Over the first nine months of 2026, Van Phu Invest (VPI, HoSE) reported net revenue of VND 1,284.4 billion, up 56% year on year, and gross margin rose from 34.6% to 37.5%.Tin nhanh chứng khoán Consolidated profit after tax was VND 221.1 billion, 15.9% lower than a year earlier. In the same Q3/2026 report, dated October 30, net operating cash flow was negative VND 1,534.2 billion, against positive VND 180.9 billion a year earlier.Vnbusiness
The two figures do not contradict each other. They measure different things, and the gap between them traces where the cash went at a developer pouring capital into projects. All figures below are consolidated, including subsidiaries.
Results: revenue up, net profit down
Gross profit for the nine months was VND 481.8 billion, up about 69%.Doanh Nhân Việt Nam Revenue came mainly from handovers at Vlasta Thuy Nguyen in Hai Phong (VND 576.7 billion) and the TT39-40 block of the Van Phu urban area in Hanoi (VND 480 billion).Tin nhanh chứng khoán
Not all of the extra gross profit reached the bottom line. Selling expenses rose to VND 68.8 billion, 4.8 times a year earlier, and general and administrative expenses were VND 147.0 billion. Financial income fell from VND 173.6 billion to VND 59.3 billion, and income from joint ventures and associates dropped from VND 50.4 billion to VND 2.0 billion.Vnbusiness Pre-tax profit came to VND 286.2 billion, down about 10.4%.Doanh Nhân Việt Nam Profit attributable to Van Phu's own shareholders (excluding minority interests in subsidiaries) fell from VND 262.9 billion to VND 177.8 billion.Vnbusiness
In Q3 alone, net revenue was VND 155.1 billion, down 60.8% from VND 395.6 billion, and profit after tax was VND 20.2 billion versus VND 119.0 billion in Q3/2025. The company explained that it still booked transfer revenue at Vlasta Thuy Nguyen and Vlasta Sam Son (Thanh Hoa), but high interest rates sharply reduced demand for property, hurting revenue and profit in the period.Doanh Nhân Việt Nam For a developer, revenue is recorded when apartments or land plots are handed over, so quarterly profit tends to follow the handover calendar.
Where the cash went: VND 2,032.7 billion into inventory
Accounting profit is revenue booked minus expenses booked. Cash flow counts real money in and out. At Van Phu, the two part ways at one line: inventory.
Operations generated VND 353.1 billion before working-capital changes. The cash added to inventory alone was VND 2,032.7 billion, nearly six times that.Vnbusiness For a developer, inventory is mostly the cost of projects under construction: land, building, design and part of the interest. The money is spent, but becomes revenue and cost of goods sold only at handover.
On September 30, 2026, inventory stood at VND 6,948.3 billion at cost, up VND 1,689.9 billion from the start of the year and 41.7% of total assets.Vnbusiness Work in progress was about VND 6,836.7 billion, of which Vlasta Thuy Nguyen held VND 4,979.8 billion and Vlasta Premier Phu Thuan (Ho Chi Minh City) VND 1,308.1 billion.Doanh Nhân Việt Nam
On the other side, short-term customer prepayments totaled VND 1,075.9 billion, up 3% from the start of the year.Tin nhanh chứng khoán Vlasta Thuy Nguyen alone held VND 287.0 billion, down from VND 543.1 billion, partly because products were handed over and converted into revenue.Vnbusiness
Beyond inventory, Van Phu carries VND 2,747.5 billion of work in progress on a BT (build-transfer) road section linking Pham Van Dong Street with the Go Dua interchange, equal to 16.5% of total assets, with VND 210.8 billion provisioned.Vnbusiness Under a BT contract, the company is paid in land. Van Phu says it has received 2 of the 4 offset plots in central Ho Chi Minh City: the 132 Dao Duy Tu plot of over 10,000 sq m and the 12 Ky Dong plot of nearly 1,000 sq m.Tin nhanh chứng khoán
Borrowing fills the gap
When operating cash falls short of the construction schedule, a developer borrows. Net cash flow from financing for the nine months was positive VND 1,384.3 billion.Doanh Nhân Việt Nam The company raised over VND 4,072.8 billion in borrowings and repaid over VND 2,744.9 billion of principal.Doanh Nhân Trẻ
Total borrowings on September 30, 2026 were VND 7,617.0 billion, up VND 1,327.9 billion (21.1%) from the start of the year, of which bonds were VND 2,911.5 billion. Cash and equivalents fell from VND 706.1 billion to VND 465.7 billion.Vnbusiness By the report's figures, net debt rose from about VND 5,434 billion to about VND 7,031 billion, and net debt to equity from about 0.99x to 1.22x.
What holders of Van Phu shares and bonds should look at is the maturity schedule. Short-term borrowings, including current portions of long-term debt, are VND 2,504.3 billion, 2.3 times the start of the year. Per Vnbusiness, these include VND 1,318.4 billion of long-term bank loans falling due (VND 849.8 billion at VPBank alone), VND 649.1 billion of bonds maturing in January 2027, and VND 214.7 billion of unsecured loans from individuals at 12% a year, due by December 2026 at the latest.Vnbusiness
Cash and equivalents of VND 465.7 billion plus VND 120.3 billion of held-to-maturity investments come to about VND 586 billion. Borrowings due within 12 months are about 4.3 times that.Vnbusiness For a developer still building, the repayment source is not sitting in the vault. It has to come from sales, customer payments by schedule, use of the offset land plots, or new loans replacing old ones.
Interest: VND 582.4 billion paid, VND 35.8 billion expensed
This is where the income statement and the cash flow statement sit furthest apart. Interest expense on the nine-month income statement is VND 35.8 billion, while the cash flow statement shows VND 582.4 billion of interest paid, over 16 times as much.Vnbusiness
Part of the gap comes from capitalization of borrowing costs. When a company borrows to build a multi-year project, accounting standards allow the interest on those loans to be added to the project's carrying value instead of being expensed at once. Van Phu's notes show capitalized borrowing costs of VND 150.7 billion for the nine months, against VND 87.9 billion a year earlier. The capitalization rate, based on the weighted average interest rate of the loans, rose from 8.2% in 2025 to 12%.Vnbusiness
The three figures of VND 582.4 billion, VND 35.8 billion and VND 150.7 billion measure three different things and cannot be added or subtracted directly. Interest paid is real cash and may include interest accrued in earlier periods. Interest expense and capitalized interest are accounting figures for this period.
Capitalized interest does not disappear. It sits in inventory value and flows into cost of goods sold when apartments or land are handed over. Vnbusiness notes that if selling prices do not cover it, gross margin in later periods will come under pressure, especially with average borrowing costs at 12% a year. On the other hand, the 37.5% gross margin for the first nine months shows the projects now being handed over still carry a cushion between selling price and cost.
For VPI holders: 10% more shares
Basic earnings per share (EPS) for nine months fell from VND 821 to VND 505. Two factors worked together: profit attributable to Van Phu's shareholders fell 32.4%, and the share count rose after the first 2025 stock dividend, VND 320 billion at par, completed in September 2026.Vnbusiness
The second round is scheduled. Van Phu is issuing over 35 million shares as a 2025 stock dividend at a 10:1 ratio, with a final registration date of November 11, 2026.Tin nhanh chứng khoán Shares outstanding are 352.05 million today and will reach about 387 million afterwards.Vnbusiness
A stock dividend takes no cash out of the company and does not immediately increase a holder's wealth. On the ex-rights day, the reference price is adjusted down accordingly. With the November 4 close of VND 61,200, if the price held until then, the reference price would be about VND 55,600, that is, divided by 1.1. The same profit spread over 10% more shares means earnings per share about 9% lower.
Two milestones for how fast the cash returns
Van Phu has anchors: a 37.5% gross margin, over VND 1,075 billion of customer prepayments, and 2 offset land plots already received in central Ho Chi Minh City. The more than VND 6,800 billion in work in progress becomes cash as products are sold, customers pay and homes are handed over.
The first milestone is Q4/2026 sales. Van Phu had distributed 339 products at Vlasta Thuy Nguyen by September 30, 2026, plans another 200 in the rest of the year, and plans to launch Vlasta Premier Phu Hoi (Hue) in Q4. Vlasta Premier Phu Thuan has recorded VND 1,263 billion in sales and is scheduled for handover in 2027.Tin nhanh chứng khoán
The second is January 2027, when VND 649.1 billion of bonds mature. The picture is consistent: a developer's profit and cash flow can move in opposite directions because the money is sitting in projects, and the speed of its return decides the rest. The Q4 report will show which path it is on. If customer prepayments rise clearly and Q4 operating cash outflow narrows, cash in inventory is starting to come back. If prepayments stay flat while total borrowings keep rising, the January 2027 maturity will rely more on new loans or the offset land plots, and interest capitalized at 12% keeps adding to project costs.