Vinhomes is Vingroup’s township developer and Vietnam’s largest residential developer by homes sold. For hotel owners, operators and brands, Vinhomes matters for a reason its sales brochures rarely lead with: it controls the land on which most of Vingroup’s new hotels will be built. When a Vinhomes mega-township opens, hotels arrive with it, usually flagged by an international brand and delivered with Vinpearl. This profile maps that hotel pipeline, the money behind it and what it means for rival owners and for brands scouting mixed-use stock.
Key facts
| Item | Detail |
|---|---|
| Legal name | Vinhomes Joint Stock Company |
| Listing | HOSE, ticker VHM, since 17 May 2018 |
| Origins | Predecessor company set up in 2008, per Vinhomes’ 2024 annual report |
| Chairman | Pham Thieu Hoa |
| Parent | Vingroup, 73.5% effective stake at 31 March 2026 (TCBS, citing Vingroup) |
| Land bank | About 39,000 hectares across 32 projects at 30 April 2026, per TCBS |
| 2026 first half | Net revenue VND 116,565bn; NPAT VND 52,092bn; presales VND 148.1trn |
| Sold, not yet booked | VND 196.8trn at 30 June 2026 |
| Hotel role | Hosts hotel sites; Vinpearl and international brands develop and run the hotels |
| Lease businesses | Vinhomes Serviced Residences (5 projects) and VinOffice (9 office buildings) at end-2024 |
What Vinhomes is, and is not
Vinhomes builds and sells townships: apartments, villas, shophouses and the schools, malls and clinics that come with them. It has run four product generations, from central towers such as Vinhomes Metropolis to 300-hectare-plus outer townships such as Ocean Park and Grand Park, and now coastal “mega-cities” such as Green Paradise in Can Gio and Global Gate Ha Long, according to TCBS’s September 2026 Vingroup report.
It is not a hotel operator. Within the group, hotels and resorts sit with Vinpearl (HOSE: VPL), which works with Meliá, Marriott, IHG and Accor-family brands. The pattern in the newest projects is consistent: the Vinhomes project company signs the brand deal, and Vinpearl manages and executes it.
The money that funds the hotels
Townships are Vingroup’s cash engine. TCBS says the real estate segment produced VND 188,505bn of revenue in 2025, 57% of the group total. The first half of 2026 was stronger still.
| Indicator (first half 2026) | Value | Change on a year earlier |
|---|---|---|
| Net revenue | VND 116,565bn | +243% |
| Net profit after tax | VND 52,092bn | +379% |
| Presales | VND 148.1trn (73,100 units) | +119% |
| Sold, not yet booked (30 June) | VND 196.8trn | +42% |
| Net debt to equity | 57.1% | up from 35.9% at end-2025 |
Figures from Vinhomes’ second-quarter results as summarised by TCBS (30 July 2026).
Two points matter for hotel readers. First, Green Paradise alone produced VND 46.2trn of handover revenue in the half, so the Can Gio hotels are backed by a project that is already earning. Second, debt is rising fast to fund land and construction. Our view: hotel components that do not help sell homes are the easiest items to phase back if the cycle turns.
Hotels inside Vinhomes projects
| Project | Hotels named | Keys | Timing | Brand partner |
|---|---|---|---|---|
| Vinhomes Central Park, Ho Chi Minh City | Vinpearl Landmark 81, Autograph Collection | 223 | Open | Marriott |
| Vinhomes Green Paradise, Can Gio | InterContinental, Crowne Plaza, Holiday Inn Express, Garner | 1,060 | Holiday Inn Express and Garner 2028; InterContinental and Crowne Plaza 2030 | IHG |
| Vinhomes Green Paradise, Can Gio | The Ritz-Carlton Can Gio and Can Gio Marriott | About 700 | Late 2027 | Marriott |
| Vinhomes Green Paradise, Can Gio | Vinpearl Dream Palace; boutique hotels under Best Western, ibis, ibis Styles, JO&JOE; 137 villas | Not disclosed | 1 July 2027 | Vinpearl, BWH, Accor |
| Vinhomes Global Gate Ha Long | Vinpearl Lifestyle Hotel; Vinpearl Legendlux | 850; 250–300 | Fourth quarter 2027 target | Vinpearl |
Sources for the table: IHG’s April 2026 release (four hotels, 400 + 400 + 130 + 130 rooms); Marriott and Vinpearl announcements covered in our Vinpearl Can Gio note; Marriott for the Landmark 81 room count; developer-sponsored coverage of Global Gate Ha Long, which also claims a total of up to 20,000 hotel, resort and villa rooms there. We treat the 20,000 figure as marketing, not a pipeline.
IHG’s release says the four IHG hotels will sit inside a 7,000-room accommodation ecosystem at Green Paradise. On the named deals in the table, Can Gio already has about 1,760 branded keys before the Vinpearl boutique hotels, whose room counts are unpublished.
Serviced residences: the quieter competitor
Vinhomes also leases. At the end of 2024 it ran Vinhomes Serviced Residences in five projects, including Vinhomes Ba Trieu in Hanoi and Golden River and Grand Park in Ho Chi Minh City, plus nine office buildings across Hanoi, Ho Chi Minh City and Da Nang, according to its annual report. For city hotels, that is long-stay and corporate-housing supply that rarely shows up in hotel pipeline counts.
What it means for you
1. Owners: compete with the township, not just the hotel
A Can Gio or Ha Long hotel opens with a theme park, golf and thousands of homeowners next door. Independent resorts in Vung Tau, Ho Tram and Ha Long should price against bundled weekend packages, not against a single competitor’s rack rate.
2. Brands: the deal is with Vinhomes, delivery is with Vinpearl
IHG’s agreement was signed with Cangio Tourist City Corporation, the Green Paradise developer, with Vinpearl named to manage and execute it. Brands pitching the next township should expect the same split, and a competitive process across several flags at once.
3. Lenders and investors: watch handovers, not launch events
Hotel components ride on home sales. Green Paradise’s first handovers were scheduled from 20 August 2026, according to TCBS. If handover pace slips, hotel timelines are the likeliest to move.
4. Talent: plan for a 2027 hiring wave
Can Gio and Global Gate Ha Long both target late 2027 for their first hotels. That puts large pre-opening teams into two markets within months of each other. Operators in Ho Chi Minh City and Quang Ninh should expect retention pressure through 2027.
FAQ
What is Vinhomes?
Vinhomes Joint Stock Company is Vingroup’s residential and township developer, listed on HOSE as VHM since 17 May 2018.
Who owns Vinhomes?
Vingroup, with a 73.5% effective stake at 31 March 2026, according to TCBS citing Vingroup disclosures.
Does Vinhomes operate hotels?
No. Hotels inside Vinhomes projects are run by Vinpearl or international operators such as IHG and Marriott. Vinhomes runs serviced residences and offices.
Which hotels are planned at Vinhomes Green Paradise Can Gio?
Four IHG hotels (InterContinental, Crowne Plaza, Holiday Inn Express and Garner, 1,060 rooms), The Ritz-Carlton and a Marriott with about 700 rooms, and Vinpearl’s themed and boutique hotels with Best Western and Accor brands.
How is Vinhomes related to Vinpearl?
Both are Vingroup subsidiaries. Vinhomes provides township land; Vinpearl develops and manages the hotels, often with an international brand.
How many hotels will Vinhomes Global Gate Ha Long have?
Developer materials name an 850-room Vinpearl Lifestyle Hotel and a 250–300-room Vinpearl Legendlux for late 2027. No international brand has been confirmed there.