According to the latest analysis report by MBS Research, Vincom Retail (VRE) is projected to see a 16% profit increase in 2025 and a 23% rise in 2026. This growth is primarily driven by the surge in real estate transfers and steady expansion in shopping mall rentals.
Vincom Retail is regarded as a “retail powerhouse,” boasting a network of over 90 shopping centers across 48 out of 63 provinces in Vietnam. The company leverages its superior advantages within the Vingroup ecosystem, which not only provides strategic land resources but also taps into a ready customer base from Vinhomes projects, maintaining a high occupancy rate of 86-87%.
MBS highlights that VRE’s future growth prospects hinge on two key pillars: expanding new shopping centers and enhancing occupancy rates in flagship models like Vincom Center and Vincom Megamall. These factors are expected to bolster rental revenue and sustain high profit margins.
In the second half of 2025, Vincom Retail plans to launch three new shopping centers: Vincom Megamall Ocean City, Vincom Megamall Royal Island (Hai Phong), and Vincom Plaza Vinh (Nghe An).
Vincom Megamall Ocean City commenced operations on August 22, already contributing to the company’s revenue and profits. Vincom Megamall Royal Island is set to open in October, promising to accelerate revenue growth from Q4/2025, thanks to its large scale and strategic location on Vu Yen Island (Hai Phong).
Vincom Megamall Ocean City commenced operations on August 22, already contributing to the company’s revenue and profits.
By year-end, Vincom Retail’s total commercial floor area (GFA) is expected to reach 1.97 million square meters, a 6.7% increase year-over-year. These new projects will directly boost rental revenue and strengthen VRE’s market share in modern retail.
Meanwhile, Vincom Retail’s real estate transfer segment is poised to be a significant growth driver in the upcoming period. After delivering most units in the Dong Ha project (former Quang Tri), the gross profit margin for 2024–2025 remained modest. However, in 2026, this segment is expected to become a key driver as the company delivers two large-scale shophouse projects: Vinhomes Golden Avenue (Quang Ninh) and Vinhomes Royal Island (Hai Phong).
Although the gross profit margin for this segment may be lower due to VRE not directly developing the projects, the expected revenue is still projected to exceed VND 4.7 trillion, a 24-fold increase compared to 2025.
MBS forecasts that VRE’s net revenue will rise from over VND 8.8 trillion in 2025 to nearly VND 13.8 trillion in 2026, with net profit reaching nearly VND 5.9 trillion. The rental segment will remain a stable pillar, maintaining a gross profit margin of around 55%.
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