This information was revealed in the periodic financial report recently submitted to the Hanoi Stock Exchange (HNX) by Phu My Hung Development Company Limited.
In the first 6 months of this year, the developer recorded a pre-tax profit of 1,233 billion VND, equivalent to over 6.8 billion VND per day. However, this figure still represents a decrease of nearly 27.5% compared to the same period in 2024. The company did not provide an explanation for the profit fluctuation.
Last year, Phu My Hung's profit reached nearly 2,089 billion VND, a decrease of nearly 5%, marking the second consecutive year of decline. In the first half of 2025, the developer introduced its first project in northern Vietnam, located in Bac Ninh. Hong Hac City has a total investment of nearly 1.1 billion USD. This marks the first step in Phu My Hung's northward expansion strategy after over three decades of development in the southern region.
As of 30/6, the company's equity reached nearly 10,470 billion VND, a decrease of about 17% compared to a year earlier. The decrease is primarily attributed to a drop of over 12% in undistributed after-tax profit, which now stands at 9,204 billion VND. Phu My Hung's total liabilities increased by more than 1,000 billion VND, reaching 23,411 billion VND.
Phu My Hung Development Company Limited was established in 5/1993 as a joint venture between Tan Thuan Industrial Development Company Limited (IPC) and Phu My Hung Asia Holdings (formerly known as CT&D Group, Taiwan). Tan Thuan IPC holds a 30% stake, with the remaining capital coming from foreign investment.
The company is renowned as the developer of Phu My Hung Urban Area (District 7, Ho Chi Minh City), one of the city's most prominent projects, transforming a swampy area into a bustling urban center. Their vision is to create a multifunctional urban area encompassing finance, commerce, services, industry, science, culture, education, residence, and entertainment, thereby driving development in the southern and southeastern parts of the city. In 2008, the Ministry of Construction and the Ho Chi Minh City People's Committee recognized it as a "model urban area" of Vietnam.
The company built the 10-lane Nguyen Van Linh Boulevard, a vital traffic artery in the southern part of the city. Along this boulevard, Phu My Hung was assigned to develop five urban clusters with a total area of 774 hectares. Currently, the company has completed the first cluster – the new urban center, featuring the iconic Crescent Lake, Crescent Mall, townhouse and villa areas, and a series of completed apartment buildings such as Garden Plaza, Riverpark Residence, The Panorama, and The Peak Midtown.
Anh Tu
