DIG, LDG, NDN Post Deep Losses in Q1 2025 as Real Estate Sector Struggles

Overview

Three Vietnamese real estate firms — DIG (DIC Corp), LDG, and NDN — reported net losses for the first quarter of 2025, reflecting persistent headwinds in the property sector. DIG posted a net loss of nearly VND 7 billion, LDG lost over VND 16 billion (accumulated losses reaching VND 1,268 billion), and NDN reported a loss of VND 630 million. The losses were driven by a sharp decline in revenue from finished product sales and increased financial and operating costs.

Key Facts

• DIG reported Q1 2025 net revenue of nearly VND 145 billion, down 5% year-on-year, and a net loss of nearly VND 7 billion (vs. a loss of VND 35 billion in Q1 2024).
• DIG’s total financial, selling, and administrative expenses rose 11% to nearly VND 85 billion.
• DIG set a 2025 target of VND 3,000 billion in consolidated revenue and VND 600 billion in pre-tax profit, down 37% and 27% respectively from 2024.
• LDG recorded zero revenue in Q1 2025, with net revenue negative VND 9.8 billion due to deductions, and a net loss of over VND 16 billion, bringing accumulated losses to VND 1,268 billion (49% of charter capital).
• LDG’s cash flow from operations was negative VND 1,576 billion in Q1, compared to positive VND 183 billion a year earlier.
• NDN reported Q1 2025 revenue of nearly VND 17 billion (up 241% year-on-year) but a net loss of VND 630 million, versus a profit of VND 45 billion in Q1 2024, due to increased provisioning for securities investments.
• NDN’s operating cash flow was negative VND 223 billion in Q1, versus positive VND 82 billion in the prior-year period.

What Happened

According to their Q1 2025 financial statements, DIG (listed on HOSE) attributed its loss to the absence of revenue from finished product sales, which had contributed over VND 26 billion in Q1 2024. Meanwhile, total expenses rose 11%, squeezing margins. DIG’s total assets stood at over VND 17,700 billion as of March 31, down 7% from the start of the year, with large receivables tied to the Bắc Vũng Tàu and Long Tân projects.

LDG (listed on HOSE) reported no revenue for the quarter, and its net revenue was negative due to nearly VND 10 billion in deductions. The company’s accumulated losses now stand at VND 1,268 billion, equivalent to 49% of its charter capital. Notably, the value of its C1 apartment project in Bình Nguyên New Urban Area (Ho Chi Minh City) was written down to zero from nearly VND 449 billion. LDG’s short-term borrowings were VND 734 billion, equal to 57% of total equity.

NDN (listed on HOSE) saw revenue surge 241% to nearly VND 17 billion, but a sharp increase in provisioning for securities investments pushed it into a net loss of VND 630 million. The company also reported a large negative operating cash flow of VND 223 billion.

Market Context

DIG closed at VND 15,000 on April 10, 2026, unchanged from the previous session, with high volume of 7.86 million shares. The stock has been under pressure amid the broader real estate sector downturn on HOSE. LDG and NDN have also faced selling pressure as investors digest weak earnings. The sector is grappling with high inventory, slow project approvals, and tight credit conditions.

Strategic Significance

The Q1 results underscore the ongoing challenges for Vietnamese real estate firms, particularly those reliant on project sales for revenue. DIG’s large receivables (nearly VND 5,800 billion) and LDG’s massive accumulated losses highlight balance sheet strain. NDN’s swing from profit to loss due to provisioning suggests exposure to volatile securities markets. These trends indicate that the sector’s recovery remains uneven, with cash flow generation and debt management being key watchpoints.

What to Watch

• DIG’s progress on its Bắc Vũng Tàu and Long Tân projects, which account for significant receivables.
• LDG’s ability to restructure debt and generate revenue from existing projects.
• NDN’s provisioning levels and any reversal of securities loss provisions in subsequent quarters.
• Q2 2025 earnings reports for all three firms to gauge whether losses are narrowing.
• Any policy changes from the State Bank of Vietnam or Ministry of Construction that could ease sector headwinds.