Property shares lead HoSE rally as VNREAL Index jumps 43%

Property shares lead HoSE rally as VNREAL Index jumps 43%

Industrial real estate is benefiting from global supply chain shifts, foreign direct investment inflows, infrastructure expansion and the growing trend toward green industrial parks.

Investors at a trading room of a securities firm. — VNA/VNS Photo

 The real estate sector emerged as the top-performing industry group on the Hochiminh Stock Exchange (HoSE) in April, with the VNREAL index surging more than 43 per cent from the previous month amid improving first-quarter earnings and upbeat growth targets set by listed developers for 2026.

According to data from HoSE, the VN-Index closed April at 1,854.1 points while the VNAllshare and VN30 indices reached 1,913.7 points and 2,022.75 points, respectively. Compared with the end of March, the three benchmark indices rose between 9.46 per cent and 10.73 per cent.

The property sector outperformed all other industries on the exchange as investor sentiment improved following stronger-than-expected business results from major developers and optimistic guidance announced during the 2026 annual shareholders’ meeting season.

An update from brokerage firm Mirae Asset Securities Vietnam showed that listed companies on HoSE are expected to post planned profit growth of around 17 per cent this year compared with 2025 results.

However, the securities firm forecast that the real estate sector could still maintain robust momentum, with projected earnings growth of about 57 per cent in 2026.

Mirae Asset analysts said the residential property segment has been supported by efforts to resolve legal bottlenecks, improve market transparency and accelerate policies promoting social housing and affordable housing development.

Meanwhile, industrial real estate is benefiting from global supply chain shifts, foreign direct investment inflows, infrastructure expansion and the growing trend towards green industrial parks.

Among listed firms, Vingroup (VIC) and Vinhomes (VHM) continued to attract investor attention after announcing aggressive business targets for 2026. Planned profit after tax at Vingroup and Vinhomes is projected to rise 216 per cent and 38 per cent respectively from 2025 levels.

A May strategy report by SSI Securities Corporation showed that net profit after tax attributable to parent company shareholders (NPATMI) of listed real estate firms across Việt Nam’s three stock exchanges increased by about 32.3 per cent year-on-year in the first quarter.

SSI said earnings growth was driven mainly by large-cap developers including VIC, VHM, Vincom Retail (VRE) and Novaland (NVL).

The brokerage also noted that profit performance across the sector remained highly differentiated.

Residential developers such as VHM, NVL, Khang Dien House (KDH) and Hodeco (HDC) recorded positive growth while NLG and Dat Xanh Group (DXG) saw declines due to differences in revenue recognition schedules and extraordinary income factors.

The report also highlighted rising customer prepayments at several major developers which reflected improving liquidity and stronger market demand. Financial leverage ratios across most property companies remained stable compared with the beginning of the year.

In the industrial property segment however, most companies posted weaker earnings as memorandum of understanding signings slowed from the previous year, according to SSI. 

Bizhub