With three quarters of the year complete, the financial health of real estate enterprises is becoming increasingly clear. Many firms continue to struggle.

DRH Holdings Joint Stock Company (ticker: DRH) extended its losing streak to 10 consecutive quarters, reporting a Q3 2025 loss of nearly 26 billion VND (approx. $1.06 million). Over nine months, it posted a modest revenue of just 3 billion VND ($123,000) while incurring a net loss of nearly 76 billion VND ($3.12 million), bringing its total accumulated losses to nearly 157 billion VND ($6.44 million).

DRH stock is under warning status and may face further sanctions if the company does not improve its business performance soon.

Similarly, Novaland (ticker: NVL) remains mired in difficulty. It reported a net loss of 878 billion VND (approx. $36 million) in Q3 2025, marking its fourth consecutive losing quarter.

One bright spot was its net revenue of 5.4 trillion VND ($221 million) over the first nine months of the year, driven by deliveries at key projects including NovaWorld Phan Thiet, Aqua City, and NovaWorld Ho Tram.

However, Novaland’s financial burden remains substantial, with total outstanding debt rising to 64.3 trillion VND ($2.63 billion), accounting for over 25% of its total assets.

Vinahud (ticker: VHD), another real estate company, also reported dismal results. Its Q3 2025 net revenue stood at just 7.6 billion VND ($311,000), an 85% drop year-on-year, reflecting a sharp decline in project deployment and sales activity.

Meanwhile, high operating costs led to a net loss of more than 22 billion VND ($902,000) for the quarter. The company’s cumulative nine-month loss reached nearly 80 billion VND ($3.28 million).

Profits driven by legal victories and project transfers

Amid the widespread losses, several companies reported positive results, underscoring the growing polarization of the sector.

Vinhomes (ticker: VHM) stood out with a consolidated after-tax profit of over 15.3 trillion VND ($626 million) in Q3. Contracted sales over the first nine months nearly doubled year-on-year to more than 162 trillion VND ($6.63 billion).

As of the end of September 2025, Vinhomes' unrecognized sales reached a record 224 trillion VND ($9.17 billion), with a significant portion attributed to its mega coastal city project, Vinhomes Green Paradise.

Phat Dat Corporation (ticker: PDR) also reported positive results in Q3, with net revenue soaring to 507 billion VND ($20.74 million), resulting in a net profit of nearly 86 billion VND ($3.52 million).

The revenue surge stemmed from the transfer of its Bac Ha Thanh (Quy Nhon Iconic) and Ky Dong (Ho Chi Minh City) projects. After nine months, Phat Dat recorded a net profit of 201 billion VND ($8.23 million), achieving 29% of its annual target.

Quoc Cuong Gia Lai (ticker: QCG) reported a modest net profit of 24 billion VND ($982,000), slightly down year-on-year. However, attention centered on its outstanding debt with Sunny Island, part of the Van Thinh Phat Group, related to the Bac Phuoc Kien residential project in Nha Be District, HCMC.

To date, the company has repaid 900 billion VND ($36.83 million), reducing the remaining balance to 1.98 trillion VND ($81.06 million). At the same time, it significantly increased borrowing from relatives of company leaders, totaling more than 1.1 trillion VND ($45 million).

Despite having an unremarkable core business, Thuduc House (ticker: TDH) attracted attention by posting a net profit of 84 billion VND ($3.44 million) in Q3 – its highest quarterly profit in nearly four years.

This was largely due to “other income” of around 91 billion VND ($3.72 million), stemming from its legal victory in an administrative case against the Ho Chi Minh City Tax Department. The dispute involved a delayed tax refund worth 365.5 billion VND ($14.95 million), linked to an electronics smuggling case from 2017 to 2019.

Anh Phuong