Company with One Employee Reports More Than 11.2 Trillion VND in Half-Year Profit

Thai Son Investment and Construction reported 11.231 trillion VND in after-tax profit in the first half of 2026, more than 13 times its result a year earlier. The striking figure came from a company that reported just one employee at June 30.

The company’s sales revenue reached more than 3.752 trillion VND, up 7.8 times from the same period last year. Real estate transfers accounted for nearly 3.737 trillion VND of that amount. After deducting the cost of goods sold, Thai Son recorded nearly 1.261 trillion VND in gross profit, 5.5 times the first-half 2025 figure.

Financial income provided the biggest boost. It rose to 16.337 trillion VND, 3.1 times higher year on year. Dividends and profit distributed from business cooperation contracts contributed 14.740 trillion VND, compared with 90 billion VND a year earlier. The company also recorded about 1.527 trillion VND in interest from deposits, deposits paid, and lending. Financial expenses rose 6.9% to nearly 3.467 trillion VND.

At June 30, total assets stood at 98.115 trillion VND, up 25.3% from the beginning of the year. The article said this placed the company fourth by assets among listed real estate businesses, behind Vinhomes, Novaland, and Sunshine Group. Its liabilities totaled nearly 70.903 trillion VND, including 21.935 trillion VND in short-term borrowings and more than 20.002 trillion VND in long-term loans and finance leases.

Thai Son had nearly 19.392 trillion VND in outstanding bonds. About 1.889 trillion VND was due in August 2026 at a fixed annual interest rate of 12%. The remaining nearly 17.503 trillion VND matures between October 2027 and June 2029 at a fixed annual rate of 12.5%. The company’s highest-level parent is Vingroup, while Vinhomes and Can Gio Tourism Urban Joint Stock Company are indirect parents and TS Holding is the direct parent. Thai Son, founded in 2007 with charter capital of 13.5 trillion VND, develops real estate projects and is based at Vinhomes Riverside in Hanoi.