VNI

Đầu tư Bất động sản Việt Nam ·UPCOM ·2025Q4

▼▼ Declining sharply

Price

7,000

Latest close

03 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE -1.6%

ROA -0.3%

Profit Margin -1.3%

Asset Turnover 0.22x

Equity Mult. 5.79x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, VNI posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 153bn
	                                
−66.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 2bn
	                                
−102.7%YoY

Metric	2025	2024	2023	2022
Revenue	153.0	450.0	5.1	5.4
Growth	-66%	+8737%	-5%	—
Net Income	-2.0	74.5	0.2	0.7
Net Margin	-1.30%	16.56%	4.44%	13.40%

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -1.30% −17.9pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Development inventory ended the period at 155.3bn, about 21.6% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Working capital needs model and cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	156.5	450.0	5.1	5.4
Revenue Deductions	3.5	0.0	0.0	0.0
Net Revenue	153.0	450.0	5.1	5.4
Cost of Goods Sold	103.3	284.2	0.8	1.0
Gross Profit	49.7	165.8	4.3	4.4
Financial Income	0.0	0.0	0.2	0.6
Financial Expenses	20.1	0.1	0.0	0.0
Interest Expense	20.1	0.1	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	18.5	60.8	2.5	2.0
General and Administrative Expenses	12.8	2.6	2.0	2.7
Operating Profit	-1.7	102.4	-0.0	0.3
Other Income	1.9	0.4	0.3	0.6
Other Expenses	0.0	1.6	0.1	0.2
Other Profit	1.9	-1.2	0.3	0.5
Profit Before Tax	0.2	101.2	0.2	0.7
Current Income Tax Expense	2.2	26.7	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-2.0	74.5	0.2	0.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-2.0	74.5	0.2	0.7
Earnings per Share	-192.00	7,196.00	22.00	69.00
Diluted EPS	-188.57	7,058.26	21.43	67.99

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	241.9	274.2	69.6	75.8
I. Cash and cash equivalents	3.2	5.1	6.5	25.9
1. Cash	3.2	5.1	6.5	6.9
2. Cash equivalents	—	0.0	0.0	19.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	79.6	48.4	57.1	49.2
1. Short-term trade accounts receivable	4.5	4.7	1.4	2.1
2. Short-term prepayments to suppliers	22.6	35.3	27.3	28.7
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	6.1	6.1	4.2	4.9
6. Other short-term receivables	56.5	12.4	28.7	17.9
7. Provision for short-term doubtful debts (*)	-10.2	-10.2	-4.5	-4.5
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	155.3	219.1	0.0	0.0
1. Inventories	155.3	219.1	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	3.8	1.6	6.0	0.7
1. Short-term prepayments	0.5	0.5	0.1	0.1
2. Value added tax to be reclaimed	2.8	0.6	5.3	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	0.6	0.6
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	476.4	416.0	776.5	618.8
I. Long-term receivables	41.5	49.6	0.0	0.1
1. Long-term trade receivables	41.5	49.6	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	—	0.0	0.0	0.0
1. Tangible fixed assets	—	0.0	0.0	0.0
- Cost	0.3	0.3	9.2	9.2
- Accumulated depreciation	-0.3	-0.3	-9.2	-9.1
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	319.6	239.0	0.0	0.0
- Cost	319.6	239.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	113.0	110.4	705.4	554.0
1. Long-term production in progress	21.1	18.5	613.5	462.2
2. Construction in progress	91.9	91.9	91.9	91.9
V. Long-term financial investments	0.8	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	0.8	0.1	0.1	0.1
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	1.5	17.0	71.1	64.6
1. Long-term prepayments	1.5	17.0	71.1	64.6
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	718.3	690.2	846.1	694.6
A. LIABILITIES (300=210+330)	597.7	567.6	797.9	646.6
I. Short -term liabilities	350.9	338.4	227.8	173.8
1. Short-term trade accounts payable	13.3	35.4	23.4	5.2
2. Short-term advances from customers	3.4	0.6	0.1	1.8
3. Taxes and other payables to state authorities	31.0	33.9	7.7	13.8
4. Payable to employees	0.9	0.6	0.3	0.5
5. Short-term acrrued expenses	126.4	86.6	62.6	50.3
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	102.4	100.0	99.3	91.9
10. Short-term borrowings and financial leases	73.5	81.3	34.4	10.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	246.9	229.3	570.1	472.8
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	64.4	11.3	36.2	12.4
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	35.8	72.2	387.3	311.1
7. Other long-term liabilities	51.6	53.7	51.5	51.6
8. Long-term borrowings and financial leases	95.1	92.1	93.0	95.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	2.1	2.1
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	120.5	122.5	48.2	48.0
I. Owner's equity	120.5	122.5	48.2	48.0
1. Owner's capital	105.6	105.6	105.6	105.6
- Common stock with voting right	105,599,960,000.00	105,599,960,000.00	105,599,960,000.00	105,599,960,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	3.1	3.1	3.1	3.1
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-4,578,119,463.00	-4,578,119,463.00	-4,578,119,463.00	-4,578,119,463.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	16.4	18.4	-56.0	-56.2
- Accumulated retained earning at the end of the previous period	18.4	-56.1	-56.2	-56.9
- Undistributed earnings in this period	-2.0	74.5	0.2	0.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.1	0.1
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	718.3	690.2	846.1	694.6

Item	2025	2024	2023	2022
Profit Before Tax	0.2	101.2	0.2	0.7
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	-0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.2	-0.6
Interest Expense	20.1	0.1	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	20.4	101.0	0.1	0.1
Increase/(Decrease) in Receivables	-25.3	-33.4	-16.3	-30.3
Increase/(Decrease) in Inventory	-19.5	147.7	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.5	-279.7	129.8	326.3
Increase/(Decrease) in Prepaid Expenses	15.5	53.5	-6.5	-64.4
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-7.2	-0.1	0.0	0.0
Corporate Income Tax Paid	-7.5	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	16.0	-11.0	107.0	231.8
Payments for Fixed Assets and Other Long-term Assets	—	-29.5	-151.3	-149.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-3.2	-1.3	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	1.0	2.0	0.0
Investments in Other Entities	-0.8	-1.5	0.0	0.0
Proceeds from Investments in Other Entities	—	1.5	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.2	0.6
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.8	-31.7	-150.4	-150.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	23.4	46.9	29.9	1.5
Repayment of Borrowings	-40.5	-3.9	-5.9	-67.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-17.1	43.0	24.0	-66.0
Net Cash Flow During the Period	-1.9	0.3	-19.4	15.0
Cash and Cash Equivalents at Beginning of Period	5.1	4.8	25.9	10.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.2	5.1	6.5	25.9

Item	Q4'25
Profit Before Tax	0.2
Provision (Increase)/Reversal	0.0
Gain/Loss from Investment Activities	-0.0
Interest Expense	20.1
Operating Profit Before Changes in Working Capital	20.4
Increase/(Decrease) in Receivables	-25.3
Increase/(Decrease) in Inventory	-19.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.5
Increase/(Decrease) in Prepaid Expenses	15.5
Interest Paid	-7.2
Corporate Income Tax Paid	-7.5
Net Cash Flow from Operating Activities	16.0
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	-0.8
Proceeds from Borrowings	23.4
Repayment of Borrowings	-40.5
Net Cash Flow from Financing Activities	-17.1
Net Cash Flow During the Period	-1.9
Cash and Cash Equivalents at Beginning of Period	5.1
Cash and Cash Equivalents at End of Period	3.2

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