AsemconnectVietnam - Industrial Urban Development Joint Stock Company No. 2 (D2D) recorded a sharp decline in business results in Q2/2026 due to the absence of extraordinary revenue from industrial park land transfers as in the same period last year.

According to the Q2/2026 financial report, D2D recorded net revenue of nearly VND42 billion, a decrease of 92% compared to the same period last year. After cost reductions, after-tax profit was only about VND2.5 billion, a decrease of 99% and the lowest level in many recent quarters.
According to the company's explanation, the main reason stems from the high base level of the same period last year. In Q2/2025, D2D recorded nearly VND592 billion in revenue from land transfers in Chau Duc Industrial Park. In the second quarter of this year, this revenue stream ceased, resulting in a sharp decline in both revenue and profit.
Despite this, the company still intensified cost control efforts, reducing total financial and administrative expenses by 54%, to approximately VND11 billion. However, this reduction was insufficient to offset the significant revenue shortfall.
For the first six months of 2026, D2D achieved nearly VND86 billion in net revenue and VND10 billion in pre-tax profit, a decrease of 87% and 96% respectively compared to the same period last year. As a result, D2D's after-tax profit was only VND7.8 billion, a decrease of 96%.
In 2026, the company aims for total revenue of over VND594 billion and pre-tax profit of nearly VND238 billion, representing decreases of 25% and 21% respectively compared to the previous year's results. Thus, after the first half of the year, D2D had only completed about 15% of its revenue plan and 4% of its profit target.
As of the end of June 2026, D2D's total assets reached over VND1,416 billion, a slight increase compared to the beginning of the year. Inventory was recorded at over VND141 billion, mainly concentrated in Huu Phuoc residential area (nearly VND57 billion), Loc An residential area (nearly VND28 billion), and D2D apartment building (VND25 billion).
Conversely, the company's liabilities amounted to over VND692 billion, a decrease of 2% compared to the beginning of the year. Of this, customer prepayments and unearned revenue reached nearly VND660 billion (accounting for 95% of total liabilities). A positive point is that the company has no outstanding loans.
The Industrial and Urban Development Joint Stock Company No. 2 (formerly the Civil and Industrial Construction Company No. 2) was established on October 14, 1992, according to Decision No. 1472/QD-UBT of the Chairman of the People's Committee of Dong Nai Province.
At the time of its establishment, the Civil and Industrial Construction Company No. 2 was a state-owned enterprise under the Department of Construction of Dong Nai Province, with its main business activities being the construction of industrial works, housing, and public works; and the production of construction materials and concrete components.
Currently, D2D is primarily engaged in real estate investment and business, industrial parks and residential areas, and market investment and business. Specifically, the company is leasing land and infrastructure at Nhon Trach 2 Industrial Park, subleasing land and factory buildings at Chau Duc Industrial Park, investing in and operating Long Thanh Market in Long Thanh commune, and developing real estate projects in Dong Nai Province.
Source: VITIC/Bao Tai chinh – Dau tu