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Top 7 largest real estate companies in Vietnam (2022 update)

Top 7 largest real estate companies in Vietnam (2022 update)

Thursday 20, 10 2022
What are the biggest real estate companies in Vietnam in 2022? Let’s just answer this question by looking at the following list of the top 7 most prestigious and powerful real estate companies in Vietnam in 2022 prepared by VietnamCredit.

VietnamCredit - Real estate


Vinhomes Joint Stock Company, formerly BIDV - PP Urban Joint Stock Company, was established in 2008 with an initial registered charter capital of VND 300 billion.

Vinhomes mainly specialises in the following fields:

  • Investing, developing and trading in real estate housing, offices and related items.
  • Arranging the premises, installing equipment and completing construction works.
  • Rental of construction machinery and equipment, hotel services, restaurants, amusement and entertainment services.

As a subsidiary of Vingroup, Vinhome enjoys many advantages when participating in the implementation of large real estate projects arround Vietnam.

In 2021, total consolidated net revenue of the company reached VND 85,094 billion, up 19% compared to 2020. Total consolidated profit before tax reached VND 48,469 billion. Consolidated profit after tax of the parent company reached VND 39,017 billion, up 33% and 43% respectively compared to 2020. Earnings per share (EPS) in 2021 reached VND 9,060.

As of December 31, 2021, total assets of Vinhomes reached VND 230,417 billion; equity reached VND 131,699 billion, up 7% and 47% compared to December 31, 2020.

In the second quarter of 2022, Vinhomes officially launched the project Vinhomes Ocean Park 2 - The Empire and obtained impressive results. The highlight of the project is the world's largest artificial wave-making complex with an area of 18 hectares. By the end of June 2022, the project had achieved retail sales of VND 49,073 billion, equivalent to USD 2.1 billion.

Accordingly, unrecorded sales reached VND 129,300 billion, an increase of 127% compared to the end of the first quarter.

However, because a number of subdivisions of the company’s large projects including Vinhomes Ocean Park 1, Vinhomes Smart City and Vinhomes Grand Park have not yet been handed over, the total consolidated net revenue in the first six months of the year, including revenue from Vinhomes' operations and revenue from business cooperation contracts (BCCs), and sale of large lots which are recognized as a financial income reached VND 18,946 billion, lower than that in the same period in 2021.

Vietnamcredit - Vinhomes Joint Stock Company

The total consolidated accounting profit before tax in the first 6 months of the year reached VND 7,142 billion, the consolidated accounting profit after tax of the parent company reached VND 5,049 billion, down 65% and 68% respectively compared to the same period last year. Earnings per share (EPS) in the first 6 months of 2022 reached VND 1,160.

As of June 30, 2022, Vinhomes' total assets reached VND 299,562 billion, equity reached VND 129,348 billion, up 42% and 30% respectively over the same period last year.


Formerly known as Truong Phu Fortune Investment Co., Ltd., on October 25, 2011, FLC Group Joint Stock Company was established. This company is considered as one of the three leading real estate companies in Vietnam.

However, recent events have greatly affected the business situation of this corporation, especially when Chairman Trinh Van Quyet was prosecuted and detained for "manipulating the stock market", "concealing information in securities activities".

Before the Covid-19 epidemic appeared, FLC had experienced continuous growth in revenue and profit. Accordingly, the revenue of this group increased continuously from 2009 to 2019, from several tens of billions of dong/year before 2010, to a peak of VND 15,780 billion in 2019. Also in the period 2015-2019, FLC reached the highest profit of over a trillion VND in 2016.

However, when the Covid-19 epidemic broke out, FLC was directly affected when its aviation and tourism business activities were affected, leading to a sharp decline in business results in 2020 and 2021.

In 2021, this tourist real estate developer only recorded VND 6,772 billion in net revenue, halving compared to 2020. In 2020, consolidated revenue of this group and its subsidiaries was also reduced by 15%.

The reason for FLC's revenue decline came from all business segments, from real estate, trading in goods, equipment and building materials to services such as resort, tourism, golf, aviation, etc.

Vietnamcredit - FLC Group

FLC Group's consolidated financial statements for the fourth quarter of 2021 show that by the end of 2021, its total assets were nearly VND 34,000 billion. Liabilities exceeded VND 24,000 billion. However, FLC's debt was not large compared to the size of equity.

As of December 31, 2021, the total outstanding loan of FLC was nearly VND 6,200 billion (excluding financial lease balance), including short-term loans of more than VND 2,000 billion and long-term loans of nearly VND 4,200 billion. Total outstanding loans of this Group did not change much compared to 2020, accounting for over 18% of total capital.

Most of FLC's loan contracts were signed in the two years 2020-2021, during the outbreak of the COVID-19 pandemic, which affected the group's resort, tourism and aviation real estate business. FLC's loans have a floating interest rate, on a per-debt basis or in the range of 7.5-10.5%/year.


EcoPark Corporation Joint Stock Company, formerly known as Viet Hung Urban Development and Investment Joint Stock Company (Vihajico), was established in 2003.

Ecopark brand is known through the development of Ecopark urban area with a total area of ​​ 500ha. So far, Ecopark has focused on investment and development in real estate, education, healthcare, clean agriculture, high technology, tourism, amusement parks, etc.

In addition, the key investment segment of the group is real estate investment. Ecopark mainly invests and develops apartments, townhouses and villas.

Currently, the Chairman of the Board of Directors of Ecopark is Mr. Luong Xuan Ha, the General Director is Mr. Tran Quoc Viet. Former General Director of Ecopark is Mr. Dao Ngoc Thanh, who is currently the Chairman of Vinaconex and of Cotana Group Joint Stock Company.

In 2018, Cotana divested 5% of Ecopark's shares, earning VND 172.5 billion. Two other related companies, Cotana Investment and Trading Consulting JSC and Cotana Construction Consulting JSC, still hold 5% shares.

EcoPark Corporation Joint Stock Company

Chairman Luong Xuan Ha does not directly hold shares, but he and his wife are the main shareholders of Duy Nghia, Phung Thien, DB Investment and Development – the 3 largest shareholders holding 68% shares of Ecopark.

In 2021, this group achieved revenue of VND 5,609 billion, up 8% over the same period last year.


The predecessor of the company is Nam Long Co., Ltd., which was established in 1992. In 1997, the company officially participated in the field of investment and development of infrastructure in new urban areas. Nam Long House brand appeared on the market. In December 2005, the company was equitized and officially transformed into Nam Long Investment Corporation.

Nam Long is currently considered as one of the pioneer urban developers. Currently, Nam Long is a solid system of 20 subsidiaries that are designed and closely combined on the foundation of creating a closed loop on the value-added chain of urban development.

Nam Long Investment Corporation

The company’s revenue for the whole year of 2021 reached nearly VND 5,206 billion, 2.3 times higher than in 2020 and exceeding 5% of the plan. Gross profit recorded over VND 1,778 billion, 2.7 times higher than 2020.

In the first 6 months of 2022, Nam Long recorded pre-sale of VND 8,410 billion, an increase of 87% compared to the same period last year.


The company was formerly known as Ha Do Construction Company, which was established in 1990, under the Ministry of National Defense. In 2004, it was equitized and transformed into Ha Do Group Joint Stock Company. By May 2008, Ha Do had 6 member joint stock companies and 2 joint ventures, operating under the model of a group.

With 14 member companies operating professionally in each field, Ha Do Group always achieves success in all works and projects and is trusted and highly appreciated by customers, partners and investors.

In 2021, Ha Do Group's consolidated revenue reached VND 3,777 billion, profit after tax reached VND 1,343 billion, up 7% compared to the plan and the same period in 2020.

Ha Do Group Joint Stock Company

Besides, in the first 6 months of 2022, Ha Do Group had basically completed all the planned targets. Total revenue was more than VND 1,007 billion, fulfilling 46% of the year plan; Profit after tax was nearly VND 714 billion, fulfilling 53% of the year plan, up 48% over the same period.

In 2022, Ha Do Group sets a revenue and profit plan of VND 3,703 billion and VND 1,344 billion, respectively. It plans to maintain an average profit growth rate of 25%/year in the next 3 years and continue to promote the M&A plan to expand land fund, and power generation scale.


Phat Dat Real Estate Development Corp started its operation in 2004 with two outstanding projects in Ho Chi Minh City including Sao Mai luxury apartment project (District 5) and Trung Son KDC project (Binh Chanh district). The company continued to launch many other great projects such as The EverRich (District 11) in 2006 with a total investment of more than  VND 1,100 billion. In 2007, the company implemented housing projects in District 5, District 6, Nha and Be.

In 2008, the company expanded its development to tourism with the construction of high-end resorts in hot tourist destinations in Vietnam such as Cam Ranh, Hoi An and Phu Quoc. Besides, the company continued to expand The EverRich II, III projects in Ho Chi Minh City.

Phat Dat Real Estate Development Corp

In 2021, Phat Dat continued to grow strongly. Its net revenue in the past year reached VND 3,620 billion; gross profit reached VND 2,763 billion (up 51% compared to the previous year); pre-tax profit reached VND 2,344 billion (up 52%); and profit after tax reached VND 1,861 billion (up 53%).


Khang Dien House Trading and Investment Joint Stock Company was formerly Khang Dien Housing Trading and Investment Company Limited, established in 2001. With an initial charter capital of VND 10 billion, in just 6 years, the company grew very strongly and expanded charter capital to VND 332 billion. At the same time, during that period, the company founded two well-known investment funds Vinacapital and Prudential.

In 2010, Khang Dien House was officially listed on the HOSE with the stock code KDH and successfully increased its charter capital to VND 439 billion. Since then, it has grown in popularity. A series of high-end residential projects invested by the company built in the East of Ho Chi Minh City have become typical projects.

The current Chairman of Khang Dien is Ms. Mai Tran Thanh Trang.

In terms of business situation in 2021, KDH achi eved VND 3,738 billion in net revenue, down 17.5% year-on-year, but EAT still reached VND1,204 billion, a slight increase compared to 2021, equivalent to EPS of VND 1,790.

As of December 31, 2021, KDH's total assets increased slightly compared to the beginning of the year, to VND 14,349 billion. In particular, inventories were VND 7,748 billion, accounting for 54% of the total assets,; short-term receivables reached VND 4,182 billion, accounting for 29% of total assets.

In the second quarter of 2022, Khang Dien House recorded revenue of VND 732.5 billion, down 34.1% over the same period and profit after tax of VND 325.58 billion, up 22.8% over the same period. Gross profit margin improved from 38.3% to 67.9%.

Khang dien

In the first 6 months of the year, Khang Dien House recorded revenue of VND 875.2 billion, down 55.1% over the same period and profit after tax of VND 625.39 billion, up 32.2% compared to the same period last year.

In 2022, Khang Dien House expects revenue of VND 4,000 billion, profit after tax of VND 1,400 billion, up 7% and 16% respectively compared to 2021. Thus, at the end of the first 6 months of the year, the company completed 44.7% of the year profit target.

Alice Hoang Thao - VietnamCredit




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