According to SSI Research, gains were driven by both housing and industrial park segments, signalling renewed investor confidence and growth potential.

Leading the charge, Vinhomes reported profits of VND7.55 trillion (US$288 million), although this was down 30% year-on-year as major handovers and bulk sales are expected to materialise in the second half of the year.

Meanwhile, Hoang Huy Investment Service JSC (HHS) posted an extraordinary 3,075% increase in net profit to more than VND3.5 trillion, following its acquisition of HHS Capital JSC and its position as parent company of CRV Real Estate Group.

Novaland and Vingroup also narrowed losses significantly compared to the previous year, contributing to an overall improved sector outlook. On the industrial property front, Viglacera and Kinh Bac reported profit growth fuelled by robust foreign direct investment (FDI) inflows and better gross margins.

Despite this profit strength, sector revenue dipped by 3.6% in Q2. Larger developers such as Vinhomes, Nam Long, and Khang Dien saw declines on a high base, while smaller players including Hodeco and Dat Xanh recorded growth.

SSI Research highlighted that new supply is benefiting from legal reforms and the restart of previously stalled projects, forecasting over 40,000 new apartments in HCM City and Hanoi in 2025 — a rise of more than 10% from 2024.

Housing demand is expected to continue recovering, supported by low mortgage rates ranging between 5.5 and 7.9% for the first one to three years. Looking further ahead, urbanisation projected to reach 50% by 2030 suggests significant long-term market potential.

In industrial parks, SSI cautioned that late 2025 through 2026 may experience slower contract signings, with memorandum of understanding (MoU) areas down 27% as tenants adopt a more cautious stance amid global uncertainties.

Rental rates are expected to remain stable at US$145 per square metre in the north of the country and US$178 per square metre in the south, with occupancy rates at 82% and 89%, respectively.

SSI projects net profit after tax for listed industrial park developers to grow 13% in 2025, although the long-term outlook for some larger players could weaken if new contract momentum fails to improve.

Foreign ownership limits set for Vietnamese property market

Foreign entities and individuals can now own up to 30% of the residential apartments in a building, including mixed-use developments, under a new decree effective on August 1.