Market Summary

BSR reported Q1/2026 revenue of VND 46,462 billion and after-tax profit of VND 8,265 billion, a 20.7x increase year-on-year, far exceeding market expectations.

Hoa Phat Group reported Q1 revenue of over 53,300 billion VND (+40% YoY) and after-tax profit of over 9,055 billion VND (+170% YoY), the highest in 5 years, despite record daily interest expenses of 15 billion VND.

Vinamilk reported strong Q1 2026 results with net profit up 54.9% to VND 2,458 billion, driven by domestic market recovery and flexible logistics solutions bypassing the Hormuz Strait.

Novaland reported Q1 2025 net profit of 860 billion VND, reversing a loss of 476 billion VND a year earlier, driven by a 111% surge in real estate transfer revenue to 3,452 billion VND.

HAGL reported Q1 2026 net profit of VND 1,172.6 billion, tripling year-on-year, driven by a VND 750 billion interest waiver. Revenue reached VND 1,784 billion, with fruit sales up 32%.

The Vietnamese government extends the 0% import tax on petroleum and blending materials until June 30, reducing state budget revenue by an estimated 997 billion VND but helping secure supply amid Middle East conflicts.

The Tax Department directs the implementation of raising the tax-free revenue threshold to 1 billion VND per year for business households and small enterprises, effective from January 1, 2026.

Vietnam Airlines reported consolidated revenue of over VND 37,500 billion in Q1, up nearly 23% YoY, with after-tax profit rising nearly 30% to VND 4,514 billion, driven by Lunar New Year peak demand and international route expansion.

The Vietnamese government extends the 0% import tariff on certain petroleum products and raw materials until June 30, 2026, through Resolution No. 25/2026/NQ-CP.