Vinhomes Says Presales Stay Strong Despite Higher Rates

Speaking on Dragon Capital’s Chat With Portfolio program, Vinhomes finance and investment chief Pham Anh Khoi said buyers are increasingly weighing interest rates, but the decision to buy still depends heavily on location, surrounding infrastructure, schools, hospitals, malls and transport links. He said Vinhomes is targeting customers who buy to live in the homes or hold them over the long term, making them less sensitive to short-term macro swings.

To cushion demand, the company is using interest-rate support programs and loyalty policies for existing customers and repeat buyers. Khoi said trust is central to the sales strategy, pointing to construction progress, sales commitments and agreements with customers, partners and banks as part of the appeal in a volatile market.

That positioning is backed by results. Vinhomes said first-half presales reached nearly 148 trillion dong, more than double a year earlier. The sales mix also shifted toward wholesale from retail, which the company said reflects the stage of individual projects rather than any broader weakness in demand.

For investors, presales matter because they feed future revenue and profit once units are handed over under accounting rules. Vinhomes said the inventory already sold but not yet recognized gives it clearer visibility on future earnings, while wholesale deals help bring in cash earlier and diversify product and customer exposure.

The developer is also leaning into Vietnam’s affordable housing push. Vinhomes reiterated a target to develop 500,000 social housing units, a segment it says can widen the buyer pool by bringing first-time purchasers into the market and later funneling some of them up to higher-value homes as incomes rise.

That strategy comes with trade-offs. Social housing is constrained by government rules on profit and margins, but it could deepen Vinhomes’ addressable market at a time when affordability remains a global issue and higher financing costs continue to shape buying decisions.

The broader growth story, Vinhomes said, depends on Vietnam’s shift toward multi-center urban development tied to new transport corridors. The company is positioning projects around infrastructure-led growth in southern Ho Chi Minh City, the Hanoi-Hai Phong-Ha Long axis and southern Hanoi, where it sees metro, rail and logistics development supporting long-term property demand.