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2025 closed with strong differentiation in Vietnam’s real estate market under new legal frameworks. In that context, SJ Group Joint Stock Company (ticker: SJS) reported results reflecting prudent management and a focus on core value.
Pre-tax income reached VND 453 billion, and the company plans to distribute a 10% dividend in stock. Consolidated revenue was VND 753 billion, while net profit after tax stood at VND 363 billion. The net profit margin on revenue was 48.2%, among the higher levels in the sector.
Financial structure also improved: the debt-to-asset ratio fell to 56.28%. The company said the combination of margin optimization and debt reduction reflects a strategy aimed at strengthening asset quality rather than pursuing revenue growth at any cost.
SJ Group’s 2025 financial statements were audited by Ernst & Young with an unqualified opinion. As of end-2025, consolidated retained earnings were over VND 365.3 billion, providing the basis for the board to propose the 10% stock dividend.
Leveraging policy relief, SJ Group accelerated construction at key projects, including Nam An Khanh (Vista Nam An Khanh). In 2025, the company completed the rehabilitation of 41 villas in the Vista Palma sub-section. More than 200 villas and adjacent villas in Vista Serena and Vista Garden are under construction.
Infrastructure work includes internal roads, sidewalks and lighting along Routes I, A1B and Vista Garden (Phase 1), which were completed in sync. Construction activity in lower-density sub-sections of the Vista Nam An Khanh project continued to accelerate.
Townscape upgrades include signage, Ecopath pedestrian paths, and the planting of over 9,200 new trees. The company also expanded the A2 (An Thinh) road along the Dan Hoai canal to 36 meters and planned the LK8 road into a green boulevard 50 meters wide.
At the same time, SJ Group commissioned the VICC conference center and completed transferring power supply to EVN. The project’s appearance has been upgraded alongside infrastructure improvements and large-scale tree planting.
To prepare for the next phase, SJ Group signed a contract with SOM, a world-leading consultancy, to review and adjust the 1/500 master planning and develop architectural ideas for high-rise clusters HH5, CT3, and CT4 in the project center.
For 2026, the company aims to complete the Vista Serena and Vista Garden sub-sections and build La Vista. SJ Group also plans to continue expanding green coverage with 10,000 new trees and to operate a nursery system at the Nam An Khanh expansion. Facilities such as parking, the CX100 sports complex, and a chain of F&B and convenience stores are expected to become operational soon.
In Van La, Hanoi’s People’s Committee approved a localized adjustment to the 1/500 detailed planning, and the project completed undergrounding 110kV lines.
For Tien Xuan, cooperation with Perkins Eastman continues to support a smart-city orientation. The projects Ngoc Vung, Hoa Hai (Da Nang) and Thinh Lang (Hoa Binh) have completed essential legal procedures, creating land reserves for subsequent development. Commercial leasing at My Dinh – Me Tri continues to generate steady income.
SJ Group will hold its annual ordinary general meeting on April 23, 2026. The meeting is expected to approve strategic items including the 2026 business plan, profit distribution plan, charter capital increase, and expansion directions.
To optimize resources for key projects, SJ Group plans to raise capital by increasing charter capital from about VND 2,975 billion to over VND 5,272 billion. The company described this as a key step to support large-scale projects and accelerate a new development phase.
With significantly invested transport infrastructure and an improved legal framework, the real estate market is expected to move toward a more sustainable growth cycle. Analysts cited in the article said that with a safe financial base, land banks with clear legal status, and a cautious development strategy, 2026 is expected to be a pivotal year for SJ Group to seize recovery opportunities and build new momentum in business operations.
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