A low-profile Vietnamese real estate company posted after-tax earnings of more than 11,254 billion VND ($444 million) in the first six months of 2026, trailing only industry giant Vinhomes among the country's property developers. T&T New Era Joint Stock Company disclosed the results in its financial report for the period ending June 30, showing a dramatic turnaround from the same period a year earlier. The Hanoi-based firm, which invests in real estate including land acquisition and leasing, saw its profitability and balance sheet strengthen across nearly every measure.
The company's pre-tax profit reached 14,159 billion VND in the first half of this year, representing roughly 31 times the 456 billion VND it earned in the same period of 2025. Equity climbed to 37,373 billion VND by June 30, up sharply from 8,176 billion VND in the prior period, driven by owner investment capital rising from nearly 8,000 billion to 11,000 billion VND and retained earnings surging from 176 billion to 26,344 billion VND. Total liabilities dropped from 163,639 billion VND to 100,038 billion VND, a reduction of more than 63 trillion VND, with most of the decline coming from other obligations that fell from 159,896 billion to 80,526 billion VND. Bank loans decreased slightly from 3,743 billion to 3,462 billion VND. The company's debt-to-equity ratio plunged from 20.02 to 2.68, while its debt-to-total-assets ratio fell from 0.95 to 0.73.
The report notes that T&T New Era's first-half performance exceeded the profits of several listed Vietnamese real estate companies, including Sunshine Group, Novaland, and Nam Long, finishing second only to Vinhomes, the nation's largest property developer. Profitability indicators improved substantially, with return on total assets jumping from 0.27% to 8.19% and return on equity climbing from 5.58% to 30.11%. The company, founded in December 2006 with headquarters on Hang Bai Street in Hanoi's Cua Nam district, serves as the investor behind The Grand Hanoi project at the same location.
The company's improved financial position came alongside a major bond issuance and investment commitment. In March 2026, T&T New Era issued the NTJ12601 bond worth 8,000 billion VND at 10.5% annual interest with a four-year term, with all proceeds directed to a business cooperation contract with Capitaland Tower Co., Ltd. Those funds are designated for payment to Can Gio Tourism Urban Joint Stock Company for the transfer of a low-rise residential area in Zone 12, Subdivision D, of the Can Gio tourism urban area built on reclaimed land, marketed as Vinhomes Green Paradise. The cash flows and property rights from this contract serve as collateral for the bond. As of late June, the firm carried 16,050 billion VND in outstanding corporate bond debt across three tranches, and its bond-debt-to-equity ratio stood at 0.43. Liquidity measures also strengthened in the first half, with the current ratio rising from 0.84 to 1.41, the quick ratio jumping from 0.22 to 1.22, and the interest coverage ratio surging from 4.35 to 13.46.