Vietnam’s real estate sector becomes the brightest spot on HOSE in April 2026
Vietnam’s stock market witnessed a powerful rally in real estate stocks during April 2026, with the real estate sector index on HOSE surging more than 43%, making it the best-performing sector on the market.
The strong growth was supported by several factors, including:
- Positive first-quarter earnings results.
- Expectations of strong profit growth in 2026.
- Government efforts to remove legal bottlenecks in the housing market.
- Returning investor capital flows into large-cap real estate companies.
According to analysts, although the market still faces challenges related to supply and interest rates, Vietnam’s property sector is showing clearer signs of recovery after a prolonged slowdown.
Real Estate Index Records the Strongest Growth on HOSE
VNREAL rises more than 43% in just one month
According to data from the Ho Chi Minh City Stock Exchange, by the close of trading on April 30, 2026:
- VN-Index reached 1,854.1 points.
- VNAllshare reached 1,913.7 points.
- VN30 reached 2,022.75 points.
Compared to the end of March 2026, the three benchmark indices increased by:
- 10.73%.
- 9.46%.
- 10.56%.
However, the standout performer was the VNREAL real estate index, which surged 43.23% within a single month, making it the strongest-performing sector on HOSE.
This is considered a clear sign that investor capital is flowing back into real estate stocks after a prolonged correction period.
Strong First-Quarter Earnings Boost Real Estate Stocks
Many companies report sharp profit growth
According to updates from the 2026 annual shareholder meeting season, Mirae Asset Vietnam estimates that listed companies on HOSE are expected to increase profits by around 17% in 2026 compared to 2025.
The real estate sector alone is projected to achieve profit growth of up to 57% this year.
Several major property developers have announced ambitious business targets:
- Vingroup plans to increase profit by 216%.
- Vinhomes expects profit growth of 38%.
A May 2026 strategic report from SSI Securities Corporation also stated that after-tax profit attributable to parent company shareholders among listed real estate firms rose approximately 32.3% in Q1/2026.
The main growth drivers came from large-cap companies such as:
- Vingroup
- Vinhomes
- Vincom Retail
- Novaland
Residential Real Estate Benefits From Legal Reforms
Social housing and affordable housing receive strong policy support
According to analysts at Mirae Asset, Vietnam’s residential property segment is benefiting from:
- Faster legal approval processes.
- Improved market transparency.
- Government support for social housing.
- Policies promoting affordable housing development.
Several developers posted positive growth in Q1, including:
- Vinhomes
- Novaland
- Khang Điền House
- Ba Ria – Vung Tau House Development
Meanwhile, companies such as:
- Nam Long Group
- Dat Xanh Group
recorded weaker results due to differences in revenue recognition schedules and the impact of non-recurring income.
Industrial Real Estate Begins to Recover
Chinese tenants support leasing activity
In the industrial real estate segment, many companies still reported weaker profits due to slower memorandum of understanding (MOU) signings last year.
However, according to SSI, the market is beginning to show recovery signals thanks to new tenants from China.
Listed industrial park developers are currently targeting:
- Stronger new leasing growth.
- Approximately 39% growth in MOU agreements in 2026.
Analysts believe industrial real estate continues to enjoy strong long-term support from:
- Global supply chain diversification.
- Rising FDI inflows into Vietnam.
- Public infrastructure investment.
- The development of green industrial parks.
Liquidity Improves but the Market Remains Highly Polarized
Advance payments from buyers continue increasing
Another positive signal is that advance payments from homebuyers at many major developers continue to rise, reflecting:
- Improving market liquidity.
- Recovering housing demand.
- Gradually improving investor confidence.
In addition, leverage ratios at most real estate companies remained relatively stable compared to the beginning of the year.
However, SSI noted that earnings performance across the industry remains highly polarized:
- Companies with strong land banks and solid financial positions are recovering quickly.
- Firms facing legal issues or weak cash flows continue to struggle.
Rising Housing Supply Creates Pressure on the Market
Supply-demand mismatch remains a major issue
According to data from DXS Research, primary housing supply in Q1/2026 increased approximately 65% year-over-year, reaching nearly 78,000 units.
However, market absorption rates have been slower.
Current inventory is mainly concentrated in:
- High-end housing.
- Luxury real estate.
Meanwhile, actual market demand remains strongest in:
- Mid-range housing.
- Affordable housing.
This indicates that Vietnam’s property market still faces a significant supply-demand imbalance.
Mortgage Interest Rate Pressure Begins to Increase
Homebuyers face higher financial burdens
One major concern highlighted by SSI is the rising pressure from mortgage interest rates.
Many loans fixed at 6-7% interest rates during 2024 are now transitioning to floating rates of:
- 12%.
- 13%.
- Even 14%.
This significantly increases financial pressure on homebuyers and may affect pricing in the secondary housing market.
Real Estate Credit Continues to Grow but Remains Tightly Controlled
Outstanding real estate loans reach VND 2.2 quadrillion
According to SSI, by February 2026, outstanding real estate credit in Vietnam had reached approximately VND 2.2 quadrillion:
- Up 11.5% within three months.
- Up 46% year-over-year.
Despite the strong growth, the State Bank of Vietnam continues to maintain tight control over credit flows into the property sector to reduce systemic risks.
Analysts believe capital will increasingly concentrate on:
- Developers with clean land banks.
- Companies with strong financial health.
- Projects with clear legal status.
- Developers capable of delivering projects on schedule.
Rather than spreading evenly across the market as seen in previous growth cycles.
Outlook for Vietnam’s Real Estate Market in 2026
Recovery phase accompanied by strong market selection
Analysts believe Vietnam’s property market is entering a period characterized by:
- Stronger recovery momentum.
- Improving liquidity.
- Increasing market polarization.
Companies with:
- Strong financial capacity.
- Large clean land reserves.
- Complete legal documentation.
- Stable sales performance.
are expected to continue attracting investor capital and leading the market in the next growth cycle.
Meanwhile, developers heavily dependent on leverage or facing project delays may continue to encounter significant pressure in the coming period.
References:
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