How Far Has Real Estate Titan Hoàng Quân Come in Delivering on Its Promise of 50,000 Affordable Homes?

Hoang Quan Consulting – Trading – Service Real Estate JSC (HoSE: HQC) has recently received approval from the People’s Committee of Ca Mau Province for its investment plan, along with being appointed as the developer of the An Xuyên Social Housing Project.

According to the decision, the project will be implemented on plots N2-1, N2-2, and N2-3, covering a total area of nearly 2 hectares with a total investment of over VND 1,215 billion. The project’s master plan includes 996 apartments, arranged in 6 blocks, each 12 stories high. The construction is expected to take place from Q4/2025 to Q3/2028, divided into three phases.

This marks the second project by Hoang Quan in Ca Mau to receive investment approval in the past two months. Previously, in mid-September 2025, the company was granted approval for the Khanh An Social Housing Project, spanning 15.8 hectares with a total investment of VND 662 billion.

With over 20 years of development, Hoang Quan Real Estate is recognized as a pioneer in the social housing sector in Vietnam. The company is currently undertaking numerous large-scale projects in Ho Chi Minh City, Khanh Hoa, Lam Dong, Tay Ninh, Can Tho, Vinh Long, Dong Thap, and Ca Mau, contributing to the government’s goal of developing at least 1 million social housing units by 2030.

As per its commitment, Hoang Quan aims to develop 50,000 social housing units nationwide from 2022 to 2030. To date, the company has completed approximately 10,000 units and is in the process of constructing the remaining 40,000 units. Specifically, in 2025, HQC expects to deliver at least 5,000 apartments.

However, Truong Anh Tuan, Chairman of HQC’s Board of Directors, highlighted significant challenges faced by Hoang Quan. Primarily, the company is grappling with low revenue and profit margins. With a capital of nearly VND 5,800 billion, HQC’s business plans over the past nine years have consistently fallen short of targets, yielding a profit of only VND 100 billion, far below expectations.

Typically, minimum revenue in the real estate sector should reach 50% of the charter capital. Currently, HQC’s revenue in 2024 stood at approximately VND 346 billion, despite having VND 5,800 billion in capital. The leadership views this as a substantial hurdle.

Another challenge for HQC lies in land acquisition and its ambitious goal of constructing a large number of social housing units. The company needs to build an additional 40,000 social housing units by 2030, requiring 200 hectares of land, while currently possessing only 50 hectares. The management also notes that land conversion procedures and construction permits present additional obstacles.

In terms of business performance, during the first nine months of 2025, Hoang Quan Real Estate reported a net revenue of nearly VND 51 billion, a 13% increase, but its after-tax profit reached only VND 18 billion, a 32% decrease compared to the same period last year.

Compared to the annual plan of VND 1,000 billion in revenue and VND 70 billion in after-tax profit—the highest in a decade—the company has only achieved approximately 16% of its revenue target and 26% of its profit target after three quarters, indicating that meeting the year’s goals remains a significant challenge.