AsemconnectVietnam - Cash inflows from projects including Vlasta - Thuy Nguyen (Hai Phong), Yen Phong (Bac Ninh), TT39-40 (Hanoi), and Song Khe - Noi Hoang (Bac Ninh) helped Van Phu Real Estate Development Joint Stock Company (stock code: VPI) end the fourth quarter of 2025 with after-tax profit of VND132 billion, thereby achieving 112% of the 2025 profit target approved by shareholders at the annual general meeting.

“Sweet Fruits” from Long-Term Investment Strategy
Sharing the Q4 and full-year 2025 business results of Van Phu Real Estate Development Joint Stock Company (stock code: VPI), a company representative stated that the company recorded VND1,180.4 billion in net revenue from sales and services in Q4 2024, a 57% increase compared to the same period last year.
Accordingly, the main source of revenue comes from ongoing projects, including: Vlasta - Thuy Nguyen (Hai Phong), Song Khe – Noi Hoang (Bac Ninh), Yen Phong (Bac Ninh), and TT39-40 (Hanoi). In addition, the accommodation services segment continues to generate stable cash flow, helping the company maintain regular operations.
Also in Q4 2025, Van Phu recorded cost of goods sold at VND690.8 billion, a 6% increase compared to the same period in 2024. As a result, the company recorded pre-tax and after-tax profits in Q4 2025 that were 64% and 30% higher, respectively, than the same period in 2024, reaching VND203 and VND132 billion.
For the four quarters of 2025, Van Phu reported after-tax profit of VND394.9 billion, a 30% increase compared to the same period in 2024. With this result, the company has achieved 112% of its 2025 profit target – which was approved by shareholders at the annual general meeting in April of the same year.
According to Van Phu's representative, this result is due to the strong recovery of the real estate market last year, driven by three factors: a completed legal framework; Further support from macroeconomic factors, including the maintenance of low interest rates, has contributed to stimulating real estate demand, not only from homebuyers but also from individual investors; the government has also increased investment in transportation infrastructure and public investment.
According to data from the Ministry of Construction, the entire market will have more than 128,000 new housing products offered for sale in 2025, an 88% increase compared to 2024 and the highest level in the 2019-2025 period. In the fourth quarter of 2025 alone, the market recorded more than 42,000 new products launched, a 24% increase compared to the previous quarter and a 48% increase compared to the same period in 2024.
For Van Phu, projects such as Vlasta - Thuy Nguyen (Hai Phong) and Yen Phong (Bac Ninh) are all part of the company's 10-year strategy, with a vision to 2032. Specifically, with the vision of becoming a "human-centered" real estate developer – placing people at the heart of all thoughts and actions – the main segment chosen for projects considered the company's "core business" is the real estate segment for middle-class customers, located in central and suburban areas of provinces and cities with development potential. All products are meticulously researched based on customer needs, carefully crafted from design and construction to complete amenities, with complete legal documentation and bank support, thereby providing customers with the most suitable product.
Preparing for the Future
Besides positive signals from revenue and profit, Van Phu also recorded a trend of expanding asset scale, with total assets reaching VND14,707.6 billion as of December 31, 2025 - an increase of 32.04% compared to the end of 2024, due to the growth of "cash and cash equivalents" and "inventory," with increases of 44.93% and 88.14% respectively.
In particular, the company's inventory is mainly concentrated in projects such as Vlasta Thuy Nguyen - Hai Phong, Vlasta Premier - Phu Thuan - Ho Chi Minh City, TT39-40 residential area - Hanoi… located in central locations in developing provinces and cities. The milestone marking Van Phu's "southward expansion" is Vlasta Premier - Phu Thuan, the first project in the Vlasta Premier collection of "special edition high-end real estate" in Ho Chi Minh City. According to the company's leadership, this is part of a strategic focus on increasing land reserves in the North while simultaneously boosting development in the South, ensuring sufficient land for development over the next three years – a period of continuously rising land prices.
Regarding capital, the value of "short-term customer prepayments" reached VND1,044.6 billion as of December 31, 2025 – an increase of over 1,110% compared to the end of 2024. The launched products have been well-received by customers. This also partly reflects the sound development strategy and reputation of the investor during the real estate market recovery and reshaping phase.
Furthermore, the company continues to maintain its strategy of reducing the proportion of short-term debt and increasing the proportion of long-term debt, in order to maintain financial health and balance, with the values of the two items "short-term loans and financial leases" and "long-term loans and financial leases" at VND1,292.9 billion and VND4,996.1 billion respectively as of December 31, 2025 – an increase of 3.25% and 51.55% compared to the end of 2024.
Besides the above signals, the BT project for the section from Pham Van Dong Street to the Go Dua intersection – National Highway 1 (Ho Chi Minh City), a crucial component in completing the Ho Chi Minh City Ring Road 2, playing a role in connecting the eastern part of the city with national and southern provinces' transportation axes, invested by Van Phu – Bac Ai Joint Stock Company, has officially had its obstacles removed and restarted according to Resolution No. 212/NQ-CP dated July 21, 2025 of the Government.
The restart of the project not only definitively resolves the long-standing legal obstacles caused by changes in state policy regarding the project, but also opens a significant turning point in the mechanism for handling stalled BT projects nationwide. For Van Phu, this is not only a well-deserved recognition for its silent efforts over many years, but also an opportunity for the enterprise to continue affirming its role in creating a modern, connected, and sustainable urban area.
N.Nga
Source: VITIC/Tinnhanhchungkhoan