Real estate: Vietnam developers report record-high inventories in Q2 2025
Inventories of listed Vietnamese developers, including Novaland, Vinhomes, Vingroup, Khang Dien and Kinh Bac, reached a record high of VND 531,000 billion or US$20.42 billion in the second quarter, up 11 percent year-to-date, according to VnExpress → view source.
Analysts interviewed view the build-up as a sign of market recovery rather than distress, with most holdings tied to land banks and projects under construction.
Key details:
- Novaland: VND 150,233 billion or US$5.78 billion, mainly land funds and projects like Aqua City, Novaworld Ho Tram, The Grand Manhattan.
- Vingroup: Over VND 98,600 billion or US$3.79 billion in real estate inventory, second largest among listed firms.
- Vinhomes (subsidiary): Over VND 80,200 billion or US$3.09 billion, also at a record level.
- Accounting structure: Inventories include real estate for sale under construction, completed units for sale, unfinished costs, and resale assets. Projects typically span 3–7 years, keeping high inventory levels on balance sheets for multiple periods.
- Market view: DKRA Group noted that large inventories mean developers have products and capital ready to deploy. Risks seen in 2022–2024 tied to legal hurdles are easing as 571 stalled projects were reviewed, with 63 resolved, unlocking VND 86,800 billion or US$3.34 billion in investment capital.
- Financing: Average new loan rates fell to 6.38 percent in H1 2025, 0.6 percentage points lower than end-2024. Credit reached VND 17.2 million billion or US$661.54 billion, up 9.9 percent YTD—the fastest pace since 2022.
