BMP, NTP, VLB Lead Vietnam Construction-Materials Q3/2026 Earnings on Public Investment

Overview

Vietnam’s construction-materials sector delivered a broad Q3/2026 earnings beat, led by Nhựa Bình Minh (BMP) at VND 1,238B in nine-month pre-tax profit and Nhựa Tiền Phong (NTP) at VND 1,233B, up 30% year on year. The results, reported through 22 October, span plastics, crushed stone, cement and steel, and track a 14.5% increase in nine-month state budget spending that is feeding infrastructure, industrial-park and urban demand.

Key Facts

• BMP (HOSE) posted Q3/2026 pre-tax profit of VND 399B, down 9% year on year; nine-month pre-tax profit reached VND 1,238B, up 2%.
• NTP recorded Q3 pre-tax profit of VND 353B, up 13%, and nine-month pre-tax profit of VND 1,233B, up 30%; project-segment revenue rose 25%.
• VLB reported Q3 pre-tax profit of about VND 147B and nine-month pre-tax profit of nearly VND 708B, roughly 2.8x the prior year.
• VLB sold close to 2 million m³ of stone in Q3, up 19%, with net revenue up 35% to VND 442B; nine-month profit also includes a near-VND 344B one-off from a mineral-royalty settlement.
• HT1 posted Q3 pre-tax profit of VND 120B, up 14%, and nine-month profit of VND 391B, up 67%.
• BTS swung to a nine-month profit of VND 30B from a year-earlier loss, with Q3 pre-tax profit of VND 16B, up 59%; VCA moved from loss to a VND 52B nine-month profit.
• State budget spending rose 14.5% year on year in the first nine months of 2026, per the General Statistics Office.

What Happened

According to Q3/2026 financial statements compiled through 22 October, the construction-materials group showed clear improvement across pipes, crushed stone, cement and steel. BMP retained the largest absolute profit base but posted a 9% decline in quarterly pre-tax profit to VND 399B, with nine-month profit up only 2% to VND 1,238B. NTP grew faster, with nine-month pre-tax profit up 30% to VND 1,233B, supported by a 25% increase in project-segment revenue from plastic pipe supply to construction works.

VLB delivered the sharpest expansion, with nine-month pre-tax profit near VND 708B, about 2.8x the prior year. Q3 stone consumption reached almost 2 million m³, up 19%, and net revenue rose 35% to VND 442B on higher selling prices. The company attributed part of the nine-month jump to a near-VND 344B non-recurring gain tied to a mineral-royalty settlement. In cement, HT1 rose 67% over nine months to VND 391B, BTS returned to profit, and steel producer VCA also swung from loss to a VND 52B nine-month profit.

Market Context

BMP closed at VND 138,100 on 22 October 2026 on HOSE, the highest price in the affected group and consistent with its position as the sector’s profit leader. HT1 closed at VND 13,400, NTP at VND 53,300 and VLB at VND 51,900. The sector’s earnings momentum aligns with the government’s accelerated public-investment disbursement, which is lifting volumes for crushed stone, cement, steel and technical piping even as individual company margins diverge.

Strategic Significance

The results point to a volume-driven rather than price-driven cycle for most of the group. NTP’s 25% project-revenue growth and VLB’s 19% volume increase suggest infrastructure disbursement is converting into real tonnage, which matters more for durable earnings than one-off gains. BMP’s flat nine-month growth despite sector tailwinds indicates share pressure in the northern pipe market, while HT1’s 67% profit increase signals that cement margins can recover when utilization improves. Investors should separate VLB’s underlying volume and pricing gains from its VND 344B royalty settlement, which is unlikely to recur.

What to Watch

• Q4/2026 disbursement data from the Ministry of Finance and the General Statistics Office, to confirm whether the 14.5% budget-spending growth pace holds.
• BMP’s Q4 gross margin and market-share commentary, given the 9% decline in quarterly pre-tax profit.
• VLB’s Q4 results excluding the VND 344B royalty settlement, to test the durability of the underlying profit base.
• NTP project-segment order backlog and any disclosure on pipe pricing for 2027 infrastructure tenders.
• HT1 and BTS cement volume and clinker cost updates as coal and input prices evolve.