BSR, DCM, VCG, IJC Cut 2026 Profit Targets Amid Economic Uncertainty

Overview

Multiple Vietnamese listed companies, including Bình Sơn Refining (BSR), Đạm Cà Mau (DCM), Vinaconex (VCG), and Infrastructure Development JSC (IJC), have presented cautious 2026 business plans with significantly reduced profit targets. This trend, described as ‘shifting into reverse gear,’ is attributed to global economic volatility and rising input costs, despite some firms still projecting revenue growth.

Key Facts

• Bình Sơn Refining (BSR) targets consolidated 2026 revenue of over VND 154,140B (+25% vs 2025) but expects net profit of only VND 2,162B, a 58% decrease.
• Đạm Cà Mau (DCM) plans 2026 revenue of VND 17,615B and pre-tax profit of VND 1,320B, a 39% profit decline compared to 2025.
• Vinaconex (VCG) forecasts consolidated 2026 revenue of VND 15,423B (-20%+) and net profit of VND 1,037B, a 73% drop from over VND 3,865B in 2025.
• Infrastructure Development JSC (IJC) expects 2026 consolidated revenue of VND 2,454B (+53%) but net profit of VND 510B, a 9% decrease, alongside a planned investment capital increase of over 50% to above VND 4,400B.
• BSR management stated domestic crude supply will secure about 90% of its Dung Quất refinery’s design capacity, with over 30% imported from the US and West Africa.
• A VPS Securities brokerage representative noted many companies recorded exceptional profits last year, leading to more conservative 2026 planning.

What Happened

During the current AGM season, several listed firms have adopted a more conservative stance in their 2026 production and business plans. According to company filings and leadership statements, this is a direct response to unpredictable global economic conditions and escalating operational costs. Bình Sơn Refining (BSR), operator of the Dung Quất refinery, projects a sharp 58% decline in net profit despite a 25% revenue increase, citing prepared crude supply to maintain high capacity through July 2026. Similarly, Đạm Cà Mau (DCM) reported strong Q1 2026 results but set a cautious full-year plan with a 39% profit drop. Vinaconex (VCG) leadership explicitly attributed its deep 73% profit cut to rising input costs for materials and labor, intensified competition in construction bidding, and an uneven market recovery. Infrastructure Development JSC (IJC) plans significant investment growth but still expects a modest profit decline.

Market Context

These guidance revisions come amid mixed recent trading for the affected stocks on the HOSE and HNX. On April 15, BSR closed at VND 26 (-0.38%) with high volume of 11 million shares, while VCG closed at VND 22 (-1.53%) with nearly 11 million shares traded. Earlier, DCM saw a 3.44% gain to VND 47 on April 10. The announcements reflect a sector-wide recalibration, particularly in energy, chemicals, and construction, where companies are balancing growth ambitions with risk management in a volatile macroeconomic environment.

Strategic Significance

The strategic shift toward conservative profit targets indicates a prioritization of operational stability and risk mitigation over aggressive growth. For BSR, maintaining 90% capacity with secured domestic crude is a defensive operational strategy, while VCG’s focus on margin pressure highlights structural challenges in Vietnam’s construction sector. This collective caution suggests management teams are bracing for prolonged headwinds, potentially signaling a more subdued earnings trajectory across these industrial segments in 2026.

What to Watch

• Q2 2026 earnings releases from BSR, DCM, VCG, and IJC to validate the conservative guidance against actual performance.
• Updates on global crude oil prices and domestic supply chain costs, which directly impact BSR’s and DCM’s input expenses.
• Progress on IJC’s Sunflower 2 and Green City projects, given its planned 50% investment increase to over VND 4,400B.
• Regulatory or policy support for the construction sector that could alleviate margin pressures cited by Vinaconex.
• Broader Vietnamese market guidance trends in upcoming AGMs for confirmation of this conservative planning pattern.