Major Real Estate Firms Signal Strong Market Recovery in Q3 2025
The third quarter of 2025 marked a definitive and remarkable resurgence for several prominent real estate companies in Vietnam, as they reported substantial increases in both revenue and profit, indicating a strong turn for the market.
This significant wave of financial success is widely regarded as a positive and critical indicator of the overall market’s recovery after an extended period of stagnation and difficulty that tested the sector’s resilience.
Key players have all shown impressive financial results, with leaders such as Becamex Infrastructure Development (Becamex IJC) reporting a staggering net revenue of VNĐ671.6 billion (US$25.4 million) for Q3 alone.
This figure represents a monumental $3.5$-fold increase over the same period last year, underscoring the speed of the rebound.
Furthermore, the company’s profit after tax reached VNĐ254.3 billion, nearly tripling its performance from the third quarter of 2024.
Year-to-date, Becamex IJC has achieved a total net revenue of VNĐ996.6 billion, which is a $39.5$ per cent increase, with profits up by an impressive $99$ per cent.
This powerful performance by one of the sector’s heavyweights suggests that the residential and commercial real estate market is shedding its previous burdens and is on a clear path to renewed profitability and stability, driven by strong underlying demand.
The impressive financial reports across various sub-sectors point towards a revitalized confidence in the real estate investment landscape, creating positive externalities for the broader economy.
Surging Profits and Pricing Power in Residential Real Estate
The positive financial momentum was not exclusive to Becamex IJC; Sunshine Group also recently unveiled exceptionally strong figures for the quarter, reporting a net revenue that soared to VNĐ4.23 trillion, an increase nearly $26$ times higher than the revenue recorded in the previous year.
After meticulously accounting for all operating expenses, the group managed to record a net profit exceeding VNĐ1.5 trillion for the quarter.
For the first nine months of the year, Sunshine Group’s net revenue totaled VNĐ4.9 trillion, with profits demonstrating a robust increase of $2.6$ times compared to the previous year’s figures, showcasing exceptional growth.
Similarly, the DIC Group, led by General Director Nguyễn Quang Tín, reported during a meeting in late September that its consolidated revenues and other income reached nearly VNĐ2 trillion in the first nine months, delivering a profit before tax of VNĐ209 billion.
Although this achieved $54$ per cent and $29$ per cent of its annual targets, respectively, the management expressed strong confidence in meeting its full-year goals as several key legal documents are nearing completion in October and November 2025.
Another significant player, Bà Rịa – Vũng Tàu House Development JSC (Hodeco), posted dramatically impressive figures, with a profit after tax of VNĐ538.6 billion for Q3, which was a remarkable $40.5$ times higher than the preceding year.
Market analysts from MBS Research noted a slight uptick of $1$ per cent in overall real estate transactions during the first nine months of 2025, while primary selling prices experienced a significant surge in major cities, with Hà Nội seeing a $33$ per cent rise and Hồ Chí Minh City observing a $36$ per cent jump, largely driven by new, large project launches primarily situated outside the traditional city centres.
Industrial Market Challenges and Regulatory Tailwinds
While the residential sector is booming, the industrial real estate sector faced distinct challenges in Q3 2025.
Concerns surrounding new US tax policies prompted numerous international investors to pause ongoing land lease negotiations, which significantly impacted the reported Q3 financial results for several industrial real estate firms.
Consequently, market projections anticipate that industry leaders like Becamex and IDICO Corporation will see substantial declines in their profits, projected to be down $36$ per cent and $45$ per cent year-on-year, respectively.
In contrast, Kinh Bắc City Group’s profits are expected to rise significantly, though this is primarily attributed to a recovery from a particularly low base recorded last year.
The regulatory environment is simultaneously becoming more favourable for the entire real estate sector, with new government resolutions actively supporting the development of social housing, expanding permissible land usage, and adjusting critical planning regulations to accelerate project approvals.
Despite the temporary pause in the industrial segment, the US tariff rates on goods imported from Việt Nam currently remain largely comparable to those applied to other key countries in the region, including Thailand, Indonesia, the Philippines, and Malaysia, generally holding at around $19-20$ per cent.
Furthermore, a competitor for foreign direct investment (FDI), India, faces a much higher tariff rate of up to $50$ per cent.
MBS Research anticipates that, following this period of stagnation, FDI inflows into Việt Nam will experience a significant surge in the final quarter of 2025, which is expected to positively impact the future business performance of industrial real estate companies, driving a strong rebound across all segments of the property market.
