Vinhomes (VHM) Posts VND 103,081B Four-Quarter Profit, First Vietnamese Firm Past VND 100,000B
This Aveluro analysis covers VHM (Vinhomes) on HOSE in the Real Estate sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Vinhomes (ticker VHM, HOSE) reported consolidated after-tax profit of VND 103,081B for the four quarters from Q4/2025 through Q3/2026, the first time a Vietnamese company has disclosed a trailing four-quarter profit above VND 100,000B. The figure combines audited full-year 2025 results with the Q3/2026 consolidated financial statements, which showed VND 75,059B of after-tax profit for the first nine months of 2026, nearly five times the year-earlier period.
Key Facts
- Four-quarter consolidated after-tax profit (Q4/2025-Q3/2026): VND 103,081B.
- 9M/2026 after-tax profit: VND 75,059B, up nearly 5x year-on-year.
- Prior annual profit base for Vinhomes: roughly VND 30,000-40,000B per year.
- The result is about 1.7x Samsung Thái Nguyên’s record VND 60,884B in 2017.
- It is about 1.8x Petrovietnam’s VND 56,441B in 2022 and more than 2x Viettel’s VND 44,638B in 2025.
- EVN reported VND 51,882B of after-tax profit in 2025; Samsung Thái Nguyên reported KRW 2,382B (about VND 42,900B) in 2025.
- Over the same 1 October 2025 to 30 September 2026 window, Panasonic Holdings earned JPY 342.6B (about VND 57,800B) and Canon JPY 384.2B (about VND 64,900B).
What Happened
The figures come from Vinhomes’ consolidated Q3/2026 financial statements, released in late October 2026, read together with the audited 2025 annual results. The company, controlled by billionaire Phạm Nhật Vượng, reported VND 75,059B of after-tax profit for the nine months to 30 September 2026, close to five times the same period a year earlier. Adding the audited Q4/2025 contribution produces the VND 103,081B trailing four-quarter total.
The comparison set is the largest corporate profit pools ever recorded in Vietnam. Samsung Electronics Việt Nam Thái Nguyên’s VND 60,884B in 2017 had stood as the high-water mark, ahead of Petrovietnam’s VND 56,441B in 2022, EVN’s VND 51,882B and Viettel’s VND 44,638B in 2025. The article also benchmarks Vinhomes against Panasonic and Canon on a matching twelve-month window, with VHM’s profit roughly 1.8x and 1.6x those Japanese groups respectively. The report does not break out the revenue, handover or one-off components behind the nine-month figure.
Market Context
VHM closed at VND 63,000 on 1 November 2026 on HOSE. The stock sits in the Real Estate sector, where earnings are recognised on project handover rather than evenly through the year, so a single large delivery cycle can lift reported profit sharply. The four-quarter record places Vinhomes among the largest profit generators listed in Vietnam and shifts the sector benchmark for scale, though the article does not address how much of the total reflects recurring residential sales versus non-recurring items.
Strategic Significance
The record reframes Vinhomes’ earnings base rather than merely extending an uptrend. A move from roughly VND 30,000-40,000B a year to above VND 100,000B on a trailing basis implies a materially larger handover pipeline and a different scale of land bank monetisation. For long-term holders, the key question is durability: if the VND 75,059B nine-month result reflects concentrated deliveries of large township projects, the four-quarter record may prove a peak-cycle number rather than a new floor. The comparison with Petrovietnam, EVN and Viettel also matters because those are state-backed industrial groups with steadier cash generation, whereas VHM’s profit is tied to the residential property cycle and its financing conditions.
What to Watch
- The full Q3/2026 financial statements for the revenue line, gross margin and any non-recurring gains behind the VND 75,059B nine-month profit.
- Q4/2026 results, which will show whether the trailing four-quarter total holds above VND 100,000B once Q4/2025 drops out of the window.
- Handover schedules for major township projects and any updated 2026-2027 presale guidance from the company.
- Bond issuance and refinancing disclosures, given the sector’s reliance on property-linked credit.
- Foreign-ownership and major shareholder filings for changes in the VHM register.