The Q2 2026 financial statements of Vietnam’s industrial real estate companies present a clearly divided picture across the sector. Companies with substantial industrial land banks and stable revenue from land leasing, industrial park infrastructure, and ready-built factories continued to post solid business performance, while others remained under pressure as their core operations had yet to recover.
The results highlight the growing differences in land resources, infrastructure quality, financial strength, and business strategies among industrial park developers, even as demand for industrial land and factory space remains resilient.
1. Sonadezi Long Binh Maintains Strong Growth Through Industrial Land Leasing
Sonadezi Long Binh JSC (HNX: SZB) continued to deliver impressive financial results thanks to its core industrial park business.
Q2 2026 Performance
- Net revenue: Nearly VND 134 billion, up approximately 27% year-on-year.
- Net profit after tax: Nearly VND 54 billion, increasing more than 33%.
First Half of 2026
- Revenue: Nearly VND 263 billion.
- Net profit: More than VND 95 billion.
Growth was primarily driven by:
- Industrial land and infrastructure leasing.
- Ready-built factory leasing.
Revenue breakdown:
- Industrial land and infrastructure leasing: More than VND 132 billion.
- Factory leasing: More than VND 106 billion.
Financial Position
As of the end of June 2026:
- Total assets: More than VND 2.058 trillion.
- Cash and bank deposits: Over VND 570 billion.
- Total borrowings: Approximately VND 32 billion, equivalent to a debt-to-equity ratio of only 3.6%.
Construction-in-progress increased sharply to nearly VND 312 billion, indicating accelerated investment in new projects.
In addition, VND 733 billion in deferred revenue provides a strong source of future earnings.
2. Long Hau Benefits from Earnings of Associated Companies
Long Hau Corporation (HOSE: LHG) maintained healthy profitability despite weaker industrial land leasing revenue.
Q2 2026 Results
- Net revenue: More than VND 189 billion, down 15% year-on-year.
- Net profit after tax: More than VND 75 billion, down approximately 16%.
First Six Months
- Revenue: More than VND 365 billion.
- Net profit: Nearly VND 187 billion.
The decline was mainly caused by lower industrial land leasing revenue, while income from ready-built factories and accommodation facilities continued to grow steadily.
A major highlight was:
- Nearly VND 73 billion in profit from joint ventures and associated companies during the first half of the year, helping offset weaker core operations.
Financial Strength
Long Hau currently holds:
- More than VND 1.031 trillion in cash and bank deposits.
- Inventory exceeding VND 826 billion, mainly consisting of industrial park and residential development projects.
- Nearly VND 1.3 trillion in deferred revenue, providing strong earnings visibility for future reporting periods.
3. Thong Nhat Improves Profitability Through Higher Margins
Thong Nhat JSC (HNX: BAX) achieved stronger earnings despite lower quarterly revenue.
Q2 2026 Results
- Net revenue: More than VND 30.5 billion, down 24% year-on-year.
- Net profit after tax: More than VND 15 billion, increasing nearly 25%.
First Half Performance
- Revenue: Nearly VND 62 billion, up 3.6%.
- Net profit: Nearly VND 24 billion, increasing more than 32%.
Primary revenue sources remained:
- Industrial land and infrastructure leasing at Bau Xeo Industrial Park.
- Water supply services.
- Wastewater treatment services.
The company also began recognizing revenue from social housing projects, creating an additional growth driver.
Gross profit margin improved to nearly 50%, supported by lower cost of goods sold.
In addition:
- Financial income of nearly VND 8 billion from bank deposits made a meaningful contribution to quarterly profit.
Healthy Financial Structure
By the end of the quarter:
- Cash and bank deposits exceeded VND 236 billion.
- No outstanding bank loans or corporate bonds.
- Inventory decreased by nearly 20% compared with the beginning of the year.
4. PVR Continues to Face Significant Challenges
Unlike the other companies, PVR Hanoi Investment JSC (HNX: PVR) has yet to recover its core business.
Business Performance
- No revenue recorded during either Q2 or the first six months of 2026.
- Q2 net loss: More than VND 358 million.
- First-half net loss: More than VND 720 million.
Financial Pressure
As of the end of June:
- Total assets: Approximately VND 976 billion.
- Inventory: Nearly VND 693 billion, accounting for approximately 71% of total assets.
- Cash and cash equivalents: Only around VND 93 million.
- Accumulated losses: Nearly VND 91 billion.
Although borrowings remain relatively low, the company continues to experience pressure on cash flow due to the absence of operating revenue.
Industrial Real Estate Sector Shows Increasing Divergence
The Q2 2026 financial reports demonstrate a widening gap among industrial real estate companies.
Businesses with:
- Large industrial land banks.
- Well-developed infrastructure.
- High occupancy rates.
- Stable recurring income from industrial land and factory leasing.
continue to outperform the market.
Meanwhile, companies lacking new projects or experiencing prolonged weakness in core operations remain under significant financial pressure.
As foreign direct investment (FDI) continues flowing into Vietnam and demand for industrial land remains robust, companies with strong financial positions, substantial land reserves, and high deferred revenue are expected to remain the primary beneficiaries in the coming quarters.
Conclusion
The Q2 2026 business results of Vietnam’s industrial real estate companies highlight an increasingly polarized market. Sonadezi Long Binh maintained strong growth through industrial land and infrastructure leasing, Long Hau sustained profitability with support from associated companies, Thong Nhat improved earnings through stronger profit margins and financial income, while PVR continued to struggle with declining cash flow and a lack of operating revenue. These results reinforce that high-quality industrial land reserves, modern infrastructure, and sound financial management will remain the key competitive advantages for industrial park developers in Vietnam.
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