According to an October 2026 investor report by MB Securities (MBS), rental income grew around 25-30% in the first half of 2026, but the pace has since slowed to 20-25%. After accounting for price increases of about 5%, actual sales volumes rose 15%, the brokerage said.

Purchasing power remains broadly stable, but high interest rates are becoming a major obstacle to store expansion among smaller retailers because of rising bank borrowing costs. Larger tenants, which primarily attract shoppers to malls, account for around 60-70% of leasable space and continue to maintain healthy financial positions, the report said.

Vincom Retail is supporting tenants through promotional vouchers, measures to improve business performance, and rent reductions if needed. The company does not provide direct loans or financing to tenants.

The company projects rental revenue from existing malls to grow 10-12% yearly, without contributions from new projects. Around 80% of its rental income comes from fixed contracts, which allow rents to be adjusted in line with the consumer price index.

The firm is also renovating older malls to raise occupancy rates from 55-56% to more than 95% and increase rental rates. It plans to adjust its tenant mix, prioritizing higher-end brands to boost income from fixed rents and revenue-sharing arrangements.

Operating costs, however, face additional pressure from electricity consumption. Vincom Retail has lowered air-conditioning temperatures in its malls from 26°C to 25°C to improve the shopping experience, thus increasing power usage.

Solar power currently meets only around 4% of the company's electricity needs. The business is gradually replacing equipment with more energy-efficient systems, including central chillers, LED lighting and escalators, to reduce costs.

Beyond mall operations, Vincom Retail has placed around VND10 trillion ($386.1 million) in deposits to secure land for shophouse developments. The company has postponed sales launches and expects to resume them in the second half of 2027, depending on liquidity in the property market.

Regarding its shopping mall business, Vincom Retail plans to add around 600,000-700,000 square meters of gross floor area (GFA) over the next five years. MBS said the company had placed deposits to develop about 737,000 sqm of mall space, while its longer-term project pipeline in Vietnam beyond the five-year period is estimated at around 980,000 sqm.

The company is also assessing the possibility of expanding into emerging markets such as India and Congo.

According to the MBS report, the firm could leverage land partnerships with Vinhomes, VinFast, and Vingroup to develop overseas projects. It would draw on its mall management experience and seek to bring existing retail-chain partners into the ventures.

International projects are not included in the domestic development pipeline disclosed by the company, and overseas expansion remains at the feasibility-study stage.

Sado Trading Business JSC is Vincom Retail's largest shareholder, with a 40.5% stake. Vingroup owns 18.37%, while other shareholders hold the remaining 41.13%.

Vincom Retail recorded net revenue of VND8.84 trillion ($341.2 million) in 2025, slightly lower than a year earlier, while net profit rose 57% to VND6.45 trillion ($248.88 million). MBS forecasts 2026 net revenue of VND9.77 trillion ($377.1 million), up 11% year-on-year, and net profit of VND6.03 trillion ($232.82 million), down 6%.

For 2027, revenue is projected to rise 41% to VND13.8 trillion ($532.82 million), while net profit is expected to increase 17% to VND7.04 trillion ($271.93 million). MBS estimates Vincom Retail's total assets could reach VND67.05 trillion ($2.59 billion) at the end of 2026 and rise to VND75.04 trillion ($2.9 billion) by the end of 2027.

According to information released on its website, Vincom Retail currently operates 90 shopping malls across 31 provinces and cities, with a combined gross floor area of nearly 1.91 million sqm. During H1, Vincom’s shopping malls attracted 112 million visitors, up 11.6% year-on-year.

VRE shares closed at VND23,050 ($0.89) each on Monday.