233 billion, a 20.7% increase year-over-year. This growth was supported by the continued expansion of leasing activities, improved management efficiency, including increased interest income, and reduced provisions.
The performance for the first half of the year showed a mixed picture. Leasing revenue grew by 5.9%, reaching VND 4,100 billion, driven by improved occupancy rates and contributions from three newly opened shopping malls in the latter half of 2024. However, revenue from the sale of real estate inventory remained low at VND 60 billion (a 92% decrease year-over-year), resulting in total revenue of VND 4,300 billion for the first six months.
Other income doubled in the first half, reaching VND 213 billion, mainly attributed to leasing arrangements with VIC and VHM, where VRE rented out its assets to be used as collateral for loans.
After-tax profit for the first six months reached VND 2,400 billion, a 14.6% increase. For 2025, Vincom Retail aims for consolidated revenue of VND 9,520 billion and an after-tax profit target of VND 4,700 billion. With these results, the company has achieved 45% and 51% of its full-year business plan, respectively.
According to Yuanta Vietnam, Vincom Retail is set to inaugurate two new shopping malls in Q3 2025, adding approximately 100,800 sqm of gross floor area (GFA) and bringing the total GFA to approximately 1,942,000 sqm. These projects, Vinhomes Mega Mall Ocean City and Vincom Mega Mall Royal Island, have already secured committed occupancy rates of 95% and 96%, respectively.
VRE has also acquired the commercial components of projects from VHM and VIC – Vinhomes Royal Island and Vinhomes Golden Avenue – comprising a total of 1,280 low-rise units, with a development cost of VND 6,100 billion. VRE plans to launch these units for sale in Q4 2025, with expected delivery starting in 2026.
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