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

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.

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

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.

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]

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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.