In the first quarter of 2026, many real estate companies listed on the stock market recorded positive business results.
The most prominent is Vinhomes when this enterprise achieved after-tax profit of 25,625 billion VND, a sharp increase compared to the same period last year. Or like the case of Novaland also recorded consolidated net revenue of 3,587 billion VND, of which the majority came from real estate transfer activities. After-tax profit reached 860 billion VND, reflecting the improvement in business operations after the restructuring period.
Another case is Khang Dien House Investment and Trading Company in the first quarter of 2026, which continued to record stable profits when reaching 327 billion VND, 2.7 times higher than the same period last year.
Besides the bright colors, many businesses are under pressure as returned sales increase, cash flow weakens and business efficiency declines.
The consolidated financial statements (BCTC) for the first quarter of 2026 of LDG Investment JSC are showing a gloomy picture when LDG's core business activities were almost frozen in the first quarter of the year. The company did not generate new sales revenue. LDG had to account for a revenue deduction of more than 9.8 billion VND due to goods returned from customers, causing net revenue to be negative more than 9.8 billion VND.
This is not the first time LDG has encountered this situation.According to historical data, to date, the company has had a total of 6 quarters recording net revenue below 0 from the third quarter of 2023 to date.The most difficult period fell in the first quarter of 2024, when LDG recorded a record negative net revenue of 130.16 billion VND.
The cash flow report for the first quarter of 2026 also showed that net cash flow from business operations was negative nearly 1,577 billion VND, a sharp decrease compared to more than 183 billion VND in the same period last year.LDG's cash fund seriously decreased from more than 1,612 billion VND at the beginning of the year, to only 4.9 billion VND at the end of the first quarter of 2026.
Considered a "giant" in the field of social housing and affordable commercial housing, segments with quite large demand, but in terms of business operations, Hoang Quan Real Estate Trading and Service Consulting Joint Stock Company (HQC) started the first quarter of 2026 with revenue from sales and service provision decreasing by 79% compared to the same period, to just over 15 billion VND.
The reason is that real estate sales revenue decreased sharply by 82% to only nearly 13 billion VND. However, because nearly 10 billion VND was returned from sales, net revenue was more than 5 billion VND, down 89%.
This situation is not new. In 2024, Hoang Quan Real Estate's revenue reached 345.7 billion VND, but returned goods reached 412.2 billion VND. In 2025, revenue reached 147.4 billion VND, while returned goods were still at a high level of 77.9 billion VND. The return of returned goods has significantly affected the quality of revenue as well as operational efficiency.
In the first quarter of 2026, Quoc Cuong Gia Lai continued to record negative business cash flow of 30.9 billion VND compared to negative 48.2 billion VND in the same period. A noteworthy point is that as of March 31, 2026, short-term debt was 3,508.8 billion VND, but total short-term assets were only 1,902.4 billion VND. Thus, Quoc Cuong Gia Lai is using 1,684.4 billion VND of short-term capital with terms under 1 year to finance long-term assets.
The auditing unit also previously stated that the use of short-term debt to finance long-term assets shows the existence of a key uncertainty factor that could lead to significant doubts about Quoc Cuong Gia Lai's ability to operate continuously.
Overall, the above figures show that the market is increasingly leaning towards large-scale businesses with strong financial potential, while many smaller businesses are still struggling to find growth momentum.
According to experts' assessment, the difficulties of some real estate businesses today are multi-dimensional, from the market, finance to the internal business. If the interest rate margin is not improved, many businesses will be under great pressure. Small businesses, if they do not have financial resilience, will be very stressed.
