VEFAC Reports Record 2025 Profit of VND 15.4 Trillion, Up 16x on VEC Launch

Overview

VEFAC (Vietnam Exhibition Center Joint Stock Company) reported a record after-tax profit of VND 15,402 billion for 2025, a 16-fold increase year-on-year, following the opening of the Vietnam Exhibition Center (VEC) in Hà Nội. The company’s revenue surged nearly 38 times to VND 47,759 billion, driven by large-scale events hosted at the 90-hectare complex, the largest exhibition venue in Southeast Asia. VEFAC has retained all 2025 retained earnings to support long-term growth.

Key Facts

• VEFAC’s 2025 after-tax profit reached VND 15,402 billion, up 16x from 2024.
• Total revenue (services and financial income) hit VND 47,759 billion, a 38x increase year-on-year.
• The Vietnam Exhibition Center (VEC) spans 90 hectares, making it the largest exhibition complex in Southeast Asia.
• In 2025, VEC hosted the national exhibition “80 Years of Independence - Freedom - Happiness,” attracting over 10 million visitors.
• Other major events included the 8Wonder music festival (50,000 attendees) and the VPBank-T1 esports event (40,000 attendees).
• For 2026, VEFAC targets 62 events with VND 1,000 billion in sales revenue and VND 600 billion in after-tax profit from the events segment.
• The company retained all 2025 retained earnings for business capital, with no dividend distribution.

What Happened

At its annual general meeting on May 27, 2026, VEFAC announced record financial results for fiscal year 2025. The company’s after-tax profit surged to VND 15,402 billion, a 16-fold increase from the previous year, while total revenue jumped nearly 38 times to VND 47,759 billion. The primary driver was the official opening of the Vietnam Exhibition Center (VEC), a 90-hectare complex in Hà Nội that is now the largest exhibition venue in Southeast Asia.

According to the company, VEC quickly established itself as a premier venue for political, commercial, and cultural events. The government selected it for the national exhibition “80 Years of Independence - Freedom - Happiness,” which drew over 10 million visitors. Additionally, VEC hosted major trade fairs, music festivals, and esports events, each attracting tens of thousands of attendees. The company emphasized that these activities not only generated significant revenue but also boosted Hà Nội’s services and tourism sectors.

Market Context

VEFAC is listed on the UPCOM exchange under ticker VEFAC. The stock has historically traded with low liquidity and limited public float, as the company is closely held. The record profit announcement is likely to draw attention to the stock, but the retained earnings policy suggests management prioritizes reinvestment over shareholder distributions. The broader Vietnamese real estate and infrastructure sectors have seen mixed performance, with large-scale projects like VEC positioning VEFAC as a unique play on the country’s growing events and exhibition industry.

Strategic Significance

VEFAC’s 2025 results underscore the transformative impact of the VEC project, which addresses a critical infrastructure gap for international-standard events in Việt Nam. The company’s decision to retain all earnings signals a long-term strategy to reinvest in technology and service ecosystem expansion, potentially strengthening its competitive moat. As Việt Nam aims to become a regional hub for conferences and exhibitions, VEFAC is well-positioned to capture growing demand, though the sustainability of revenue growth depends on maintaining high occupancy and event quality.

What to Watch

• 2026 first-half financial results to assess revenue and profit trends post-launch.
• Event calendar for 2026: whether VEFAC achieves its target of 62 events and VND 600 billion in event segment profit.
• Any announcements regarding dividend policy or capital allocation changes.
• Competitive developments: new exhibition centers in Việt Nam or neighboring countries.
• Foreign ownership limits and potential inclusion in broader market indices.