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As a subsidiary of Vingroup, Vinhomes is currently the largest landowner among real estate developers in Việt Nam.

To illustrate the scale of the 39,800-hectare land bank that Vinhomes held at the end of 2025, consider these comparisons: it is equivalent to 75 former Hoàn Kiếm districts in Hà Nội ( 5.3 km² ) [1], equal to 52 former District One in Hồ Chí Minh City ( 7.7 km² ) [2], and one and a half times the size of Đà Nẵng’s urban core ( 241.51 km² ). [3]

Its dominance is evident in the rankings; Vinhomes’ land bank is more than 10 times larger than that of the second-largest developer (1,750 hectares) and 7.2 times larger than the combined land holdings of the next three competitors.

According to its 2025 annual report , Vinhomes owned 29,500 hectares of land as of Dec. 31, 2025. [4] However, a subsequent report released during the first quarter of 2026 revised this year-end 2025 figure to 39,800 hectares. [5]

Although both figures reflect the end of 2025, the company's reported land bank increased by 10,300 hectares within just three months. Consequently, Vinhomes’ accumulated land bank more than doubled within a single year when compared with its 18,800 hectares at the end of 2024.

Rapid Expansion

From 2020 to 2025, Vinhomes expanded its land bank from 16,800 hectares to 39,800 hectares—an increase of nearly 137% that represents an average annual growth rate of nearly 19%. The most dramatic surge occurred in 2025, when the company's land holdings more than doubled from the previous year.

To date, Vinhomes has developed only 12% of its total land bank, a reserve the company claims is sufficient to sustain property development for the next 30 years. [6]

In addition to maintaining these vast reserves, the developer is accelerating work on 22 real estate projects. A recent report notes that active cooperation with "state agencies in verifying land-use rights and resettlement" has successfully reduced land clearance timelines for certain projects from two to three years down to just nine to 12 months.

Table listing several major Vinhomes projects under development as of the end of 2025. Source: Vinhomes first-quarter 2026 report .

As of May 2026, Vinhomes reported that its total land bank stood at 39,270 hectares. [7] Approximately 36% of this portfolio is in Hà Nội and Hồ Chí Minh City, with roughly 95% set aside for residential and mixed-use developments.

Despite this immense scale, Vinhomes announced on June 16 that it would cease expanding its land bank to "leave room" for other developers. [8] The company explained that it has enough land for future development and wants to " know when enough is enough and focus on quality." [9]

However, a separate disclosure complicates this statement by indicating that more than 20,000 hectares are still undergoing investment approval procedures. [10] As a result, Vinhomes' land holdings could continue to expand substantially despite its pledge to halt further acquisitions.

Year Land bank 2020 16,800 ha 2021 16,800 ha 2022 17,800 ha 2023 19,600 ha 2024 18,800 ha 2025 39,800 ha May 2026 39,270 ha Growth of Vinhomes' accumulated land bank from 2020 through May 2026. [11][12][13][14][15][16][17]

Debt Burden of Nearly $23.0 Billion

Alongside its enormous land holdings, Vinhomes has accumulated substantial liabilities that have nearly doubled over the past two years. [19] According to its first-quarter 2026 report, total liabilities approached 600 trillion đồng (approximately $23.0 billion).

This figure comprises more than 162 trillion đồng in borrowings, 115.257 trillion đồng in customer advances for undelivered homes, and roughly 320 trillion đồng in other liabilities. [18]

To sustain this borrowing capacity—which includes extensive bank loans and bond issuances—financial reports from both Vingroup and Vinhomes reveal that numerous real estate projects serve as collateral for domestic banks and credit institutions.

Statistics compiled by The Vietnamese Magazine indicate that between 2020 and mid-2025, Vingroup pledged assets worth approximately 414.4 trillion đồng. This valuation is nearly equal to 50% of the conglomerate's total assets as of the first quarter of 2026. [20]

Despite mounting debt, Vinhomes remains the primary revenue driver for Vingroup. [21] In the first quarter of 2026 alone, it generated more than 60.1 trillion đồng in real estate revenue, accounting for roughly 58% of the conglomerate's total income. [22]

These earnings are vital for financing other subsidiaries, most notably VinFast, which requires continued heavy investment as it undergoes restructuring and postpones its break-even target.

Against this backdrop, Vinhomes launched an unprecedented initiative in late May to mobilize privately held gold to fund real estate development projects. [23] However, the proposal has yet to advance beyond the planning stage.

Dominating the Property Market

From 2016 to 2025, Vinhomes captured approximately 25% of the national apartment market, 38% of the mid-range segment, 33% of the high-end segment, and 42% of the townhouse and villa market.

In the first quarter of 2026, three specific projects in Hà Nội (Vinhomes Ocean Park, Vinhomes Smart City, and Vinhomes Global Gate) accounted for more than 89% of new housing supply and approximately 90% of all quarterly real estate transactions. [24]

This overwhelming market share stands in contrast to domestic regulations. Article 24 of the 2018 Competition Law defines a company as holding a dominant market position if it commands at least 30% of a relevant market, a status that prohibits the firm from abusing its position to restrict competition. [25]

Even though several of Vinhomes' business segments far exceed this 30% legal threshold for market dominance, the National Competition Commission (VCCA) has yet to issue any public assessment regarding whether the company has abused its market position.

Market share of Vinhomes and other developers across various real estate segments between 2016 and 2025. Source: Vinhomes first-quarter 2026 report .

The Broader Context

Vinhomes' decision to halt further land acquisitions may also reflect broader developments within the domestic financial system. Specifically, the State Bank of Việt Nam has tightened credit channels for the real estate sector to mitigate risks associated with rapid credit growth. [26] [27] These measures have complicated financing for developers such as Vinhomes, which traditionally rely on bank loans secured by real estate assets.

These central bank actions respond to well-documented economic concerns. In an October 2025 report , the International Monetary Fund (IMF) warned that private-sector debt levels in Việt Nam had entered a risk zone, particularly concerning real estate. [28]

This warning is supported by data from the fourth quarter of 2025, which indicated that outstanding real estate loans reached approximately 4 quadrillion đồng , accounting for 24% of all outstanding credit across the banking system. [29]

The funding structure of Vietnamese banks exacerbates these risks. Institutions rely primarily on short-term deposits—with about 88% possessing maturities of less than 12 months—while maintaining relatively low lending rates to "provide capital for the economy" and improve access to financing for businesses. [30] [31] [32]

However, rather than flowing into productive sectors, a significant portion of this capital has been diverted into real estate, adding upward pressure on domestic housing prices and contributing to inflation. [33]

As of the first quarter of 2026, many banks still allocated 25% to 50% of their total loan portfolios to real estate, with some institutions exceeding the halfway mark. [34]

According to the IMF, banks bear the greatest risks during periods of excessive credit growth. Furthermore, the IMF ranks the banking system of Việt Nam as the weakest in ASEAN regarding capital adequacy, which is a key measure of a bank's ability to absorb losses and protect its depositors. [35] [36]

Thiên Lương wrote this article in Vietnamese and published it in Luật Khoa Magazine on June 26, 2026. Đàm Vĩnh Hằng translated it into English for The Vietnamese Magazine.

References: +

1. VnExpress, “Yes, Hoàn Kiếm District Has the Smallest Area in Hà Nội,” VnExpress , October 24, 2017, https://vnexpress.net/ha-noi-co-bao-nhieu-don-vi-hanh-chinh-3660323-p7.html.

2. P. V. H. Mai, “What Are the Areas of Districts in Ho Chi Minh City? Where Does Ho Chi Minh City Rank Nationwide in Terms of Area?,” Legal Library , September 30, 2024, https://thuvienphapluat.vn/hoi-dap-phap-luat/dien-tich-cac-quan-huyen-thuoc-tp-hcm-la-bao-nhieu-dien-tich-tp-hcm-xep-thu-may-ca-nuoc-138035067.html.

3. Đà Nẵng City E-Portal, “Geographic Location and Natural Area of Đà Nẵng City,” Đà Nẵng City E-Portal , April 2, 2025, https://danang.gov.vn/vi/w/vi-tri-dia-ly-dien-tich-tu-nhien-thanh-pho-da-nang-i.

4. Vinhomes, 2025 Annual Report , PDF, https://storage.googleapis.com/vinhomes-data-02/ENG_Vinhomes%20AR%202025_260411_Compressed_compressed.pdf.

5. Vinhomes, Corporate Presentation: March 2026 , PDF, https://storage.googleapis.com/vinhomes-data-02/260203_VHM_Corporate%20Presentation%20March%202026.pdf.

6. See note 5.

7. See note 4.

8. VietNamNet News, “Vinhomes: ‘Stop Expanding the Land Bank, Focus on Contributing to Growth,’” VietNamNet , 2026, https://vietnamnet.vn/vinhomes-dung-mo-rong-quy-dat-tap-trung-dong-gop-cho-tang-truong-2526439.html.

9. Công Triệu, “Vinhomes Stops Expanding Its Land Bank, ‘Leaves Room’ for Other Businesses to Enter the Market,” Tuổi Trẻ Online , June 16, 2026, https://tuoitre.vn/vinhomes-dung-mo-rong-quy-dat-danh-san-cho-cac-doanh-nghiep-khac-gia-nhap-thi-truong-20260616181518205.htm.

10. Khúc Thanh Tùng, “Vinhomes Stops Expanding Its Land Bank for Projects in Việt Nam,” Vinhomes Land , June 20, 2026, https://vinhomesland.vn/vinhomes-dung-mo-rong-quy-dat-du-an/.

11. Vinhomes, 2020 Annual Report , PDF, https://storage.googleapis.com/vinhomes-data-02/Vinhomes%20-%20Annual%20report%202020.pdf.

12. Vinhomes, 2021 Annual Report , PDF, https://storage.googleapis.com/vinhomes-data-02/EN_Vinhomes%202021_AR_220505_C1-6_Spread_1652771225.pdf.

13. Vinhomes, 2022 Annual Report , PDF, https://storage.googleapis.com/vinhomes-data-02/Vinhomes%20AR%202022_230422_1682410927.pdf.

14. Vinhomes, 2023 Annual Report , PDF, https://storage.googleapis.com/vinhomes-data-02/[ENG_Digital]%20Vinhomes%20AR%202023_240416_vF_1713849923.pdf.

15. Vinhomes, 2024 Annual Report , PDF, https://storage.googleapis.com/vinhomes-data-02/ENG%20Vinhomes%20AR%202024_250416_compressed.pdf.

16. See note 4.

17. Vinhomes, Corporate Presentation: June 2026 , PDF, https://storage.googleapis.com/vinhomes-data-02/260203_VHM_Corporate%20Presentation%20Jun%202026%20%28edit%29-compressed_0.pdf.

18. Vinhomes, Consolidated Financial Statements for Q1 2026 , PDF, https://storage.googleapis.com/vinhomes-data-02/B%C3%A1o%20c%C3%A1o%20t%C3%A0i%20ch%C3%ADnh%20H%E1%BB%A3p%20nh%E1%BA%A5t%20Qu%C3%BD%201.2026.pdf.

19. Vinhomes, Unaudited Consolidated Financial Statements for Q4 2024 , PDF, https://storage.googleapis.com/vinhomes-data-02/B%C3%A1o%20c%C3%A1o%20t%C3%A0i%20ch%C3%ADnh%20h%E1%BB%A3p%20nh%E1%BA%A5t%20ch%C6%B0a%20ki%E1%BB%83m%20to%C3%A1n%20Qu%C3%BD%20IV2024_1738893038.pdf.

20. Vingroup, Consolidated Interim Financial Statements for Q1 2026, Vingroup , 2026, https://vingroup.net/viewer.html?file=https%3A%2F%2Fircdn.vingroup.net%2Fstorage%2FUploads%2F0_Baocaotaichinh%2FNam%202026%2FQ1%2FNam%202026_Bao%20cao%20tai%20chinh%20hop%20nhat%20giua%20nien%20do%20Quy%201.pdf.

21. Thiên Lương, “A Debt-Driven Empire: Vingroup Operates with 86% of Assets on Loan,” The Vietnamese Magazine , August 21, 2025, https://thevietnamese.org/2025/08/a-debt-driven-empire-vingroup-operates-with-86-of-assets-on-loan/.

22. See note 20.

23. “Breaking: Vinhomes Raises Gold from the Public to Develop Real Estate Projects,” Entrade X by DNSE , May 25, 2026, https://www.dnse.com.vn/senses/tin-tuc/nong-vinhomes-huy-ong-vang-trong-dan-e-trien-khai-du-an-bat-ong-san-35229713.

24. Huyền My, “Hà Nội: Shortage of Affordable Apartments Has Yet to Improve,” Business and Marketing , April 18, 2025, https://doanhnghieptiepthi.vn/ha-noi-tinh-trang-thieu-vang-can-ho-binh-dan-van-chua-duoc-cai-thien-161250418063504219.htm.

25. National Assembly of the Socialist Republic of Vietnam, Law No. 23/2018/QH14 on Competition, Legal Library , June 12, 2018, https://thuvienphapluat.vn/van-ban/EN/Doanh-nghiep/Law-23-2018-QH14-on-competition/387952/tieng-anh.aspx.

26. N. Hải, “‘Tightening’ Real Estate Credit: Which Banks Are Under Major Pressure?,” The Leader , 2026, https://theleader.vn/siet-tin-dung-bat-dong-san-nhung-ngan-hang-nao-dang-chiu-ap-luc-lon-d44554.html.

27. World Bank, Vietnam Monthly Macro Monitoring Dashboard , 2025, https://documents1.worldbank.org/curated/en/099809310132527813/pdf/IDU-67c7f97b-bb9e-4150-9eab-bcb8d37cfabb.pdf.

28. International Monetary Fund, Asia and Pacific Department, Vietnam: 2025 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Vietnam, IMF Staff Country Reports 2025, no. 283, 2025 , https://www.elibrary.imf.org/view/journals/002/2025/283/article-A001-en.xml.

29. H. Linh, “Caution Still Needed on Bad Debt in 2026,” Hà Nội Mới , January 17, 2026, https://hanoimoi.vn/van-can-than-trong-voi-no-xau-trong-nam-2026-730444.html.

30. General Statistics Office of Vietnam, “State Bank of Vietnam Analyzes Interest Rate Levels,” General Statistics Office of Vietnam , 2022, https://www.nso.gov.vn/tin-tuc-khac/2023/05/nhnn-phan-tich-ve-mat-bang-lai-suat/.

31. See note 28.

32. Đình Vũ, “State Bank of Vietnam Requires Credit Institutions to Strictly Follow Instructions to Reduce Interest Rate Levels,” Nhà Đầu Tư , 2026, https://nhadautu.vn/nhnn-yeu-cau-cac-tctd-thuc-hien-nghiem-chi-dao-giam-mat-bang-lai-suat-d105180.html.

33. See note 28.

34. Quang Hưng, “How Much of Total Bank Lending Is Accounted for by the Real Estate Sector?,” CafeF , May 20, 2026, https://cafef.vn/linh-vuc-bat-dong-san-dang-chiem-bao-nhieu-tong-du-no-ngan-hang-188260520165513853.chn.

35. See note 28.

36. State Bank of Vietnam, Circular No. 14/2025/TT-NHNN on Capital Adequacy Ratios for Operations of Commercial Banks, Legal Library , June 30, 2025, https://thuvienphapluat.vn/van-ban/EN/Tien-te-Ngan-hang/Circular-14-2025-TT-NHNN-capital-adequacy-ratios-for-operations-of-commercial-banks/671124/tieng-anh.aspx.

The Vinhomes Era: Doubling the Real Estate Land Bank in 2025

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