According to statistics from VietstockFinance with 103 listed enterprises that have published the Financial Report for the fourth quarter of 2024 of the real estate group including houses and industrial parks, the total value of inventories as of the end of 2024 is more than 491 trillion VND. This is a record high inventory level in the past 2 decades.
For the commercial real estate group, Novaland continues to lead in inventory with more than 146 trillion VND, an increase of 6% compared to the beginning of 2024. Of which, the majority is real estate inventory for sale under construction of more than 138 trillion VND, while completed real estate for sale is nearly 8.5 trillion VND.
Some other enterprises with large inventories of over VND10 trillion such as Nha Khang Dien VND22 trillion, up 18%. Nam Long had inventories of nearly VND18 trillion, up 4% and Dat Xanh Group of more than VND13.4 trillion. Quoc Cuong Gia Lai is also in the group with inventory accounting for the majority of total assets with 75%, more than VND6.6 trillion.
For the industrial park real estate group, Becamex IDC is still leading with more than VND 21.2 trillion, an increase of 7% compared to the beginning of the year, mostly due to unfinished construction costs of projects. Second with inventory increasing by 13%, to more than 13.8 trillion VND, is Kinh Bac Urban Development Corporation.
With the progress of legal clearance for projects being accelerated, sales activities are expected to increase sharply in 2025. For example, with Novaland, after the two major projects, The Water Bay and Lakeview City, were cleared of legal problems, this enterprise expects the three large projects, NovaWorld Phan Thiet, NovaWorld Ho Tram and Aqua City, to soon "unblock" procedures as this process is being accelerated.
Novaland representative added that at the NovaWorld Ho Tram project, after the C4 subdivision planning is removed from legal problems, it is expected that in July 2025, the project will complete the detailed planning 1/500 and sales licenses for subdivision areas in accordance with the new planning. As for the NovaWorld Phan Thiet project, in April 2024, it completed the decisions to pay land use fees, thereby continuing to implement construction activities, handover, and collection of product sales fees.
Or for Nam Long, according to SSI Research's forecast, profit growth in 2025 will be driven by sales activities in Long An and Can Tho. With the legal progress progress progressing well in Bien Hoa City, Nam Long will reopen the Izumi City project in the second half of 2025. SSI Research forecasts that the revenue and profit after tax of parent company Nam Long will be VND 5,500 billion and VND 627 billion, respectively, down 4.4% in revenue and up 35% in profit compared to the previous year.
The real estate market is entering the restructuring phase, with large enterprises leading the recovery, investors with good financial health, effective capital management and reasonable project portfolio will have a competitive advantage when the market is stable again.
Discussing at the Workshop "Focus on Vietnam's Credit 2025: Growth, Credit and Capital Market in the New Era", Mr. Nguyen Nhat Hoang, Senior Manager of FiinRatings Non-Financial Enterprise Ranking, assessed that the real estate market is showing signs of stabilization again, the most serious period of recession has passed. Recently, the number of transactions has gradually stabilized and investor sentiment has improved, the market is moving towards a more sustainable recovery period.
"The conditions for capital mobilization are more favorable, but not all investors benefit equally. The credit growth target of 16% shows liquidity support for the economy, including the real estate sector. However, the pressure of refinancing is still a big concern, with about 100,000 billion real estate bonds maturing this year, of which 1/3 are bonds that have been restructured since 2023, Mr. Hoang expressed his opinion.
