{"id":6822,"date":"2026-08-07T08:56:40","date_gmt":"2026-08-07T01:56:40","guid":{"rendered":"https:\/\/industrialland.com.vn\/en\/?p=6822"},"modified":"2026-08-07T08:56:40","modified_gmt":"2026-08-07T01:56:40","slug":"industrial-real-estate-firm-d2d","status":"publish","type":"post","link":"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/","title":{"rendered":"Industrial Real Estate Firm D2D Achieves Only 4% of Its 2026 Profit Target in the First Half of the Year"},"content":{"rendered":"<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"759\" data-end=\"1167\">Industrial Urban Development No. 2 Corporation (HoSE: D2D) has released its financial statements for the second quarter of 2026, revealing a significant decline in both revenue and profit. After the first half of the year, the company has achieved only <strong data-start=\"1012\" data-end=\"1048\">15% of its annual revenue target<\/strong> and approximately <strong data-start=\"1067\" data-end=\"1102\">4% of its full-year profit goal<\/strong>, creating substantial pressure for the remaining months of 2026.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">M\u1ee4C L\u1ee4C<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Second-Quarter_Revenue_Fell_More_Than_90_Profit_Dropped_99\" >Second-Quarter Revenue Fell More Than 90%, Profit Dropped 99%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Only_4_of_the_Annual_Profit_Target_Achieved_After_Six_Months\" >Only 4% of the Annual Profit Target Achieved After Six Months<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Profit_Decline_Mainly_Attributed_to_the_Absence_of_One-Off_Land_Transfer_Revenue\" >Profit Decline Mainly Attributed to the Absence of One-Off Land Transfer Revenue<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Strong_Financial_Position_Maintained_with_Zero_Bank_Debt\" >Strong Financial Position Maintained with Zero Bank Debt<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Continuing_Investment_in_Residential_and_Industrial_Projects\" >Continuing Investment in Residential and Industrial Projects<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Loc_An_Social_Housing_Project\" >Loc An Social Housing Project<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Sonadezi_Huu_Phuoc_Residential_Area\" >Sonadezi Huu Phuoc Residential Area<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Industrial_Park_Investment_in_Khanh_Hoa\" >Industrial Park Investment in Khanh Hoa<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Industrial_Real_Estate_Remains_a_Long-Term_Growth_Driver\" >Industrial Real Estate Remains a Long-Term Growth Driver<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#A_Key_Member_of_the_Sonadezi_Group\" >A Key Member of the Sonadezi Group<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Outlook_for_the_Second_Half_of_2026\" >Outlook for the Second Half of 2026<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/industrialland.com.vn\/en\/industrial-real-estate-firm-d2d\/#Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" >Free access to exclusive information on warehouse, factory, and land rentals in Dong Nai, Binh Duong, Long An, Ho Chi Minh City, and more.<\/a><\/li><\/ul><\/nav><\/div>\n\n<p data-start=\"1169\" data-end=\"1441\">Although Vietnam&#8217;s <strong data-start=\"1188\" data-end=\"1221\">industrial real estate market<\/strong> continues to benefit from strong foreign direct investment (FDI) inflows, D2D&#8217;s results highlight the company&#8217;s heavy reliance on the timing of revenue recognition from large-scale industrial land transfer transactions.<img loading=\"lazy\" decoding=\"async\" class=\"wp-image-6823  aligncenter\" src=\"https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/fca44d11-5086-4227-a5ab-5a5521071ce8.png\" alt=\"industrial-real-estate.webp\" width=\"626\" height=\"417\" srcset=\"https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/fca44d11-5086-4227-a5ab-5a5521071ce8.png 1536w, https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/fca44d11-5086-4227-a5ab-5a5521071ce8-768x512.png 768w, https:\/\/industrialland.com.vn\/en\/wp-content\/uploads\/2026\/08\/fca44d11-5086-4227-a5ab-5a5521071ce8-510x340.png 510w\" sizes=\"auto, (max-width: 626px) 100vw, 626px\" \/><\/p>\n<hr data-start=\"1443\" data-end=\"1446\" \/>\n<h2 data-section-id=\"10swcvs\" data-start=\"1448\" data-end=\"1516\"><span class=\"ez-toc-section\" id=\"Second-Quarter_Revenue_Fell_More_Than_90_Profit_Dropped_99\"><\/span><span role=\"text\"><strong data-start=\"1451\" data-end=\"1516\">Second-Quarter Revenue Fell More Than 90%, Profit Dropped 99%<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1518\" data-end=\"1584\">According to the company&#8217;s Q2 2026 financial report, D2D recorded:<\/p>\n<ul data-start=\"1586\" data-end=\"1862\">\n<li data-section-id=\"mwbv83\" data-start=\"1586\" data-end=\"1660\"><strong data-start=\"1588\" data-end=\"1604\">Net revenue:<\/strong> nearly <strong data-start=\"1612\" data-end=\"1630\">VND 42 billion<\/strong>, down <strong data-start=\"1637\" data-end=\"1644\">92%<\/strong> year-over-year.<\/li>\n<li data-section-id=\"1dyxazw\" data-start=\"1661\" data-end=\"1793\"><strong data-start=\"1663\" data-end=\"1688\">Net profit after tax:<\/strong> approximately <strong data-start=\"1703\" data-end=\"1722\">VND 2.5 billion<\/strong>, representing a <strong data-start=\"1739\" data-end=\"1754\">99% decline<\/strong> compared to the same period last year.<\/li>\n<li data-section-id=\"1an8v7w\" data-start=\"1794\" data-end=\"1862\">This marks the company&#8217;s lowest quarterly profit in several years.<\/li>\n<\/ul>\n<p data-start=\"1864\" data-end=\"2107\">The sharp decline was primarily due to the exceptionally high comparison base in Q2 2025, when D2D recognized nearly <strong data-start=\"1981\" data-end=\"2000\">VND 592 billion<\/strong> in revenue from the transfer of land at <strong data-start=\"2041\" data-end=\"2069\">Chau Duc Industrial Park<\/strong>, resulting in extraordinary earnings.<\/p>\n<p data-start=\"2109\" data-end=\"2235\">Without a similar one-off transaction in 2026, the company&#8217;s quarterly financial performance naturally declined significantly.<\/p>\n<hr data-start=\"2237\" data-end=\"2240\" \/>\n<h2 data-section-id=\"12aidbu\" data-start=\"2242\" data-end=\"2310\"><span class=\"ez-toc-section\" id=\"Only_4_of_the_Annual_Profit_Target_Achieved_After_Six_Months\"><\/span><span role=\"text\"><strong data-start=\"2245\" data-end=\"2310\">Only 4% of the Annual Profit Target Achieved After Six Months<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2312\" data-end=\"2353\">For the first half of 2026, D2D reported:<\/p>\n<ul data-start=\"2355\" data-end=\"2535\">\n<li data-section-id=\"17je5mn\" data-start=\"2355\" data-end=\"2429\"><strong data-start=\"2357\" data-end=\"2373\">Net revenue:<\/strong> nearly <strong data-start=\"2381\" data-end=\"2399\">VND 86 billion<\/strong>, down <strong data-start=\"2406\" data-end=\"2413\">87%<\/strong> year-over-year.<\/li>\n<li data-section-id=\"n2l4ox\" data-start=\"2430\" data-end=\"2535\"><strong data-start=\"2432\" data-end=\"2457\">Net profit after tax:<\/strong> approximately <strong data-start=\"2472\" data-end=\"2491\">VND 7.8 billion<\/strong>, down <strong data-start=\"2498\" data-end=\"2505\">96%<\/strong> from the same period in 2025.<\/li>\n<\/ul>\n<p data-start=\"2537\" data-end=\"2597\">The company had previously set its 2026 business targets at:<\/p>\n<ul data-start=\"2599\" data-end=\"2694\">\n<li data-section-id=\"1qsl8nb\" data-start=\"2599\" data-end=\"2644\"><strong data-start=\"2601\" data-end=\"2613\">Revenue:<\/strong> more than <strong data-start=\"2624\" data-end=\"2643\">VND 594 billion<\/strong>.<\/li>\n<li data-section-id=\"gd0q3q\" data-start=\"2645\" data-end=\"2694\"><strong data-start=\"2647\" data-end=\"2666\">Pre-tax profit:<\/strong> nearly <strong data-start=\"2674\" data-end=\"2693\">VND 238 billion<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"2696\" data-end=\"2732\">As a result, D2D has completed only:<\/p>\n<ul data-start=\"2734\" data-end=\"2816\">\n<li data-section-id=\"1f55et8\" data-start=\"2734\" data-end=\"2772\"><strong data-start=\"2736\" data-end=\"2772\">15% of its annual revenue target<\/strong><\/li>\n<li data-section-id=\"j49fz7\" data-start=\"2773\" data-end=\"2816\"><strong data-start=\"2775\" data-end=\"2816\">Around 4% of its annual profit target<\/strong><\/li>\n<\/ul>\n<p data-start=\"2818\" data-end=\"3010\">This means the company will need to generate the majority of its revenue and earnings during the second half of the year if it intends to meet its business objectives approved by shareholders.<\/p>\n<hr data-start=\"3012\" data-end=\"3015\" \/>\n<h2 data-section-id=\"w7rwbj\" data-start=\"3017\" data-end=\"3104\"><span class=\"ez-toc-section\" id=\"Profit_Decline_Mainly_Attributed_to_the_Absence_of_One-Off_Land_Transfer_Revenue\"><\/span><span role=\"text\"><strong data-start=\"3020\" data-end=\"3104\">Profit Decline Mainly Attributed to the Absence of One-Off Land Transfer Revenue<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3106\" data-end=\"3325\">According to D2D&#8217;s explanation, the sharp decline in earnings was largely due to the absence of extraordinary revenue recognized in the previous year rather than a complete deterioration in its core business operations.<\/p>\n<p data-start=\"3327\" data-end=\"3575\">In the <strong data-start=\"3334\" data-end=\"3367\">industrial real estate sector<\/strong>, revenue is typically recognized upon the completion of land transfer procedures and project handovers. Consequently, quarterly revenue and profit can fluctuate significantly depending on transaction timing.<\/p>\n<p data-start=\"3577\" data-end=\"3758\">This is a common characteristic among industrial park developers, whose financial performance largely depends on the schedule of land lease agreements and industrial land handovers.<\/p>\n<hr data-start=\"3760\" data-end=\"3763\" \/>\n<h2 data-section-id=\"189yxtb\" data-start=\"3765\" data-end=\"3828\"><span class=\"ez-toc-section\" id=\"Strong_Financial_Position_Maintained_with_Zero_Bank_Debt\"><\/span><span role=\"text\"><strong data-start=\"3768\" data-end=\"3828\">Strong Financial Position Maintained with Zero Bank Debt<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3830\" data-end=\"3911\">Despite weaker earnings, D2D continues to maintain a healthy financial structure.<\/p>\n<p data-start=\"3913\" data-end=\"3933\">As of June 30, 2026:<\/p>\n<ul data-start=\"3935\" data-end=\"4092\">\n<li data-section-id=\"fz9nyk\" data-start=\"3935\" data-end=\"3988\"><strong data-start=\"3937\" data-end=\"3954\">Total assets:<\/strong> more than <strong data-start=\"3965\" data-end=\"3987\">VND 1.416 trillion<\/strong>.<\/li>\n<li data-section-id=\"gg3ul4\" data-start=\"3989\" data-end=\"4092\"><strong data-start=\"3991\" data-end=\"4005\">Inventory:<\/strong> over <strong data-start=\"4011\" data-end=\"4030\">VND 141 billion<\/strong>, mainly related to residential projects in Dong Nai Province.<\/li>\n<\/ul>\n<p data-start=\"4094\" data-end=\"4209\">One of the company&#8217;s most notable strengths is that it continues to operate <strong data-start=\"4170\" data-end=\"4208\">without any outstanding bank loans<\/strong>.<\/p>\n<p data-start=\"4211\" data-end=\"4386\">At a time when many real estate developers are facing increasing financing costs and debt repayment pressure, D2D&#8217;s debt-free position provides several competitive advantages:<\/p>\n<ul data-start=\"4388\" data-end=\"4491\">\n<li data-section-id=\"c3gpf3\" data-start=\"4388\" data-end=\"4411\">Lower financial risk.<\/li>\n<li data-section-id=\"1yx5mt7\" data-start=\"4412\" data-end=\"4441\">No interest expense burden.<\/li>\n<li data-section-id=\"1yayxkk\" data-start=\"4442\" data-end=\"4491\">Greater flexibility in funding future projects.<\/li>\n<\/ul>\n<p data-start=\"4493\" data-end=\"4537\">The company&#8217;s liabilities mainly consist of:<\/p>\n<ul data-start=\"4539\" data-end=\"4626\">\n<li data-section-id=\"3b9fg1\" data-start=\"4539\" data-end=\"4567\">Customer advance payments.<\/li>\n<li data-section-id=\"1kr23we\" data-start=\"4568\" data-end=\"4587\">Unearned revenue.<\/li>\n<li data-section-id=\"12nrclc\" data-start=\"4588\" data-end=\"4626\">Other routine operating liabilities.<\/li>\n<\/ul>\n<hr data-start=\"4628\" data-end=\"4631\" \/>\n<h2 data-section-id=\"1j0s4wv\" data-start=\"4633\" data-end=\"4700\"><span class=\"ez-toc-section\" id=\"Continuing_Investment_in_Residential_and_Industrial_Projects\"><\/span><span role=\"text\"><strong data-start=\"4636\" data-end=\"4700\">Continuing Investment in Residential and Industrial Projects<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4702\" data-end=\"4813\">Alongside industrial infrastructure development, D2D continues expanding its residential real estate portfolio.<\/p>\n<h3 data-section-id=\"lxcazq\" data-start=\"4815\" data-end=\"4852\"><span class=\"ez-toc-section\" id=\"Loc_An_Social_Housing_Project\"><\/span><span role=\"text\"><strong data-start=\"4819\" data-end=\"4852\">Loc An Social Housing Project<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"4854\" data-end=\"4906\">One of the company&#8217;s flagship developments includes:<\/p>\n<ul data-start=\"4908\" data-end=\"5013\">\n<li data-section-id=\"1a8hve\" data-start=\"4908\" data-end=\"4937\">Site area: <strong data-start=\"4921\" data-end=\"4937\">3.6 hectares<\/strong><\/li>\n<li data-section-id=\"fr2v9u\" data-start=\"4938\" data-end=\"4960\"><strong data-start=\"4940\" data-end=\"4960\">1,011 apartments<\/strong><\/li>\n<li data-section-id=\"2f8vge\" data-start=\"4961\" data-end=\"5013\">Total investment: approximately <strong data-start=\"4995\" data-end=\"5013\">VND 1 trillion<\/strong><\/li>\n<\/ul>\n<p data-start=\"5015\" data-end=\"5142\">The project is expected to help increase the supply of affordable housing in Dong Nai while contributing future revenue growth.<\/p>\n<h3 data-section-id=\"iv5hij\" data-start=\"5144\" data-end=\"5187\"><span class=\"ez-toc-section\" id=\"Sonadezi_Huu_Phuoc_Residential_Area\"><\/span><span role=\"text\"><strong data-start=\"5148\" data-end=\"5187\">Sonadezi Huu Phuoc Residential Area<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"5189\" data-end=\"5238\">The project covers approximately <strong data-start=\"5222\" data-end=\"5237\">30 hectares<\/strong>.<\/p>\n<p data-start=\"5240\" data-end=\"5404\">According to the company, nearly <strong data-start=\"5273\" data-end=\"5329\">80% of the land compensation and site clearance work<\/strong> has already been completed, paving the way for the next development phase.<\/p>\n<h3 data-section-id=\"au2tl9\" data-start=\"5406\" data-end=\"5453\"><span class=\"ez-toc-section\" id=\"Industrial_Park_Investment_in_Khanh_Hoa\"><\/span><span role=\"text\"><strong data-start=\"5410\" data-end=\"5453\">Industrial Park Investment in Khanh Hoa<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"5455\" data-end=\"5624\">Beyond Dong Nai Province, D2D is also participating in the development of a large-scale industrial park project in Khanh Hoa Province, covering several hundred hectares.<\/p>\n<p data-start=\"5626\" data-end=\"5779\">This expansion reflects the company&#8217;s long-term strategy of increasing its industrial land bank to capitalize on growing manufacturing investment demand.<\/p>\n<hr data-start=\"5781\" data-end=\"5784\" \/>\n<h2 data-section-id=\"15wkcbm\" data-start=\"5786\" data-end=\"5849\"><span class=\"ez-toc-section\" id=\"Industrial_Real_Estate_Remains_a_Long-Term_Growth_Driver\"><\/span><span role=\"text\"><strong data-start=\"5789\" data-end=\"5849\">Industrial Real Estate Remains a Long-Term Growth Driver<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"5851\" data-end=\"6007\">Although D2D&#8217;s short-term financial performance has weakened, the long-term outlook for Vietnam&#8217;s <strong data-start=\"5949\" data-end=\"5982\">industrial real estate sector<\/strong> remains highly positive.<\/p>\n<p data-start=\"6009\" data-end=\"6091\">The market continues to benefit from several structural growth drivers, including:<\/p>\n<ul data-start=\"6093\" data-end=\"6347\">\n<li data-section-id=\"f6rwn1\" data-start=\"6093\" data-end=\"6139\">Ongoing global supply chain diversification.<\/li>\n<li data-section-id=\"o5oi0y\" data-start=\"6140\" data-end=\"6192\">Strong inflows of foreign direct investment (FDI).<\/li>\n<li data-section-id=\"fz81zu\" data-start=\"6193\" data-end=\"6260\">Expanding manufacturing activities by multinational corporations.<\/li>\n<li data-section-id=\"gp3b4h\" data-start=\"6261\" data-end=\"6347\">Government policies promoting green industrial parks and high-tech industrial zones.<\/li>\n<\/ul>\n<p data-start=\"6349\" data-end=\"6475\">These factors are expected to create substantial long-term opportunities for developers with quality industrial land reserves.<\/p>\n<p data-start=\"6477\" data-end=\"6615\">However, quarterly earnings will continue to depend largely on project approvals, land transfer schedules, and revenue recognition timing.<\/p>\n<hr data-start=\"6617\" data-end=\"6620\" \/>\n<h2 data-section-id=\"796i99\" data-start=\"6622\" data-end=\"6663\"><span class=\"ez-toc-section\" id=\"A_Key_Member_of_the_Sonadezi_Group\"><\/span><span role=\"text\"><strong data-start=\"6625\" data-end=\"6663\">A Key Member of the Sonadezi Group<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"6665\" data-end=\"6816\">Originally established in <strong data-start=\"6691\" data-end=\"6699\">1992<\/strong> as a state-owned enterprise under the Dong Nai Department of Construction, D2D was officially equitized in <strong data-start=\"6807\" data-end=\"6815\">2005<\/strong>.<\/p>\n<p data-start=\"6818\" data-end=\"6920\">Today, the company is a member of the <strong data-start=\"6856\" data-end=\"6874\">Sonadezi Group<\/strong>, operating across several sectors, including:<\/p>\n<ul data-start=\"6922\" data-end=\"7064\">\n<li data-section-id=\"1itcv1\" data-start=\"6922\" data-end=\"6967\">Industrial park infrastructure development.<\/li>\n<li data-section-id=\"1byhdb3\" data-start=\"6968\" data-end=\"6988\">Urban development.<\/li>\n<li data-section-id=\"66z68s\" data-start=\"6989\" data-end=\"7015\">Residential real estate.<\/li>\n<li data-section-id=\"11d2en6\" data-start=\"7016\" data-end=\"7037\">Civil construction.<\/li>\n<li data-section-id=\"1240sjg\" data-start=\"7038\" data-end=\"7064\">Industrial construction.<\/li>\n<\/ul>\n<p data-start=\"7066\" data-end=\"7217\">With more than three decades of experience, D2D has established itself as one of the notable industrial infrastructure developers in Dong Nai Province.<\/p>\n<hr data-start=\"7219\" data-end=\"7222\" \/>\n<h2 data-section-id=\"1esnks2\" data-start=\"7224\" data-end=\"7266\"><span class=\"ez-toc-section\" id=\"Outlook_for_the_Second_Half_of_2026\"><\/span><span role=\"text\"><strong data-start=\"7227\" data-end=\"7266\">Outlook for the Second Half of 2026<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"7268\" data-end=\"7624\">Having completed only <strong data-start=\"7290\" data-end=\"7324\">4% of its annual profit target<\/strong> after the first six months, D2D faces considerable challenges in achieving its full-year business plan. The company will need to accelerate project implementation, recognize additional revenue from industrial land transfers, and advance its residential developments to improve financial performance.<\/p>\n<p data-start=\"7626\" data-end=\"8046\" data-is-last-node=\"\" data-is-only-node=\"\">While short-term earnings remain under pressure, D2D&#8217;s <strong data-start=\"7681\" data-end=\"7708\">debt-free balance sheet<\/strong>, healthy financial position, and expanding project portfolio provide a solid foundation for future growth. If Vietnam&#8217;s industrial real estate market continues to benefit from robust FDI inflows and manufacturing expansion, the company still has opportunities to significantly improve its business results during the second half of 2026.<\/p>\n<p data-start=\"5726\" data-end=\"5748\"><strong data-start=\"5726\" data-end=\"5746\">References:<\/strong><\/p>\n<ul data-start=\"5749\" data-end=\"5903\">\n<li data-section-id=\"qg9xo1\" data-start=\"5749\" data-end=\"5815\">\n<p data-start=\"5751\" data-end=\"5815\"><a class=\"decorated-link\" href=\"https:\/\/industrialland.com.vn\/en\" target=\"_new\" rel=\"noopener\" data-start=\"5751\" data-end=\"5813\">\u0110\u1ea5t Khu C\u00f4ng Nghi\u1ec7p 247<\/a><\/p>\n<\/li>\n<\/ul>\n<h1><span class=\"ez-toc-section\" id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><strong>Free access to exclusive information on warehouse, factory, and land rentals in Dong Nai, Binh Duong, Long An, Ho Chi Minh City, and more.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><a href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\" target=\"_blank\" rel=\"noopener\"><strong>KHU C\u00d4NG NGHI\u1ec6P 247\u00a0<\/strong><\/a>is a company operating in the field of buying, selling, and leasing factories and real estate<strong>.<\/strong>.\u00a0<a href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\" target=\"_blank\" rel=\"noopener\">We<\/a>\u00a0are proud to be a leading provider of real estate services in Vietnam. We have a team of highly qualified and experienced real estate consultants who always place trust and credibility at the core of everything we do<a href=\"https:\/\/jsc-vietnam.com\/khu-che-xuat-la-gi-vai-tro-va-loi-ich\/\" target=\"_blank\" rel=\"noopener\">.<\/a><\/p>\n<p><strong>Phone:<\/strong>\u00a0<strong>0901 490 348<\/strong><\/p>\n<p><strong>Email:\u00a0<\/strong>datkhucongnghiep247@gmail.com<\/p>\n<p><strong>Website:\u00a0<\/strong><a href=\"https:\/\/industrialland.com.vn\/en\">https:\/\/industrialland.com.vn\/en<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrial Urban Development No. 2 Corporation (HoSE: D2D) has released its financial statements for the second quarter of 2026, revealing a significant decline in both revenue and profit. After the first half of the year, the company has achieved only 15% of its annual revenue target and approximately 4% of its full-year profit goal, creating [&#8230;]\n","protected":false},"author":12,"featured_media":6823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","rank_math_focus_keyword":"industrial real estate,D2D","rank_math_title":"","rank_math_description":"Although Vietnam's industrial real estate market continues to benefit from strong foreign direct investment (FDI) inflows, D2D's results highlight the company's heavy reliance on the timing of revenue recognition from large-scale industrial land transfer transactions."},"categories":[1],"tags":[],"class_list":["post-6822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc"],"_links":{"self":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts\/6822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/comments?post=6822"}],"version-history":[{"count":1,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts\/6822\/revisions"}],"predecessor-version":[{"id":6824,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/posts\/6822\/revisions\/6824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/media\/6823"}],"wp:attachment":[{"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/media?parent=6822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/categories?post=6822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/industrialland.com.vn\/en\/wp-json\/wp\/v2\/tags?post=6822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}