According to the consolidated semi-annual financial report for the fiscal year 2025 (April 1 – September 30, 2025), CRV recorded VND 1.959 trillion in customer deposits for its projects, a significant surge from the VND 140 billion recorded at the beginning of the year.
CRV‘s CEO, Pham Thi Thu Huyen, attributed this sharp increase in deposits primarily to the strong sales performance of the new project, Hoang Huy New City – II, which contributed VND 1.879 trillion.
However, the majority of these deposits cannot yet be recognized as revenue. The project is still in its peak construction phase, with only a portion of low-rise units expected to be handed over in the final quarters of the fiscal year. Consequently, revenue and profit recognition will be deferred to the latter half of the fiscal period.
Construction progress of Hoang Huy New City as of September 2025 – Image: CRV
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According to Ms. Huyen, the projects that previously generated cash flow for CRV are nearing completion. Hoang Huy Commerce (H1 Tower), Hoang Huy Grand Tower in Hai Phong, and Gold Tower in Hanoi have all been completed and mostly handed over to customers. The remaining units in H1 Tower will only contribute minimal revenue.
This situation is reflected in the semi-annual results, with net revenue declining by 80% year-on-year to VND 237 billion. After-tax profit also dropped by 80% to VND 45 billion, the lowest level in five years.
Hoang Huy New City – II has become a focal point on the balance sheet, with an inventory cost of approximately VND 5.8 trillion as of September 2025, the highest among all projects in the real estate company’s portfolio.
The project, spanning approximately 50 hectares in Thuy Nguyen District, Hai Phong City, has a total investment of over VND 15 trillion. CRV describes it as a new urban area along the extended Do Muoi Street and its surrounding areas.
According to the CEO, the high level of customer deposits provides a basis for expecting significant revenue recognition in the final quarters. Previously, CRV set a full-year target of VND 4 trillion in revenue and VND 1.6 trillion in after-tax profit, with Hoang Huy New City – II playing a leading role.
For the 2026 fiscal year, CRV aims for VND 5 trillion in revenue and VND 2 trillion in profit, again relying heavily on this project.
| CRV‘s revenue and profit declined sharply in the first half of fiscal year 2025 |
CRV originated as Hung Viet Trading JSC in 2006 with a charter capital of VND 5 billion. In 2007, Hoang Huy Financial Services Investment (HOSE: TCH) joined as an investor, marking the company’s shift to the real estate sector.
In its early stages, the Golden Land Building in Hanoi was a flagship project with an investment of approximately VND 2 trillion. Subsequently, CRV underwent several name changes and capital increases. In 2020, the company was renamed CRV Real Estate Group and increased its capital from VND 1 trillion to VND 6.6 trillion. The current name has been in use since 2021.
In recent years, CRV has continuously expanded its project portfolio in Hai Phong. In late 2021, the company acquired 99.9% of the capital in the Hoang Huy – So Dau project and further obtained the legal entity of the developer for the Hoang Huy Commerce (H1 Tower) commercial housing project in 2022.
The ownership structure reveals CRV‘s close ties to the Hoang Huy ecosystem. TCH directly holds 38.1% of CRV‘s capital. TCH‘s subsidiaries hold 35.2%, 8.4%, and 7.4%, respectively. In total, TCH‘s voting rights in CRV amount to 89.1%.
As of September 30, 2025, CRV‘s total assets exceeded VND 10.3 trillion, with equity of approximately VND 7.1 trillion. Long-term debt remains modest at around VND 590 billion, and the company holds nearly VND 2 trillion in bank deposits.
In the inventory structure, aside from Hoang Huy New City – II with an original cost of approximately VND 5.8 trillion, Hoang Huy Commerce has around VND 470 billion in work-in-progress value, which continues to be handed over and generates minor revenue in the current period.
– 09:31 02/12/2025
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