Ba Ria - Vung Tau Housing Development Joint Stock Company (Hodeco, code: HDC) recorded net revenue in the third quarter of 2025 at VND102 billion, down 18% over the same period in 2024; the real estate business segment declined sharply by 87%, bringing in only over VND8 billion. Gross profit therefore reached only over VND17 billion, down 70%.
The only positive point comes from financial revenue - recorded a sudden increase of more than 700 billion VND, hundreds of times higher than the same period. This amount mainly comes from the profit from selling shares at Dai Duong Vung Tau Entertainment Construction Investment JSC, bringing in more than 696 billion VND. This is the investor of the Ocean Tourism Area ( Antares project) in Vung Tau, with a scale of 19.6 hectares and a total capital of nearly VND 8,500 billion. Hodeco has sold all its shares in the project after investing VND570 billion, earning about VND1,639 billion.
Thanks to this deal, the company's profit in the third quarter increased 41 times compared to the same period last year, from more than VND13 billion to VND538 billion.
As of September 30, 2025, Hodeco's total assets reached VND 5,404 billion, up 10.8% over the beginning of the year. Total outstanding loans have been slightly reduced to VND 2,523 billion; short-term financial loans have decreased by 26% to VND 869 billion. Long-term loans are at VND757 billion, including VND491 billion in bonds and VND266 billion in bank loans.
At the Construction Development Investment Corporation (DIC Corp, code: DIG), the enterprise recorded a positive financial picture thanks to the project transfer. In the third quarter of 2025, DIC Corp achieved net revenue of more than VND 1,339.3 billion, 28.3 times higher than the same period; Gross profit increased from VND 4.3 billion to VND 326.6 billion. DIC Corp said that the revenue mainly came from real estate business, reaching more than 1,198 billion VND, while the same period last year was almost unrecorded, even negative nearly 64.8 billion VND.
During the period, DIC Corp completed the transfer of the Lam Ha Center Point Residential Area project in Phu Ly City, Ha Nam Province (now in Ha Nam 1 Ward, Ninh Binh Province) with a value of more than 1,327 billion VND, excluding VAT. After deducting tax and fees, the enterprise recorded after-tax profit of more than 193.2 billion VND, an increase of 17.3 times over the same period.
In the first 9 months of the year, DIC Corp recorded net revenue of nearly VND 1,766.5 billion, up more than 103% over the same period in 2024; pre-tax profit reached more than VND 273.4 billion, 6.5 times higher than the same period; net profit reached nearly VND 200 billion, up 13.2 times.
By the end of September 2025, total assets of the enterprise reached more than VND 19,013.4 billion, up 2.6% over the beginning of the year. Inventory accounts for a large proportion, more than VND 8,655 billion, mainly unfinished costs in projects such as Dai Phuoc Eco-tourism Urban Area (more than VND 2,142.8 billion); Nam Vinh Yen New Urban Area (more than VND 2,090.3 billion); A2 Apartment - Vung Tau Point Center (nearly VND 1,493.5 billion).
Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex, code: VCG) also achieved breakthrough results thanks to divestment activities. In the third quarter of 2025, the enterprise recorded net revenue of VND 4,429 billion, up 66% over the same period; Gross profit reached VND 611 billion, up 56%.
The most prominent point of this period of VCG is that financial revenue reached VND 3,186 billion, 87 times higher than the same period, of which more than VND 3,072 billion came from the transfer interest of subsidiaries and affiliated companies.
On August 1, 2025, Vinaconex completed the transfer of all 107.1 million shares, equivalent to 51% of charter capital at Vinaconex Tourism Investment and Development Joint Stock Company (Vinaconex ITC) - the developer of the Cat Ba Amatina project (Hai Phong) with a scale of more than 172 hectares, capital of nearly VND 11,000 billion. The deal helped businesses earn nearly VND4,700 billion in cash flow in the quarter, most of which was used for short-term lending.
As a result, Vinaconex's after-tax profit in the third quarter of 2025 reached VND3,304 billion, up more than 22 times over the same period and the highest level since its listing.
Accumulated for the first 9 months, the company's net revenue reached VND 11,413 billion, up 40%; profit after tax reached VND 3,783 billion, up nearly 400%.
As of September 30, 2025, the company's total assets reached VND 29,021 billion, down slightly by 1.4% compared to the beginning of the year. Inventory decreased by 27% to VND 5,204 billion; long-term unfinished assets decreased by 80% to VND 1,380 billion due to no longer recording costs at the Cat Ba Amatina project.
Sunshine Group Joint Stock Company (KSF) also recorded strong growth. In the third quarter of 2025, net revenue reached VND 4,233.5 billion, nearly 26 times higher than the same period in 2024; mainly coming from real estate transfer and investment real estate revenue with more than VND 4,098 billion, accounting for nearly 97% of the revenue structure and 33 times higher than the same period last year. Gross profit reached more than VND 2,686 billion, up nearly 35 times.
After accounting for costs, the company's after-tax profit reached more than VND 1,508 billion, 53 times higher than the same period. Accumulated for 9 months, Sunshine Group achieved more than VND 1,591 billion in profit, up 2.6 times.
As of September 30, 2025, Sunshine Group's total assets reached more than VND 78,780 billion, 3.8 times higher than the beginning of the year. The majority is in short-term receivables, nearly VND54,587 billion, 5.8 times higher.
Developments show that the sudden profits of many real estate enterprises in the third quarter of 2025 mainly come from project transfer or divestment activities, instead of sales or project operations - which are considered the core source of revenue.
