One of the companies reporting positive business results was Novaland. Its consolidated net revenue in the third quarter exceeded VND5.12 trillion, up more than 204 percent year on year. After-tax profit reached more than VND1.102 trillion.

Novaland said revenue mainly came from handing over homes at the Aqua City, Victoria Village and Sunrise Riverside projects. The company also recorded income from land-use rights transfers, real estate transfers and investment partnerships.

In contrast, Bluemarq Group JSC, formerly known as Dat Xanh Group, reported consolidated after-tax profit of just VND3.2 billion in the third quarter, down 98 percent from VND163.6 billion in the same period last year.

Bluemarq Group executives said the main reason was a decline in revenue from apartment and land-lot sales and real estate brokerage services, which reduced gross profit by VND270.07 billion.

Meanwhile, financial expenses and general and administrative expenses rose by VND13.74 billion and VND25.86 billion, respectively, putting further pressure on business results. Although selling expenses fell by VND106.63 billion, the reduction was insufficient to offset the adverse factors.

At Phat Dat Real Estate Development Corporation, net profit from business operations in the third quarter reached VND270.7 billion, up 119 percent. However, after-tax profit was just VND13.7 billion, down sharply from VND85.8 billion in the same period last year.

The company explained that incurred costs of VND112.2 billion for Build-Transfer (BT) investment projects and corporate income tax expenses of VND141.4 billion significantly impacted final bottom-line results.

Another business reporting a steep profit contraction was An Gia Real Estate Investment and Development Corporation. Third-quarter consolidated net profit reached VND15.3 billion, down 85.9 percent year-on-year.

An Gia stated that the decline stemmed mainly from sharp drops in net revenue and gross profit, alongside elevated financial and administrative expenses. Conversely, parent company net profit rose, buoyed by financial activity revenue of VND61.4 billion, up VND15.9 billion year-on-year.

Meanwhile, Quoc Cuong Gia Lai JSC posted third-quarter net revenue of VND26.8 billion, down 76 percent, resulting in a net loss of nearly VND7 billion, compared to a profit of over VND24 billion in the same period last year.

Quoc Cuong Gia Lai attributed the decline to fewer residential unit handovers during the quarter. Furthermore, the divestment of its hydropower plants left the company without recurring revenue from that segment.

Another enterprise swinging from profit to loss was Thu Duc House. In the third quarter, revenue reached VND44.52 billion, up 25.6 percent, yet the firm logged a net loss of VND2.89 billion, compared to a net profit of VND84.24 billion in the same period last year.

Thu Duc House said the main reason was that a substantial amount of other income related to a tax authority dispute, which had been recorded in the same period last year, did not recur this quarter.

Corporate struggles mirror broader headwinds across the real estate sector.

A report by the Vietnam Association of Realtors’ Institute for Real Estate Market Research and Evaluation (VARS IRE) showed that 31,844 new housing units were launched into the market, but only 12,520 transactions were recorded, representing an absorption rate of 39.3 percent. 

While new supply continued to enter the market, property prices remained high, making buyers more cautious.

MBS Research also said high interest rates were putting pressure on purchasing power and market liquidity. The firm forecast an absorption rate of only around 40-50 percent in the second half of 2026. Although supply has improved, the market continues to face challenges related to housing affordability and demand.

According to a VietNamNet survey conducted in mid-October 2026, floating mortgage rates at many banks stood at 12-15 percent per year, while rates for the first year were around 9-10 percent.

Many people believe renting is currently a better option, allowing them to put their money to work while avoiding sleepless nights over bank debt. Renting is also consistent with the Government’s policy of encouraging the development of rental housing.

Echoing concerns about the market, Nguyen Truong Son, CEO of Bluemarq Group, said high mortgage rates were making buyers more cautious and prompting them to weigh their options carefully before making a transaction. This has created additional challenges for apartment and land-lot sales and brokerage services, and is one of the reasons the company’s revenue and profit declined in the latest quarter.

Anh Phuong