REALTY MARKET SEES RECOVERY AS MAJOR DEVELOPERS POST STRONG Q3 PERFORMANCE

Key players such as Becamex IJC, Sunshine Group, and Hodeco have all showcased impressive financial results.

A construction site of a Sunshine Group project. — Photo sunshinegroup.vn

HÀ NỘI — The third quarter of 2025 marked a remarkable resurgence for several prominent real estate companies, as they reported substantial increases in both revenue and profit.

This wave of financial success is seen as a positive indicator of the market's recovery after an extended period of stagnation.

Key players such as Becamex IJC, Sunshine Group, and Hodeco have all shown impressive financial results.

Becamex Infrastructure Development (Becamex IJC) reported a staggering net revenue of VNĐ671.6 billion (US$25.4 million) for Q3, a 3.5-fold increase over the same period last year. The company's profit after tax reached VNĐ254.3 billion, nearly tripling its performance from Q3 2024.

So far this year, Becamex IJC has achieved a total net revenue of VNĐ996.6 billion, reflecting a 39.5 per cent increase, with profits up by 99 per cent.

Sunshine Group has also just unveiled strong figures, with net revenue soaring to VNĐ4.23 trillion, nearly 26 times higher than the previous year. After accounting for expenses, the group recorded a net profit of over VNĐ1.5 trillion for the quarter.

For the first nine months of the year, Sunshine Group’s net revenue totalled VNĐ4.9 trillion, with profits increasing 2.6 times compared to the previous year.

During the meeting at the end of September of DIC Group, Nguyễn Quang Tín, General Director of DIG, reported that in the first nine months, the company’s consolidated revenues and other income reached nearly VNĐ2 trillion, with a profit before tax of VNĐ209 billion, achieving 54 per cent and 29 per cent of its annual targets, respectively.

The management expressed confidence in meeting its annual goals as key legal documents approach completion in October and November 2025.

Bà Rịa - Vũng Tàu House Development JSC (Hodeco) also posted impressive figures, with profit after tax of VNĐ538.6 billion for Q3, which was 40.5 times higher than last year.

Market analysts from MBS Research noted that real estate transactions saw a slight uptick of 1 per cent in the first nine months of 2025, while primary selling prices surged significantly in major cities, with Hà Nội experiencing a 33 per cent increase and HCM City seeing a 36 per cent rise.

This price growth has been driven by the launch of several large projects, primarily located outside city centres.

Despite the ongoing strong demand, high prices have limited absorption capacity. Mergers and acquisitions in Q3 may create localised land price spikes, but sustained price increases will depend on infrastructure and economic development.

The regulatory environment has also become more favourable, with new resolutions supporting social housing development, expanding land usage, and adjusting planning regulations.

The last quarter saw the introduction of several new projects with high booking rates, including The Opus One, The Privé, Gladia, and The Gió Riverside.

Looking ahead, MBS Research anticipates a 70 per cent increase in profits for listed real estate firms compared to the previous year, driven by recovery from a low base and financial gains from share transfers.

New project launches are expected to contribute positively to business results starting in the fourth quarter.

In the industrial real estate sector, concerns regarding new US tax policies have prompted investors to pause land lease negotiations, significantly impacting Q3 results for industrial real estate firms.

While Becamex and IDICO Corporation are projected to see substantial declines in profits, down 36 per cent and 45 per cent year-on-year, respectively, Kinh Bắc City Group's profits are expected to rise significantly from last year's low base.

Currently, US tariff rates on goods imported from Việt Nam are largely comparable to those applied to other countries in the region, including Thailand, Indonesia, the Philippines and Malaysia, at around 19-20 per cent.

In contrast, India, Việt Nam's competitor for foreign direct investment (FDI), faces a much higher tariff rate of up to 50 per cent.

"We anticipate that, following a period of stagnation, FDI inflows into Việt Nam will see a significant surge in the final quarter of 2025, which will positively impact the business performance of industrial real estate companies," MBS noted. — BIZHUB/VNS

Source: VNS