VNSteel (TVN) Q3 2026 Profit Jumps 646% to VND 1,213B; HNG, LDG Post Losses

Overview

VNSteel (ticker TVN, UPCOM) reported Q3/2026 pre-tax profit of VND 1,213 billion, up 646% from the same period last year, according to the company’s Q3/2026 financial statements released on 02/11. The result anchors a mixed earnings roundup in which Savico (SVC) and Văn Phú Invest (VPI) posted sharp declines while HAGL Agrico (HNG) and LDG remained in loss.

Key Facts

• VNSteel (TVN) Q3/2026 pre-tax profit: VND 1,213 billion, +646% year on year.
• TVN nine-month 2026 pre-tax profit: VND 1,931 billion, +233% year on year.
• Savico (SVC) Q3/2026 pre-tax profit: VND 127 billion, -71%; nine-month VND 251 billion, -61%.
• Văn Phú Invest (VPI) Q3/2026 pre-tax profit: VND 26 billion, -82%; nine-month VND 286 billion, -10%.
• HAGL Agrico (HNG) Q3/2026 pre-tax loss: VND 64 billion, narrowing VND 53 billion year on year; nine-month loss VND 250 billion.
• AIG Group (AIG) Q3/2026 pre-tax profit: VND 454 billion, +17%; nine-month VND 1,449 billion, +45%.
• Sunshine Homes (SSH) Q3/2026 pre-tax profit: VND 154 billion versus a VND 31 billion loss a year earlier; nine-month profit VND 2,085 billion.
• DNP Holding (DNP) Q3/2026 pre-tax profit: VND 139 billion, +76%; Lilama (LLM) VND 128 billion, +24%, with nine-month profit up 405%.

What Happened

The figures were disclosed in the companies’ Q3/2026 financial statements compiled in a 02/11 roundup. VNSteel’s 646% jump in quarterly pre-tax profit to VND 1,213 billion carried nine-month pre-tax profit to VND 1,931 billion, a 233% increase, making it the standout performer in the steel segment of the release.

Across other sectors, AIG Group, Sunshine Homes, DNP Holding and Lilama all reported year-on-year profit growth, with SSH swinging from a VND 31 billion loss to a VND 154 billion profit and LLM’s nine-month profit rising 405%. Savico and Văn Phú Invest moved the other way, with quarterly pre-tax profit down 71% and 82% respectively. HAGL Agrico recorded a VND 64 billion pre-tax loss for the quarter, narrower by VND 53 billion than a year earlier, while LDG was listed among the loss-making reporters. The article does not disclose revenue figures, one-off items or the drivers behind TVN’s margin expansion.

Market Context

TVN last closed at VND 9,800 on 01/11/2026 on UPCOM, the exchange’s lower-liquidity tier, where the shares trade well below the VND 20,000 level of DNP Holding and the VND 46,200 of AIG. The steel sector’s earnings recovery comes as Vietnamese listed companies report Q3/2026 results, a season in which construction-material names have drawn attention for margin recovery while property-linked and agricultural counters such as VPI, SVC and HNG remain under pressure.

Strategic Significance

For long-term holders, the TVN result is a test of whether steel margins can hold through a cyclical upswing rather than a one-quarter base effect. A 646% quarterly increase on a low prior-year base flatters the growth rate, but the nine-month figure of VND 1,931 billion, up 233%, suggests the improvement is cumulative rather than a single-quarter anomaly. The divergence within the roundup, with construction and property-linked names like VPI and SVC contracting while steel and industrial groups expand, points to a sector rotation in earnings rather than a broad market-wide uplift.

What to Watch

• TVN’s full Q3/2026 financial statements for revenue, gross margin and any one-off gains behind the VND 1,213 billion pre-tax profit.
• Q4/2026 steel price and input cost trends, including iron ore and coking coal, as a check on margin durability.
• HNG’s progress in narrowing losses after the nine-month VND 250 billion pre-tax shortfall.
• Further Q3/2026 filings from LDG and other property names for confirmation of the sector split.
• UPCOM liquidity and foreign-ownership data for TVN given its low absolute share price.