Records reviewed: 25 October 2026. Figures below are from owner-supplied records, not audited financial statements.
Three room stacks. One operation.
23 Nui Thanh, Tan Binh, HCMC. Records show 15 rooms across floors 1–5, arranged in stacks 01–02–03 around a central lift and corridor. No separate kiosk revenue is added to the 15 rooms.
View the room plan from the records
Prices on the plan are not a current rental quotation; prepayments and discounts are handled separately in the financial records.
CAPITAL & SETUP
Investment & lease-up costs
The updated schedule records VND 154m for equipment, infrastructure and other setup, plus VND 115.5m in sales commission to fill 15 rooms: VND 269.5m in total. These are scheduled costs, not confirmation that every item has been fully paid.
| Item | VND million |
|---|---|
| 14 Casper / Toshiba dryers | 57.00 |
| Hitachi washing machine | 5.50 |
| Induction hob | 1.00 |
| 2 televisions | 6.60 |
| 2 air conditioners & installation | 20.00 |
| Upper and lower kitchen cabinets | 6.50 |
| 2 flooring works & installation | 20.00 |
| Network & Internet setup | 20.00 |
| Camera system | 6.00 |
| 2 beds & installation | 6.00 |
| Sales commission for filling 15 rooms | 115.50 |
| Sunhouse extractor hood | 1.95 |
| Whole-building cleaning | 3.00 |
| Waste bin | 0.45 |
| Total | 269.50 |
The VND 270m landlord deposit is recorded separately in the transfer model; it is not included in the VND 269.5m setup and sales total. Do not add the VND 550m transfer price to these costs as a new combined investment. Tenant deposits and advance rent create separate obligations.
October 2026 revenue
The report records 15/15 rooms occupied from 20 October, not full-month occupancy. VND 118,085,064 is an estimate through 31 October, including charges and recorded electricity; it is neither net profit nor cash collected.
| Component | VND |
|---|---|
| Room rent attributed to period | 108,054,032 |
| Water, service, parking & surcharges | 7,029,032 |
| Electricity recorded | 3,452,000 |
| Deduction | −450,000 |
| Estimated total | 118,085,064 |
Month-end meters, the VND 10m supplementary rent entry and the prepaid tenancy allocation still need reconciliation. Distributable cash requires bank receipts, building rent, operating costs, taxes and reserves to be reconciled.
SCENARIO · 550 MILLION VND
Understanding the transfer scenario
This is the scenario in the “Nui Thanh VND 550m payback plan” file, not confirmation of a current offer or signed transaction. It assumes transfer on 1 November 2026, full occupancy and zero other costs. Its vacant-room assumption is older than the report of occupancy from 20 October and must be updated before a transaction.
| Item | VND million |
|---|---|
| Nominal transfer price (includes landlord deposit) | 550.000 |
| Prepaid-rent offset — assumed | 175.6475 |
| Cash settlement after assumed offset | 374.3525 |
| Landlord deposit already included | 270.000 |
| Existing tenant deposit obligation to allocate | 155.950 |
| If all existing tenant deposit obligations are added | 530.3025 |
July 2028 is month 21 from November 2026, before tax, management, Internet, repairs and other costs currently set to zero. New deposits are not profit or capital recovery. This scenario is separate from the six-project partnership proposal on this website.
Status: project-level due diligence pending
Investment basis & due diligence
Separate operating evidence, modelling assumptions and documents still to be reviewed. Supporting records are shared after review and redaction; requesting them does not commit you to invest.
One project · evidence before funding
Capital allocation
VND 350m is an illustrative budget for a proposed new project, not the historical cost of either reference building. Request a dated breakdown of landlord deposit, fit-out, equipment, fees and working reserve, with quotes and payment milestones. Allocation awaits project-specific evidence.
Operating evidence
Review real project photos, room-level leases, rent earned, receipts and expenses for the same period. Reconcile prepaid rent to the months it covers and record refundable tenant deposits as liabilities. A billed total is not collected cash or net profit.
Payback and responsibilities
The 15–17-month project target is an assumption, not investor payback. At a 50% distribution share, equivalent investor payback is 30–34 months before delays under constant cash flow. Count landlord deposit recovery only when received; review vacancy, cost overruns, tax, reserve and exit terms.
Six projects · a separate portfolio review
Six independent files
VND 2.1bn = six illustrative VND 350m budgets; it does not establish six secured properties or repeatable returns. Review each lease, permitted use, fit-out budget, rental assumptions and fire-safety records separately.
Staged funding proposal
Agree milestones for each release: property and documents reviewed, budget approved and operating readiness checked. Set evidence required before the next project, a reserve floor and who approves overruns. These controls remain proposals for written agreement.
Cash calendar and governance
Model staggered opening dates and periods with some units unlet, rather than multiplying one good month by six. Separate investor and operator distributions, losses and further funding; document signing authority, reporting, related-party transactions and exit rights.
For any structure in which Vinh is both landlord and co-investor, use a separate agreement identifying each role, deposit flows and related-party approvals. It is not the standard six-project illustration.
Available public references
- Nui Thanh: photos & source notes
- Hung Hoa: photos & source notes
- Nui Thanh: provisional operating snapshot
- External research evidence (Vietnamese)
These references do not validate a new project’s profit, legal eligibility or safety. The research feed is external context, not property-level verification. Detailed evidence is subject to availability and reconciliation.
Request due diligence records ↗Source records & reconciliation
- Chi_phi_dau_tu_va_lap_day_can_ho_23_Nui_Thanh.xlsx — VND 269.5m cost schedule.
- Báo cáo doanh thu 23 Núi Thành – Tháng 10 2026 — estimated period revenue.
- Phuong_an_hoan_von_Nui_Thanh_550_trieu.xlsx — cash receipts, offsets and payback scenario.
- Stack 01, 02, 03 photos and room plan — project folder updated 25 October 2026.
Before a decision: review the lease and transfer rights; confirm landlord-deposit rights; allocate tenant deposits and prepaid-rent obligations; reconcile invoices, cash receipts, safety conditions and the building’s legal records. This public summary excludes tenant identity information.