Q1 2026 Earnings: Non-Financial Sectors Surge 43% YoY, Steel and Retail Lead

Overview

Q1 2026 earnings for 238 listed Vietnamese firms show aggregate net profit growth of +43% year-on-year, led by non-financial sectors such as Steel (+169.6%) and Retail (+74.9%). Financial sector growth moderated, with banks up +22.7% and securities firms up +14.4%, as margin compression and lower market liquidity weighed on results.

Key Facts

• Aggregate net profit of 238 listed banks and firms rose +43% YoY in Q1 2026.
• Steel sector profit surged +169.6% YoY, driven largely by HPG’s one-off gain from a urban project transfer in Hưng Yên.
• Retail sector profit increased +74.9% YoY, with MWG and PNJ benefiting from margin improvement rather than revenue expansion.
• Bank profit growth slowed to +22.7% YoY, but declined -15.7% quarter-on-quarter, pressured by narrowing NIM at VPB and TCB.
• Securities firms posted +14.4% YoY profit growth, down sharply from prior quarters, and -27.9% QoQ.
• Average daily matching value on HOSE was VND 28.4 trillion, flat QoQ but -31% from Q3 2025 peak.
• The sample represents 16.9% of total market capitalization.

What Happened

According to FiinTrade statistics, 238 listed banks and firms representing 16.9% of total market capitalization have reported Q1 2026 financial results or preliminary estimates. Aggregate net profit after tax grew +43% year-on-year, with significant contributions from non-financial sectors benefiting from commodity prices and recovery cycles. Steel led with +169.6% growth, followed by Retail (+74.9%), Personal Goods (+110.4%), Fertilizer (+48.5%), and Oil & Gas Services (+78.5%).

Notably, consumer sectors (Retail, Personal Goods) achieved profit growth primarily through margin improvement rather than revenue expansion, as seen at MWG and PNJ. In Steel, HPG’s exceptional growth was partly due to a one-time gain from transferring an urban project in Hưng Yên, which contributed about 42% of its Q1 profit. In contrast, the financial sector saw modest growth: 6 out of 27 banks (representing 30.1% of banking capitalization) reported +22.7% YoY profit growth but -15.7% QoQ, reflecting NIM compression at VPB and TCB and slower credit growth, with a lack of non-interest income to compensate. Securities firms (37 out of 41, representing 87% of sector capitalization) posted +14.4% YoY profit growth, a significant deceleration from prior quarters, and -27.9% QoQ, as market liquidity remained subdued.

Market Context

HPG closed at VND 28,000 on April 15, 2026, down 1.75% on volume of 27.5 million shares. MWG closed at VND 81,000 (-1.10%), PNJ at VND 110,000 (flat), and VPB at VND 27,000 (flat). The earnings data underscores a rotation away from financials toward cyclical and consumer sectors, with steel and retail outperforming. The broader market’s average daily trading value on HOSE remains near Q4 2025 levels but well below the Q3 2025 peak, indicating cautious investor sentiment.

Strategic Significance

The Q1 2026 earnings snapshot reveals a clear divergence: non-financial sectors, particularly steel and retail, are benefiting from commodity price tailwinds and margin recovery, while financials face headwinds from narrowing net interest margins and slowing credit demand. For HPG, the one-off gain from the Hưng Yên project masks underlying steel operations, but the sector’s strong growth suggests sustained demand. For banks like VPB and TCB, the sequential profit decline signals potential earnings pressure ahead. The data also highlights the importance of non-interest income for banks, as traditional lending margins compress.

What to Watch

• HPG’s Q2 2026 earnings to assess sustainability of steel margins and contribution from core operations.
• MWG and PNJ’s revenue growth trends to confirm whether margin improvement can persist.
• Q2 2026 credit growth data for banks, especially VPB and TCB, to gauge NIM trajectory.
• HOSE average daily trading value in Q2 2026 to see if securities firm earnings recover.
• Full Q1 2026 reports from other major banks and firms to broaden the sample.