EASTERN HA NOI REAL ESTATE COMPANY LIMITED

EASTERN HA NOI REAL ESTATE COMPANY LIMITED (CÔNG TY TNHH BẤT ĐỘNG SẢN PHƯƠNG ĐÔNG HÀ NỘI) is a relatively young but ambitious player in Vietnam’s real estate sector. Established in 2019 and headquartered on the 10th Floor of the Pacific Place Building in Hanoi’s Hoàn Kiếm District, the company has grown rapidly in terms of asset accumulation and project scope. Operating under the Business ID 0108754771, the company is structured as a limited liability company with a registered and fully paid charter capital of approximately USD 49.3 million.

Led by Mr. Phạm Quốc Nhật, who also holds a 41.35% ownership stake, CÔNG TY TNHH BẤT ĐỘNG SẢN PHƯƠNG ĐÔNG HÀ NỘI focuses on the trading of owned and leased property and land use rights. The majority shareholder is EASTERN REAL ESTATE INVESTMENT AND TRADING CO., LTD, holding 58.65% of the equity, with additional linkage to PARKLAND RESIDENTIAL AND COMMERCIAL COMPLEX CO., LTD, suggesting a network of interconnected real estate interests.

Financially, the company posted remarkable asset growth in 2023, reaching nearly USD 648 million, an increase of over 29% from the previous year. This continued a strong multi-year trend, driven likely by new developments or acquisitions. However, this growth came at a significant cost. After years of zero revenue, 2023 marked the company’s first recorded sales—USD 177.6 million, but it also reported a staggering net loss of over USD 10.25 million, deepening the previous year's deficit. Owner’s equity declined for the third consecutive year, now standing at USD 32.74 million, a 22.6% drop from 2022. Additionally, the negative working capital of USD -37.67 million raises questions about liquidity management in the face of rapid expansion.

The performance of EASTERN HA NOI REAL ESTATE COMPANY LIMITED reflects the high-stakes nature of Vietnam’s urban property development sector—large capital injections, long project cycles, and significant financial risks. While the company has begun to generate revenue, the substantial losses suggest mounting pressure to improve cost control, operational efficiency, and debt servicing. As its asset base continues to expand, stakeholders will need to assess whether the current trajectory can be sustained or if course corrections are required to turn asset growth into lasting profitability.