“Real Estate Firms’ Reserves Surge 59% in Nine Months”

The real estate sector witnessed a remarkable 59% growth in deferred revenue over the first nine months, driven by a doubling of 13 companies’ deferred income (advance payments from buyers + unearned revenue).

Van Phu Real Estate (HOSE: VPI) led with a 9.2x increase, surpassing 839 billion VND. This surge stemmed from advance payments for two projects: Vlasta Thuy Nguyen (over 594 billion VND) and TT39-40 Van Phu New Urban Area (nearly 97 billion VND). Conversely, the company no longer recorded advance payments for the Terra Bac Giang project (previously 47 billion VND at the beginning of the year).

Notably, VPI launched two new projects this year: Vlasta Thuy Nguyen (Hai Phong) and TT39-40 (Hanoi). Vlasta Thuy Nguyen achieved sales of approximately 1.8 trillion VND, while TT39-40 sold out with sales nearing 550 billion VND.

Similarly, Dat Xanh Group (HOSE: DXG) saw its deferred revenue exceed 3 trillion VND, a 2.6x increase. This was fueled by the sale of 1,027 apartments in Phase 1 of The Privé project in August, which were fully booked.

Taseco Real Estate (HOSE: TAL) recorded deferred revenue of over 1.2 trillion VND, a 7.4x increase, primarily from progressive payments for real estate contracts and construction activities.

Sunshine Group (HNX: KSF) reported deferred revenue exceeding 19.1 trillion VND, a 3.4x increase, attributed to the consolidation of financial statements from acquired companies: Sunshine Tay Ho, SmartMind Securities, DIA Investment, and Sunshine Homes.

VHM Maintains Top Position in Deferred Revenue

Despite significant growth, KSF ranked second in the industry, behind Vinhomes (HOSE: VHM), which held over 108.5 trillion VND, a 2.3x increase. Advance payments from property sales reached 72.9 trillion VND, a 2.1x increase.

This year, VHM launched two new projects: Vinhomes Golden City (Duong Kinh, Hai Phong) and Vinhomes Green City (Hau Nghia, Ho Chi Minh City). Total sales for the first nine months reached 162.6 trillion VND, a 96% increase year-on-year, reflecting strong market demand and effective sales strategies. Unearned revenue as of September 30th hit a record high of 223.9 trillion VND, up 93% from Q3/2024.

Meanwhile, Nova Group’s (HOSE: NVL) deferred revenue remained stable at around 18.9 trillion VND, as the company focused on issuing land-use right certificates for its projects.

As of September 30, 2025, NVL issued 1,935 land-use right certificates. The Sun Avenue project saw nearly 550 units complete certification, with Novaland working closely with residents to finalize registration and handover. The company is also accelerating certification for projects like Lucky Palace, Orchard Garden, Sunrise City North, and GardenGate.

Declining Deferred Revenue but Rising Profits for Some Firms

Nam Ha Noi Urban Development (HOSE: NHA) saw the sharpest decline in deferred revenue, dropping 99% to under 1 billion VND by September. This was due to the disappearance of 14.4 billion VND in advance payments for the Moc Bac residential project and 60 billion VND from Dong Van III Industrial Park Infrastructure Development.

Despite industrial real estate firms typically holding substantial deferred revenue, Long Hau Corporation (HOSE: LHG) saw a 97% decrease, leaving just over 2 billion VND.

However, LHG reported strong financial performance with 569 billion VND in net revenue and 246 billion VND in after-tax profit for the first nine months, up 73% and 77% respectively. This profit exceeded 70% of the company’s annual target for 2025.

LHG is currently processing legal approvals for two industrial park projects: Long Hau Phase 2 (90 hectares) and Long Hau – Tan Tap (150 hectares) in Tay Ninh province, with submissions expected in Q4/2025 and Q1/2026, respectively.

A similar trend was observed at Phat Dat Real Estate (HOSE: PDR), where deferred revenue fell 81% while net profit for the first nine months rose 31%. This contrast was driven by revenue recognition from the Bac Ha Thanh project, reducing advance payments from 130 billion VND at the start of the year to 17 billion VND by September.

Short-Term Cash Holdings Rise 26%

Alongside deferred revenue, short-term cash holdings (cash and cash equivalents + short-term deposits) of 104 real estate firms increased 26% to approximately 119.7 trillion VND over nine months.

Leading firms in cash holdings include VHM with nearly 50.9 trillion VND (up 67%) and Kinh Bac Urban Development (HOSE: KBC) with nearly 9.5 trillion VND (up 44%).

Notably, DXG tripled its cash holdings despite spending over 200.5 billion VND in July to repurchase the DXGH2125002 bond series ahead of schedule.

Ha Le

– 08:12 26/11/2025

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