VHM Q1 2026 Profit Surges 700% to 30.7 Trillion VND, Leads Top 20 Listed Firms

Overview

Vinhomes (VHM) reported a record Q1 2026 pretax profit of 30.7 trillion VND, a 700% surge year-on-year, making it the top earner among 20 listed companies with profits exceeding 1 trillion VND. The banking sector dominates the list with 10 institutions, while BSR and HPG also posted strong gains.

Key Facts

• Vinhomes (VHM) recorded Q1 2026 pretax profit of 30.7 trillion VND, up 700% from 3.8 trillion VND in Q1 2025.
• Five companies reported pretax profit above 10 trillion VND in Q1 2026, compared to only two in Q1 2025.
• Vingroup (VIC) posted pretax profit of 11.5 trillion VND, up 56% YoY, ranking third.
• Vietcombank (VCB) led the banking group with 11.8 trillion VND pretax profit, up 9% YoY.
• VietinBank (CTG) grew 63% YoY to 11.1 trillion VND pretax profit.
• Binh Son Refining (BSR) saw pretax profit surge 1,861% to 9.2 trillion VND, driven by high refinery utilization at 124-125% capacity.
• Hoa Phat Group (HPG) reported pretax profit of 10.8 trillion VND, up 180% YoY, partly from a real estate project transfer in Pho Noi, Hung Yen.
• Ten banks made the top 20 list: VCB, CTG, MBB, TCB, BID, VPB, ACB, HDB, SHB, and LPB.

What Happened

According to Q1 2026 financial reports, Vinhomes (VHM) achieved a record pretax profit of 30.7 trillion VND, a 700% increase from the same period last year. The company attributed the strong performance to handovers at its major projects, Vinhomes Ocean City and Vinhomes Royal Island. Vingroup (VIC), the parent company, also posted a 56% rise in pretax profit to 11.5 trillion VND.

The banking sector continued to dominate the profit rankings, with 10 banks among the top 20. Vietcombank (VCB) maintained its lead with 11.8 trillion VND, while VietinBank (CTG) posted the strongest growth at 63%. The only bank to see a decline was LPBank, with pretax profit down 11% YoY.

BSR emerged as the growth star with a 1,861% profit surge to 9.2 trillion VND, driven by high refinery utilization and favorable global crude and product price spreads. HPG’s 180% profit increase to 10.8 trillion VND was partly due to a real estate project transfer.

Market Context

VHM shares closed at 138 VND on April 15, 2026, up 6.83% on the day with volume of 6.25 million shares on HOSE. The stock has been buoyed by strong earnings momentum and positive sentiment in the real estate sector. The broader VN-Index has also benefited from robust corporate earnings, particularly from banks and large-cap stocks.

Strategic Significance

VHM’s record profit underscores the successful execution of its mega-project strategy, with Ocean City and Royal Island driving revenue. The company’s ability to generate such high margins in a single quarter highlights its dominant position in Vietnam’s premium real estate market. For the banking sector, the widespread profit growth reflects improving net interest margins and credit expansion, though LPB’s decline signals potential divergence in asset quality. BSR’s exceptional performance is tied to global oil price volatility, which may not be sustainable.

What to Watch

• VHM’s Q2 2026 handover pipeline and any new project launches.
• VIC’s consolidated earnings and potential cross-subsidiary transactions.
• Banking sector NPL trends and credit growth data for Q2 2026.
• BSR’s refining margins and Dung Quat refinery maintenance schedule.
• HPG’s steel output and real estate project sales contributions.