Real estate management and its operation play a crucial role in supporting company operation. Going hand-in-hand with the rapid growth of companies, the real estate portfolio has expanded dramatically, attracting large numbers of domestic and foreign investors. This paper studied the top 12 real estate companies listed on Vietnam’s stock market to develop a method that combines the Grey methodology and the Data Envelopment Analysis (DEA) Malmquist model, intending to predict and evaluate their performances in two periods: 2015–2018 and 2019–2022. The proposed model considered three input factors, namely total assets, cost of sales, and cost of goods sold, and two output factors, namely total revenue and gross profit. Findings revealed that drastic efficiency changes in some companies should be observed at the beginning of the process, even if the technological efficiency in the period is stable. In the future period, most companies achieved relatively stable productivity. This study serves as a reference for policymakers and strategy makers by analyzing insights for the operational status of real estate businesses and providing an overview in the future toward sustainable development.

中文翻译：

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分析房地产公司的运营效率：GM（1,1）和DEA Malmquist模型的应用

房地产管理及其运作在支持公司运作中起着至关重要的作用。与公司的快速发展并驾齐驱，房地产投资组合已急剧扩大，吸引了众多国内外投资者。本文研究了在越南股市上排名前12位的房地产公司，以开发一种结合了灰色方法和数据包络分析（DEA）Malmquist模型的方法，旨在预测和评估其在两个时期的表现：2015-2018年和2019年–2022年。提议的模型考虑了三个输入因素，即总资产，销售成本和所售商品的成本，以及两个输出因素，即总收入和毛利。调查结果表明，应在流程开始时观察到一些公司效率的急剧变化，即使这段期间的技术效率稳定。在未来的时期，大多数公司的生产率都相对稳定。这项研究通过分析房地产企业运营状况的见解，并为未来的可持续发展提供概述，从而为决策者和战略制定者提供参考。