Vinhomes JSC (VHM) - Net Assets
Based on the latest financial reports, Vinhomes JSC (VHM) has net assets worth ₫247.91 Trillion VND (≈ $9.42 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (₫786.38 Trillion ≈ $29.88 Billion USD) and total liabilities (₫538.47 Trillion ≈ $20.46 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how resilient are Vinhomes JSC's assets to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ₫247.91 Trillion |
| % of Total Assets | 31.53% |
| Annual Growth Rate | 25.08% |
| 5-Year Change | 88.65% |
| 10-Year Change | N/A |
| Growth Volatility | 12.82 |
Vinhomes JSC - Net Assets Trend (2019–2025)
This chart illustrates how Vinhomes JSC's net assets have evolved over time, based on quarterly financial data. Also explore VHM total asset value for the complete picture of this company's asset base.
Annual Net Assets for Vinhomes JSC (2019–2025)
The table below shows the annual net assets of Vinhomes JSC from 2019 to 2025. For live valuation and market cap data, see Vinhomes JSC (VHM) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ₫247.91 Trillion ≈ $9.42 Billion |
+12.46% |
| 2024-12-31 | ₫220.44 Trillion ≈ $8.38 Billion |
+20.70% |
| 2023-12-31 | ₫182.64 Trillion ≈ $6.94 Billion |
+22.97% |
| 2022-12-31 | ₫148.52 Trillion ≈ $5.64 Billion |
+13.02% |
| 2021-12-31 | ₫131.41 Trillion ≈ $4.99 Billion |
+47.43% |
| 2020-12-31 | ₫89.13 Trillion ≈ $3.39 Billion |
+37.73% |
| 2019-12-31 | ₫64.72 Trillion ≈ $2.46 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Vinhomes JSC's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 671.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ₫200.77 Trillion | 85.00% |
| Other Components | ₫35.43 Trillion | 15.00% |
| Total Equity | ₫236.20 Trillion | 100.00% |
Vinhomes JSC Competitors by Market Cap
The table below lists competitors of Vinhomes JSC ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Kuehne + Nagel International AG
F:KNIU
|
$22.79 Billion |
|
Humana Inc
NYSE:HUM
|
$22.79 Billion |
|
Public Bank Bhd
KLSE:1295
|
$22.81 Billion |
|
Airports Of Thailand PCL
BK:AOT
|
$22.82 Billion |
|
XPO Logistics Inc
NYSE:XPO
|
$22.76 Billion |
|
Hengli Petrochemical Co Ltd
SHG:600346
|
$22.75 Billion |
|
Church & Dwight Company Inc
NYSE:CHD
|
$22.73 Billion |
|
Wipro Limited
NSE:WIPRO
|
$22.73 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Vinhomes JSC's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 202,080,820,000,000 to 236,203,797,000,000, a change of 34,122,977,000,000 (16.9%).
- Net income of 41,107,147,000,000 contributed positively to equity growth.
- Dividend payments of 1,129,896,000,000 reduced retained earnings.
- New share issuances of 3,899,000,000 increased equity.
- Other factors decreased equity by 5,858,173,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₫41.11 Trillion | +17.4% |
| Dividends Paid | ₫1.13 Trillion | -0.48% |
| Share Issuances | ₫3.90 Billion | +0.0% |
| Other Changes | ₫-5.86 Trillion | -2.48% |
| Total Change | ₫- | 16.89% |
Book Value vs Market Value Analysis
This analysis compares Vinhomes JSC's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.54x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 11.13x to 2.54x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2019-12-31 | ₫13117.71 | ₫146000.00 | x |
| 2020-12-31 | ₫20040.49 | ₫146000.00 | x |
| 2021-12-31 | ₫28647.44 | ₫146000.00 | x |
| 2022-12-31 | ₫33348.88 | ₫146000.00 | x |
| 2023-12-31 | ₫41177.46 | ₫146000.00 | x |
| 2024-12-31 | ₫49199.06 | ₫146000.00 | x |
| 2025-12-31 | ₫57506.72 | ₫146000.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Vinhomes JSC utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 17.40%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 26.68%
- • Asset Turnover: 0.20x
- • Equity Multiplier: 3.33x
- Recent ROE (17.40%) is below the historical average (24.77%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2019 | 38.77% | 42.12% | 0.26x | 3.52x | ₫16.14 Trillion |
| 2020 | 31.91% | 38.23% | 0.33x | 2.51x | ₫18.78 Trillion |
| 2021 | 31.12% | 45.68% | 0.37x | 1.85x | ₫26.35 Trillion |
| 2022 | 19.85% | 46.21% | 0.17x | 2.49x | ₫14.31 Trillion |
| 2023 | 18.61% | 32.23% | 0.23x | 2.48x | ₫15.44 Trillion |
| 2024 | 15.74% | 31.08% | 0.18x | 2.77x | ₫11.59 Trillion |
| 2025 | 17.40% | 26.68% | 0.20x | 3.33x | ₫17.49 Trillion |
Industry Comparison
This section compares Vinhomes JSC's net assets metrics with peer companies in the Real Estate - Development industry.
Industry Context
- Industry: Real Estate - Development
- Average net assets among peers: $7,144,676,958,564
- Average return on equity (ROE) among peers: 10.56%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Vinhomes JSC (VHM) | ₫247.91 Trillion | 38.77% | 2.17x | $22.78 Billion |
| Development Investment Construction JSC (DIG) | $4.01 Trillion | 9.75% | 1.04x | $444.82 Million |
| Ba Ria Vung Tau House Development JSC (HDC) | $2.27 Trillion | 2.91% | 1.15x | $129.43 Million |
| Ha Do Group JSC (HDG) | $5.39 Trillion | 20.34% | 1.95x | $364.06 Million |
| Khang Dien House Trading and Investment JSC (KDH) | $21.17 Trillion | 4.97% | 0.61x | $1.08 Billion |
| Kosy JSC (KOS) | $2.31 Trillion | 0.59% | 1.06x | $313.37 Million |
| Nam Long Investment Corp (NLG) | $6.72 Trillion | 12.42% | 1.03x | $511.45 Million |
| Phat Dat Real Estate Development Corp (PDR) | $8.14 Trillion | 22.90% | 1.52x | $623.63 Million |
About Vinhomes JSC
Vinhomes Joint Stock Company develops and sells real estate properties in Vietnam. The company also leases office properties. In addition, it provides real estate management and related services; general contractor; consulting and designing construction; and supervision and construction management services. The company was formerly known as Hanoi Southern City Development Joint Stock Company and … Read more