Vietnamese real estate corporations’ performance using the hybrid model of data envelopment analysis and grey system theory

Real estate is believed to grow even stronger in the next few years in Vietnam, so this study is conducted to closely monitor market changes and provide updated findings about this field. However, with such an asset and capital-intensive industry, it is necessary for investors understanding companies' operation efficiency besides their stocks indicators. The paper looks into operation of real estate corporation with highest market capitalization and ranks their performance efficiency using the data envelopment analysis. This study gives a better “past–present–future” insights for decision makers. The findings indicate that the real estate market will continue its upward trend in the next few years. For the policymakers, this study will help short-term development strategies. For companies with low forecasting shown by grey forecasting, they need to apply new projects and methods in their operations and business model to make more progress in the future. In the view of the investors, this research can be used as a source of information in business assessments and investment decisions.