Vinhomes leads H1 2026 profits, up 5x to VND 63.6 trillion

Overview

Vinhomes (VHM) reported the largest pre-tax profit on the Vietnamese stock exchange for H1 2026, reaching VND 63,567 billion, nearly five times higher than the same period last year. Parent company Vingroup (VIC) ranked second with VND 33,706 billion, while banks now account for only 9 of the top 20 profit leaders, the lowest count in several years. The data, compiled by VnExpress from Q2 financial statements, highlights a shift toward non-financial sectors.

Key Facts

• Vinhomes (VHM) posted H1 2026 pre-tax profit of VND 63,567 billion, up nearly 5x year-on-year.
• Vingroup (VIC) reported H1 2026 profit of VND 33,706 billion, more than triple the prior year, moving from 8th to 2nd place.
• Vietcombank (VCB) ranked third with VND 29,222 billion, up 33%, supported by a 32% rise in net interest income to nearly VND 36,800 billion.
• VietinBank (CTG) and MB (MBB) were the only other banks with profits above VND 20,000 billion.
• BIDV (BID) earned VND 18,905 billion, up 18%, losing its third-place banking position to MB.
• VPBank (VPB) and Techcombank (TCB) reported profits of VND 18,880 billion (+68%) and VND 18,540 billion (+22%), respectively.
• Hoa Phat (HPG) and BSR (BSR) entered the top 10, with HPG’s profit doubling to VND 17,947 billion, including a one-off gain of over VND 3,800 billion from capital transfer.

What Happened

According to a VnExpress analysis of Q2 2026 financial reports, 13 listed companies recorded pre-tax profits above VND 10,000 billion in H1 2026, with three exceeding USD 1 billion (about VND 26,300 billion). All top 20 firms showed year-on-year growth. Vinhomes led the list, attributing its performance to handovers at Ocean Park 2, 3 and Green Paradise projects, with consolidated revenue (including BCC and bulk-sale transactions) reaching VND 134,205 billion, up 203%.

Vingroup’s profit surge was largely driven by Vinhomes’ results, replacing Vietcombank as the second most profitable company. The banking sector’s representation in the top 20 fell to 9, the lowest in years, as Sacombank and LPBank saw profit declines due to increased credit risk provisions. Non-financial firms like Hoa Phat and BSR rose in the rankings, reflecting broader sectoral shifts.

Market Context

Vinhomes (HOSE: VHM) closed at VND 73,800 on August 12, 2026, while Vingroup (HOSE: VIC) traded at VND 215,500. The strong earnings come amid a recovering real estate market, with Vinhomes’ profit growth outpacing the broader VN-Index. Banks, though still profitable, face margin pressure and higher provisioning, as seen in Sacombank and LPBank. The shift in the top 20 profit rankings underscores a rotation toward industrials and energy, with HPG and BSR benefiting from steel and refining margins.

Strategic Significance

For long-term investors, Vinhomes’ dominance reinforces its position as the leading real estate developer, with a pipeline of large-scale projects driving recurring handovers. Vingroup’s diversified conglomerate model, spanning real estate, automotive, and technology, is now delivering consolidated profit growth. The reduced banking presence in the top 20 suggests a normalization after years of outsized bank profits, potentially signaling a more balanced market. Hoa Phat’s entry into the top 10 highlights the steel cycle’s upswing, while BSR’s inclusion reflects energy sector tailwinds.

What to Watch

• Q3 2026 earnings reports from Vinhomes and Vingroup to confirm sustained handover momentum.
• Banking sector provisioning trends, especially at Sacombank and LPBank, for signs of credit stress.
• Hoa Phat’s steel sales volumes and margins in H2 2026, including any impact from the one-off capital transfer gain.
• BSR’s refining margins and utilization rates amid global oil price volatility.
• Any regulatory changes affecting real estate or banking that could alter the top 20 profit rankings.