Leading the charge, Vinhomes reported profits of VND 7.55 trillion (USD 288 million), although this was down 30 per cent 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 per cent increase in net profit to more than VND 3.5 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 per cent 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 per cent from 2024.

Housing demand is expected to continue recovering, supported by low mortgage rates ranging between 5.5 and 7.9 per cent for the first one to three years. Looking further ahead, urbanisation projected to reach 50 per cent 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 per cent as tenants adopt a more cautious stance amid global uncertainties.

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

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