Starting as a real estate brokerage firm, Khai Hoan Land has recently transitioned into a project development role, particularly after becoming a public company.
From its establishment until 2020, Khai Hoan Land operated relatively unnoticed in the market. Between 2017 and 2019, the company’s chartered capital fluctuated between VND 1,000 billion and VND 3,000 billion, yet its annual profits remained modest, ranging from VND 10 billion to VND 16 billion.
A turning point arrived in 2020 when Khai Hoan Land planned its IPO, leading to significant growth in its business metrics. During this period, the company’s net revenue doubled to VND 303 billion, and its post-tax profit surged ninefold to VND 97 billion.
Notably, while many industry peers faced negative impacts from the COVID-19 pandemic—such as CenLand reporting a 30% profit decline and Dat Xanh incurring losses of over VND 500 billion—Khai Hoan Land recorded substantial growth.
In the subsequent two years (2021-2022), following its IPO, Khai Hoan Land continued to achieve impressive business results, with annual revenues of approximately VND 1,300 billion and profits exceeding VND 400 billion. However, by 2023, the company’s performance began to decline, with profits plummeting by 95% to VND 25 billion. In 2024, this figure doubled to over VND 54 billion, and by the first half of 2025, it reached VND 35 billion, though these numbers remain significantly lower than previous peaks.
Since 2020, alongside its IPO planning, Khai Hoan Land expanded beyond brokerage into investment and project development. However, its branded projects feature diverse ownership structures, ranging from direct developers to subsidiaries, joint ventures, and capital contribution partnerships.
The first project developed by Khai Hoan Land was La Partenza, a nearly 2-hectare site in Nhon Duc Commune, Nha Be District, Ho Chi Minh City (formerly). After prolonged legal completion, the project received its construction permit in April 2023, was renamed Khai Hoan Prime, and officially broke ground in August of the same year.
On June 30, 2025, Khai Hoan Land Group, in collaboration with Phuoc Thanh Construction Joint Stock Company, held the groundbreaking ceremony for the main structure and finalization of the Khai Hoan Prime project. As of October 2025, the project has completed the fourth-floor slab pouring and is expected to deliver apartments in Q1/2027. This is one of the rare projects where Khai Hoan Land serves as both the developer and direct investor, distributing products to the market.
Another notable project is the Go Gang New Urban Area in Long Son (two sub-zones), Vung Tau City (formerly). The planned total area of the urban area exceeds 1,500 hectares, with an expected population of up to 60,000. According to Khai Hoan Land’s 2024 annual report, the total investment is projected at VND 145,000 billion. This year, the company plans to initiate compensation and site clearance for each project sub-zone.
Public information indicates that Khai Hoan Land and several ecosystem companies have participated in the project through the legal entity Khai Hoan – Vung Tau Group Co., Ltd. However, Khai Hoan Land clarifies that it is not the sole developer of the entire project but rather a capital contributor and co-developer for specific sub-zones once the legal entity completes formalities. Thus, the official developer name remains under the authority of the Ba Ria – Vung Tau Provincial People’s Committee (formerly).
In the Mekong Delta, Khai Hoan Land has invested in the Tan Qui New Urban Area and Entertainment-Resort Complex (Tan Qui Commune, Vinh Long Province), spanning 330 hectares with a total investment of approximately VND 6,000 billion. The implementing entity is Khai Minh Land Real Estate Joint Stock Company, in which Khai Hoan Land holds a 25% stake and will receive a corresponding share of commercial products upon planning completion. The company also serves as the exclusive developer and distributor once the project is ready for sale.
In Phu Quoc, Khai Hoan Land participates in the Helios Coastal City project—a high-end resort urban area at Bai Ong Lang, covering 51 hectares with an investment of VND 3,000 billion. The legal developer is Helios One Member LLC, an ecosystem entity not consolidated in Khai Hoan Land’s financial reports. Khai Hoan Land contributes capital, co-develops, and distributes products, while also advancing hundreds of billions of dong to the main contractor, Topazcons, to accelerate progress.
Specifically, Khai Hoan Land has invested hundreds of billions of dong in preparing and implementing Helios Coastal City. By the end of 2022, the company had advanced approximately VND 259 billion to Topazcons Construction LLC, the project’s main contractor, increasing to over VND 321 billion in 2023. This amount is recorded as construction in progress, highlighting Khai Hoan Land’s role as a capital provider and progress driver during the investment preparation phase.
Relationships among legal entities associated with Khai Hoan Land.
To execute its projects, Khai Hoan Land and related companies utilize various capital mobilization channels: owner’s equity, bank loans, corporate bond issuance, and investment cooperation contracts. Some bond issuances feature relatively high interest rates, indicating the company’s pursuit of short-term capital to expedite project progress.
Corporate bond issuance has been a frequent channel for Khai Hoan Land during 2021–2024. These bond lots typically range in value from hundreds of billions of dong, with 2–3-year terms and interest rates of 12–13.5% per annum, backed by collateral and without warrants.
Established in July 2009, Khai Hoan Land is a member of Khai Hoan Group—a private multi-industry conglomerate operating in key sectors including real estate (Khai Hoan Land), education (Khai Hoan Edu), technology (Khai Hoan Tech), healthcare (Khai Hoan Medic), agriculture (Khai Hoan Agr), and entertainment (Khai Hoan Entertainment).
Leading Khai Hoan Land is Chairman Nguyen Khai Hoan, born in 1975. Few know that Mr. Hoan is the youngest son of the renowned writer Nguyen Khai (1930-2008).
Writer Nguyen Khai was awarded the Ho Chi Minh Prize and was a prominent figure among writers who emerged after the August 1945 Revolution. He served as a National Assembly deputy for the VIIth term and Vice General Secretary of the Vietnam Writers’ Association, IIIrd term.
“VPBank CEO Nguyễn Đức Vinh: ‘Stock Price Valuation Lies with Investors; I’m Confident in VPBank and VPBankS’ Future’”
The CEOs of VPBank and VPBankS unanimously agree that the share price of VND 33,900 per share does not fully reflect the true value of the stock. However, this price has been strategically calculated to create a mutually beneficial, “win-win” scenario for investors.
VPBank CEO’s Vision: Aiming for the Top Spot in Margin Lending Within Five Years
With a robust capital foundation and extensive risk management expertise, VPBank CEO Vu Huu Dien confidently asserts that the goal of becoming the top player in the margin lending sector is entirely achievable.
VPBankS CEO: IPO Price of VND 33,900 per Share Still “Below the Company’s True Value”
Mr. Dien stated that, based on current valuations, VPBankS shares are projected to have a P/E ratio of 14.3 times and a P/B ratio of 2.4 times in 2025. By 2026, these figures are expected to decrease to approximately 12 times and below 1.7 times, respectively—both lower than the industry average.
Cen Land Completes Payment for VND 450 Billion Bond Issuance
On October 13th, Century Land Joint Stock Company (stock code: CRE) announced the successful full repayment of both principal and interest for its VND 450 billion bond issuance (bond code: CRE202001) ahead of schedule.
The Remarkable Story Behind VPBank’s Record-Breaking IPO
Our company stands apart from other securities firms by embracing a collaborative approach, ensuring we never walk the path alone. This unique strategy sets us apart in the industry, fostering a distinct advantage in the market.
