Vietnam Airlines HVN Profit Surges 140% in H1 2026; HAG, DCM Also Beat

Overview

Vietnam Airlines (HVN) reported a strong earnings beat for the first half of 2026, with net profit surging 140% year-on-year to VND 3,852 billion. The national carrier benefited from a 28% revenue increase to VND 75,312 billion, driven by robust international travel demand. In the same reporting period, Hoang Anh Gia Lai (HAG) and Ca Mau Petroleum Fertilizer (DCM) also posted significant profit growth, with DCM exceeding its full-year target by 57%.

Key Facts

• Vietnam Airlines (HVN) H1 2026 consolidated revenue: VND 75,312 billion (+28% y/y).
• HVN H1 2026 net profit: VND 3,852 billion (+140% y/y).
• HVN parent company revenue: VND 56,274 billion (+19% y/y); net profit: VND 2,877 billion.
• HVN operated over 80,000 flights, carrying 13 million passengers (+4% y/y) and 180,000 tonnes of cargo (+10% y/y).
• International passengers carried by HVN: nearly 4.8 million (+19% y/y).
• Hoang Anh Gia Lai (HAG) Q2 2026 net profit: nearly VND 995 billion; H1 net profit exceeded VND 2,100 billion (2.4x y/y).
• Ca Mau Petroleum Fertilizer (DCM) H1 net profit: nearly VND 1,860 billion, surpassing its full-year after-tax profit target by 57%.

What Happened

On July 30, Vietnam Airlines (HVN) released its Q2 2026 financial statements, revealing a strong first-half performance. The company attributed the growth to a 19% increase in international passenger traffic, supported by route expansion to destinations such as Amsterdam and Phuket, and increased frequencies on key routes including Singapore, Manila, Moscow, Kaohsiung, Melbourne, and Sydney. The carrier also highlighted its focus on cost management, digital transformation, and AI adoption to enhance operational efficiency.

Hoang Anh Gia Lai (HAG) reported Q2 net profit of nearly VND 995 billion, marking its second consecutive quarter with over VND 1,000 billion in after-tax profit. The company benefited from negative financial costs of VND 560 billion, mainly due to the reversal of bond interest expenses. Meanwhile, Ca Mau Petroleum Fertilizer (DCM) achieved net profit of nearly VND 1,860 billion in H1, exceeding its full-year target by 57%, driven by strong fertilizer demand and favorable pricing.

Market Context

HVN shares closed at VND 21,800 on July 30, 2026, on the HOSE. The stock has been supported by the ongoing recovery in air travel, particularly international routes, which account for a growing share of revenue. HAG closed at VND 14,200 on HOSE, while DCM ended at VND 31,250 on HOSE. The broader market has seen mixed sentiment, but earnings beats from these three companies underscore the resilience of Vietnam’s aviation, agriculture, and fertilizer sectors.

Strategic Significance

For Vietnam Airlines, the strong H1 results validate its strategy of expanding international routes and modernizing its fleet with 50 new narrow-body aircraft. The carrier’s focus on international markets positions it to capture post-pandemic travel demand, while cost-control measures and digital initiatives aim to sustain margins. HAG’s profit surge reflects successful debt restructuring and improved fruit export operations, while DCM’s performance highlights the structural demand for fertilizers in Vietnam’s agricultural sector. All three companies demonstrate the potential for earnings growth in their respective industries.

What to Watch

• HVN’s Q3 2026 passenger traffic data, especially international load factors.
• HAG’s ability to maintain negative financial costs and fruit export volumes in H2.
• DCM’s Q3 earnings and any guidance on full-year profit exceeding initial targets.
• Fuel price trends and their impact on HVN’s operating costs.
• Progress on HVN’s fleet investment and Long Thanh International Airport projects.