In the August 2026 Strategy Report, SSI Research recorded that the profit of the entire real estate industry in Q2/2026 increased by 232% compared to the same period. However, the increase is increasingly concentrated in some large investors, while business results between businesses are clearly differentiated due to differences in project handover progress and unusual income.
For the housing segment, VHM continues to be a driving force for profit growth thanks to the handover of large-scale projects. KDH recorded strong profit growth, mainly thanks to unusual financial profits from no longer merging Binh Trung Moi Real Estate Co., Ltd., while profits from core operations decreased significantly.
NVL also returned to profit with a net profit of about 912 billion VND, mainly thanks to financial income from divestment of subsidiaries instead of real estate business activities. Conversely, DXG, NLG and HDC recorded less positive results.
SSI Research said that home sales continue to differentiate by segment and investor. High interest rates still put pressure on demand, especially in the high-end and speculative segments, but large enterprises still maintain positive sales.
In Q2/2026, VHM recorded sales of 66.4 trillion VND, an increase of 104% compared to the same period, of which 73% came from wholesale transactions. KDH achieved an absorption rate of about 90% for 500 units opened for sale at Gladia Heights, equivalent to about 4 trillion VND in sales.
NLG achieved 3 trillion VND in sales, up 79% over the same period thanks to good absorption rates at Mizuki Park, EHomeS Can Tho and Sol Garden projects.
Inventory of most real estate investors continues to increase in the context of slowing market liquidity. Total debt of the industry increased by 27% in the first half of 2026, bringing the debt-to-equity ratio from 71% to 84%, although this ratio in some businesses is still relatively stable.
Meanwhile, Vietcombank Securities (VCBS) believes that many real estate businesses are still under pressure from high interest rates and oversupply in some markets and segments in the second quarter of 2026.
In the opposite direction, businesses with healthy financial foundations, large land funds, good project implementation capacity and benefiting from policies still maintain growth. According to VCBS, businesses that own projects that have had legal obstacles for many years but have now been resolved and officially implemented have the potential to create breakthrough profits in the near future.
VCBS believes that in the context that the real estate market is still in the process of recovery, investors should prioritize businesses with good financial health, quality land funds and proven project implementation capacity.
In addition, businesses owning projects that have just been legally resolved or have stocks being valued at discount rates compared to future profit potentials are also a group of interest.
