VEF Leads Vietnamese Real Estate Profit Slump: 9M 2026 Earnings Down 35-99%

Overview

Nine-month 2026 pre-tax profit fell 35-99% year on year across a broad group of Vietnamese listed property developers, led by VEFAC (VEF) on UPCOM at -94%, according to Q3/2026 financial statements. The declines are concentrated in companies that booked one-off gains in 2025 or are handing over fewer units in 2026, spanning residential names NLG, DXG, HDC and TDH and industrial-park operators BCM, SNZ and SZC.

Key Facts

• VEFAC (VEF) 9M 2026 pre-tax profit: VND 1,085B, down 94% or VND 18,210B year on year; Q3 alone was VND 405B, up 89%.
• Hodeco (HDC): revenue up 63% to VND 459B, but pre-tax profit down 73% to VND 207B.
• Thuduc House (TDH): pre-tax profit down 99% to roughly VND 1B, the steepest percentage fall in the group.
• Nam Long (NLG): pre-tax profit down 50% to VND 310B; property sales revenue down 54% to VND 1,738B.
• Dat Xanh (DXG) and DXS: revenue up 4% and 14% respectively, but pre-tax profit down 49% to VND 315B and 53% to VND 271B.
• Becamex (BCM): pre-tax profit down 68% or VND 1,666B to VND 796B; net revenue down 53.5% to VND 2,591B.
• Sonadezi (SNZ) pre-tax profit down 35% to VND 1,307B; Sonadezi Châu Đức (SZC) down 77% to VND 70B.

What Happened

The figures are drawn from Q3/2026 financial statements compiled by the source publication. VEFAC, the operator of the Vietnam Exhibition Fair Centre, attributed its decline to an unusually high 2025 base, when it recognised a large gain on transferring part of the Vinhomes Global Gate project in Đông Anh, Hà Nội. Hodeco’s 2025 comparison included a gain on transferring shares in the Đại Dương Vũng Tàu project, and Thuduc House’s prior-year result included one-off income tied to litigation with the Hồ Chí Minh City tax authority that did not recur.

Among residential developers, Nam Long’s fall tracked a 54% drop in property sales revenue as handovers slowed. DXG and DXS grew revenue but still recorded lower profit. In the industrial-park segment, Becamex and Sonadezi both reported weaker revenue, while SZC changed its accounting for industrial land leases from 2026, spreading revenue over the lease term rather than recognising it at once; its industrial-park revenue fell 86% to VND 82B even as cash collection from the segment continued.

Market Context

VEF closed at VND 77,000 on 1 November 2026 on UPCOM, HDC at VND 11,250, NLG at VND 22,000 and TDH at VND 2,630. The results land as the residential recovery remains uneven, with handovers concentrated in a few large urban projects and absorption in the mid-income segment still slow. Industrial-park names face a separate issue: leasing demand remains intact, but revenue recognition and land-clearing timelines are stretching reported earnings away from cash flow.

Strategic Significance

The common thread is base effect rather than demand collapse. VEFAC, HDC and TDH are being measured against 2025 results inflated by asset transfers or legal settlements, so the headline declines overstate deterioration in underlying operations; VEF’s 89% Q3 increase supports that reading. For NLG, the 54% fall in property sales revenue is the more meaningful signal, pointing to handover timing rather than pricing. For BCM, SNZ and SZC, the shift toward deferred recognition of industrial land revenue changes how reported profit should be read against cash collection, and investors comparing the group on headline profit growth alone will misjudge relative performance.

What to Watch

• Q4/2026 and full-year 2026 financial statements, particularly whether VEF books further Vinhomes Global Gate transfers.
• Nam Long’s 2027 handover schedule and pre-sales disclosures for the Nam Long II Central Lake and Mizuki projects.
• SZC’s cash collection from industrial land leases versus recognised revenue under the new amortisation method.
• BCM and SNZ land-clearing progress and new lease signings in Bình Dương and Đồng Nai.
• Any further disclosures on the Thuduc House tax litigation and its effect on the 2027 base.