While some firms have had to borrow trillions of VND from relatives of their executives to repay debts, others have reported strong profits after winning tax disputes.

As the first three quarters of 2025 come to an end, the financial picture of real estate developers has become clearer, showing that many of them are facing difficulties.

DRH Holdings JSC (DRH) extended its losing streak of loss-making quarters to 10, posting a net loss of nearly VND26 billion in Q3 2025. For the first nine months, it earned only VND3 billion in revenue but recorded a net loss of almost VND76 billion, raising its accumulated losses to nearly VND157 billion.

DRH stock is under a warning status. If business results are not improved soon, DRH Holdings may face worse situations.

Similarly, Novaland (NVL) continues to face difficulties. The company reported a net loss of VND878 billion in Q3 2025, its fourth straight quarter in the red.

One positive sign for Novaland was its net revenue of VND5.4 trillion in the first nine months, supported by handovers from key projects such as NovaWorld Phan Thiet, Aqua City, and NovaWorld Ho Tram.

However, financial pressure remains high as total outstanding debt has increased to VND64.3 trillion, accounting for more than 25 percent of total assets.

Another developer, Vinahud JSC (VHD), also posted weak results. In Q3 2025, the company recorded net revenue of only VND7.6 billion, down more than 85 percent year-on-year, reflecting sluggish project execution and sales.

Meanwhile, costs remained high, causing Vinahud to lose more than VND22 billion after tax. Cumulatively, Vinahud lost nearly VND80 billion in the first nine months of the year.

The State Securities Commission in early October fined Sonadezi Chau Duc JSC (SZC) a total of VND507.5 million for multiple violations in the securities sector.

Specifically, Sonadezi Chau Duc committed several violations, including failing to disclose mandatory information (fined VND92.5 million); incomplete disclosure of board of directors’ resolutions during the 2023–2025 period (fined VND65 million); and changing the capital use plan from its share issuance without approval from the general meeting of shareholders (fined VND350 million).

Notably, regarding the misuse of funds, Sonadezi Chau Duc used VND67.4 billion out of a total of VND1.1997 trillion raised from its 2024 share issuance for purposes not approved by shareholders.

According to the inspection conclusion, the company used the funds to pay for items under the Chau Duc Urban Area and Golf Course project, to repay loans for the BOT 768 road project, and to contribute capital to BOT 768 Co. Ltd., a wholly owned subsidiary of Sonadezi Chau Duc.

Inspectors required Sonadezi Chau Duc to present the matter to the next general meeting of shareholders for review and approval of the change in the capital use plan from the 2024 share issuance.

Big profits after winning a tax lawsuit

While many developers are deep in losses, some have achieved strong growth, highlighting the growing divide within the real estate industry.

Vinhomes JSC (VHM) stood out with consolidated after-tax profit exceeding VND15.3 trillion in the latest quarter. Contracted sales in the first nine months nearly doubled year-on-year, reaching more than VND162 trillion.

As of the end of September 2025, unrecognized contracted sales hit a record VND224 trillion, partly thanks to the mega coastal city project Vinhomes Green Paradise.

Phat Dat Corporation (PDR) also posted positive results in Q3, with net revenue rising sharply to VND507 billion and net profit reaching nearly VND86 billion.

The company’s revenue surge came mainly from the transfer of the Bac Ha Thanh (Quy Nhon Iconic) project and Ky Dong project in HCMC. After nine months, Phat Dat recorded net profit of VND201 billion, equivalent to 29 percent of its full-year target.

Quoc Cuong Gia Lai JSC (QCG) reported a modest profit of VND24 billion, slightly down year-on-year. However, the company’s notable development lies in its large debt settlement with Sunny Island (under the Van Thinh Phat Group ecosystem) related to  Bac Phuoc Kien residential project in Nha Be District, HCMC.

To date, QCG has paid VND900 billion, reducing the remaining debt to VND1.982 trillion. The firm has also increased personal loans from relatives of its executives, totaling over VND1.1 trillion.

Despite a lack of operational highlights, Thuduc House JSC (TDH) drew attention after posting net profit of VND84 billion in Q3, its highest in nearly four years.

This profit mainly came from “other income” of about VND91 billion, following the company’s victory in an administrative lawsuit against the HCMC Tax Department. 

Anh Phuong