Vinhomes Q1 2026 Profit Surges 866% to VND 30.7 Trillion, Vietcombank Leads Banking

Overview

Vinhomes (VHM) and Vietcombank (VCB) reported standout Q1 2026 earnings, with VHM posting a pre-tax profit of VND 30,727 billion (up 866% YoY) and VCB achieving VND 11,803 billion (+8.7%). VHM’s surge was fueled by handovers at large-scale projects, while VCB’s growth came from core lending and fee income. The results place both firms among the top five Vietnamese companies with quarterly profits exceeding VND 10,000 billion.

Key Facts

• Vinhomes (VHM) Q1 2026 pre-tax profit: VND 30,727 billion, up 866% YoY from VND 3,839 billion.
• VHM Q1 revenue: VND 65,114 billion, up 315% YoY.
• VHM Q1 sales value: VND 81,700 billion (+133% YoY); backlog of unhanded-over sales: VND 201,600 billion (+68%).
• Vietcombank (VCB) Q1 2026 pre-tax profit: VND 11,803 billion, up 8.7% YoY.
• VCB net interest income: VND 17,650 billion (+29% YoY); credit growth of 4.9% vs. end-2025.
• VCB NPL ratio: 0.62% (up from 0.56% end-2025); NPL coverage ratio above 250%.
• VCB total assets: VND 2.55 quadrillion (+4.5% YTD).

What Happened

Vinhomes reported a dramatic earnings jump in Q1 2026, with pre-tax profit reaching VND 30,727 billion, more than eight times the year-ago figure. The company attributed the growth to handovers at mega-projects, particularly Vinhomes Ocean City and Vinhomes Royal Island. Revenue surged 315% to VND 65,114 billion, while sales value hit VND 81,700 billion, up 133%. The backlog of unhanded-over sales stood at VND 201,600 billion, signaling strong future revenue recognition.

Vietcombank, Vietnam’s largest listed bank by market cap, posted a more modest but steady 8.7% increase in pre-tax profit to VND 11,803 billion. Core drivers included a 29% rise in net interest income to VND 17,650 billion, supported by 4.9% credit growth, and a 17% increase in net fee income. However, foreign exchange trading income fell 17% and securities trading recorded a small loss. Asset quality remained sound with an NPL ratio of 0.62% and high provisioning coverage.

Market Context

VHM shares closed at VND 138 on April 15, 2026, up 6.83% on high volume of 6.25 million shares, reflecting investor enthusiasm for the earnings beat. The stock trades on HOSE. VCB shares rose 1.01% to VND 60 on volume of 8.55 million shares. The broader market has been buoyed by strong corporate earnings, with VHM and VCB leading their respective sectors. VHM’s profit surge underscores the recovery in Vietnam’s real estate market, particularly in the high-end segment, while VCB’s performance highlights the banking sector’s resilience amid stable credit demand.

Strategic Significance

VHM’s results confirm its dominant position in Vietnam’s real estate market, driven by its ability to execute large-scale urban projects. The massive backlog of VND 201,600 billion provides multi-year revenue visibility. For VCB, steady profit growth and strong asset quality reinforce its status as a top-tier bank, though the modest 8.7% growth suggests a mature phase. Both companies benefit from Vietnam’s economic expansion and urbanization trends, but VHM’s high growth rate may attract more speculative interest, while VCB offers stability.

What to Watch

• VHM’s Q2 2026 handover pace and new project launches, especially Vinhomes Green Paradise.
• VCB’s net interest margin trend and credit growth trajectory for the remainder of 2026.
• Any regulatory changes affecting real estate or banking sectors, such as SBV policy on credit growth.
• Foreign ownership limits and potential ETF rebalancing impacts on VHM and VCB.
• Q2 2026 earnings reports from other major real estate and banking peers for sector comparison.