Keppel posted consolidated revenue of S$3.8 billion ($3 billion) in the first six months of 2026, up 25% from a year earlier. Net profit from core portfolio rose 25% to S$530 million, while the non-core assets earmarked for divestment recorded a S$375 million loss. The loss reduced consolidated net profit by 59% to S$155 million.

In its H1 financial statements, Keppel said Vietnam accounts for 32% of its residential pipeline, ranking second only to China by residential land bank. The group had a residential pipeline of 10,109 units in Vietnam as of end-June, while its global residential land bank reached 31,811 units.

In addition, Keppel's commercial property portfolio in Vietnam totals 401,210 square meters of gross floor area, accounting for about 26% of its global commercial portfolio.

Keppel's projects in Vietnam are concentrated mainly in Ho Chi Minh City and Hanoi. The group has sold 4,046 residential units, while 10,109 units remain unsold.

Keppel also expanded its retail footprint in Vietnam this year with the opening of Hanoi Centre at 175 Nguyen Thai Hoc on July 2, 2026. Located within the Tien Bo Plaza complex, this is Keppel's first shopping mall in the capital. The retail space covers more than 41,000 square metres and houses nearly 200 fashion, beauty, lifestyle, dining, and entertainment brands.

Keppel said committed occupancy exceeded 90%, while the project had attracted more than two million visitors before its official opening. Unlike many of Keppel's property assets in Vietnam, Hanoi Centre operates under a master-lease structure.

Under the model, Keppel leases the property from its owner and manages the retail operations, rather than owning the underlying asset directly. The structure allows Keppel to leverage its asset-management and retail capabilities to generate recurring rental-related income without committing capital to direct property ownership, the group said.

Vietnam is also contributing to Keppel's connectivity business. In the first half, Keppel Technology Solutions secured about S$400 million in new contracts across Singapore, Malaysia, and Vietnam. The group did not disclose the value attributable to Vietnam separately.

In August, Keppel announced that it will exit the Empire City development in HCMC by selling its entire 40% stake for $270 million. The transaction, expected to be completed in the fourth quarter of 2026, involves the sale of a 20% stake to Denver Power Vietnam Co. Ltd., a wholly owned subsidiary of Denver Power Ltd., and the remaining 20% to Golden Axis Co. Ltd., which is 99.99% owned by Tran Thai Lands Co. Ltd. and Tien Phuoc Real Estate JSC.

Empire City is a $1.2 billion mixed-use waterfront development spanning 14.6 hectares in the Thu Thiem New Urban Area. The project includes residential towers, offices, retail space, hotels, and the planned 88-storey Empire 88 Tower, one of Vietnam's tallest proposed skyscrapers. Empire City LLC, a joint venture established for the project that is 40% owned by Keppel, is the developer.