Several real estate firms in Vietnam have been found to have underreported their losses in the first half of 2024, Tuoi Tre has reported. The gaps between the self-reported financial statements and audited financial statements is quite big too.
For example, in financial reports compiled by Saigon Real Estate Corporation, VND 76.6 billion in revenue was reported, however, after audit that number was reduced to VND 60.2 billion. It also saw a self-reported profit of VND 2.4 billion become a loss of VND 23.4 billion.
Similarly, Danh Khoi Group’s in house financial reports found the company had made a profit of VND 7 billion. After audit, however, it was found the firm had actually made a loss of VND 10 billion.
It’s not clear why this is happening, however, it should be noted that Vietnam’s real estate industry is still struggling in the aftermath of the housing bubble burst back in October of 2022.
See also: Vietnam’s Real Estate Market Recovery 2024: Unpacked