HCMC – Outstanding loans at 99 listed real estate companies rose 42% to more than VND397.9 trillion by the end of 2025, according to data from VietstockFinance.
The figures showed 53 companies increased borrowings, while 33 reduced debt and 13 had no loans.
Vinhomes held the largest outstanding balance at VND146.2 trillion, up 80% from early 2025. Novaland followed with VND67.1 trillion, rising 9%.
In the industrial real estate segment, Kinh Bac City Development Holding Corporation recorded VND28.6 trillion in loans, up 2.8 times from the start of the year. Long-term borrowings accounted for most of the increase, used to fund the Trang Cat project and other developments.
Sunshine Group reported VND23.6 trillion in outstanding loans, mainly due to restructuring and consolidating subsidiaries. Nam Mekong Group increased debt more than fourfold to nearly VND496 billion.
IDICO Corporation raised its debt by 87% to nearly VND5.9 trillion after repaying VND400 billion in bonds and increasing bank loans.
Some companies reduced debt sharply. Nam Tan Uyen Industrial Park Corporation cut borrowings by 97% to VND92 billion after scaling back a VND2.8 trillion credit facility. Construction Development Investment Corporation and Dat Xanh Group reduced debt by 42% and 28%, respectively, after buying back bonds early. Saigon Vina Real Estate Corporation fully repaid VND318 billion in bank loans.
Separately, the Ministry of Construction reported total real estate credit reached about VND2 quadrillion in the fourth quarter of 2025, up nearly 28% from early 2025. Loans for property investment and business rose to VND673.4 trillion from VND506.4 trillion. Remaining credit went to office projects, resort properties, housing repairs, and other real estate activities.
