Inventories held by major Vietnamese property developers, including Novaland, Vinhomes, Vingroup, and Khang Dien, soared to unprecedented levels in the second quarter of 2025, with analysts describing the trend as a positive signal for the market, according to VnExpress. 

Data shows that the combined inventories of more than 100 listed real estate firms reached VND531 trillion ($20.15bn), an increase of 11% compared with the start of the year.

Novaland led the sector with holdings worth VND150 trillion, its highest on record. Around 95% of this comprised land and ongoing developments, notably Aqua City in Dong Nai Province, Novaworld Ho Tram, and The Grand Manhattan in Ho Chi Minh City. The remainder included completed units awaiting transfer to buyers.

Vingroup, Vietnam’s largest private conglomerate, ranked second with inventories surpassing VND98.6 trillion.

According to Nguyen Trong Dinh Tam, deputy director of analysis at ASEAN Securities, properties under construction typically make up the bulk of developers’ inventory. Vo Hong Thang, investment director at DKRA Group, added that the sizeable stock reflects businesses’ preparedness to release projects to the market and demonstrates their access to capital.

Between 2022 and 2024, high inventory levels were considered a risk due to delays in administrative approvals. However, Thang noted that government efforts this year have eased many of those bottlenecks, enabling numerous projects to advance and increasing market supply.

Authorities in Ho Chi Minh City alone reviewed issues at 571 delayed projects during the first half of the year. Of these, 63 schemes—covering 923 hectares and valued at VND86.8 trillion—were resolved, according to an official report.

Tam highlighted that the current stock levels coincide with more favourable financing conditions, with average mortgage interest rates falling to 6.38%, down from nearly 7% at the end of 2024. This, he argued, benefits both homebuyers and developers. With demand remaining strong, large inventories are no longer viewed as a threat.

SSI Securities reported that listed property developers posted a 129.6% jump in second-quarter net profits. The brokerage attributed the improvement to legal reforms, the resumption of previously suspended projects, and new approvals, including in the social housing sector.