Vietnam’s real estate sector shows signs of recovery amid challenges

Vietnamese real estate companies have shown resilience amid a sluggish market, with notable firms reporting significant profits. No Va Land Investment Group Corporation (Novaland - NVL) achieved a three-year high in Q4 2023 profits, despite a year-on-year decrease in annual net profit. Vinhomes (VHM), owned by billionaire Pham Nhat Vuong, saw a 14% increase in net profit, thanks to substantial revenue growth from real estate unit handovers. An Gia Investment and Development Corporation (AGG) reported a record net profit, reversing previous losses. Despite varied performance across the sector, these results have sparked optimism for a market recovery. The positive trend is reflected in the stock market, with the majority of listed real estate stocks experiencing price increases in 2023, signaling improving investor sentiment.