VN30 Q2 2026 Earnings: 70% Beat, Real Estate Leads 257% Profit Surge

Overview

Q2 2026 earnings for VN30 members show broad-based profit growth, with 70% of companies improving pre-tax profit. Real estate, oil & gas, media, and retail led with triple-digit growth, according to data from Chứng khoán Thiên Việt (TVS). The positive results are a key driver for the Vietnamese stock market, with Vingroup (VIC) and its subsidiaries playing a major role.

Key Facts

• Market-wide after-tax profit rose 49.4% year-on-year in Q2 2026, based on data from 1,067 of 1,748 listed companies (98.8% of market cap).
• Non-financial companies saw profit surge 73%, while financials (banks, securities, insurance) grew 25.2%.
• Excluding Vingroup companies (VIC, VHM, VRE, VPL, VEF), market profit still grew 34.6%.
• 25 of 30 VN30 members reported revenue growth; 21 (70%) had higher pre-tax profit.
• Real estate sector profit jumped 257%, led by VHM (+201%) and VIC swinging from a VND 941B loss to VND 10,003B profit.
• Oil & gas profit rose 244%, with BSR posting pre-tax profit of VND 8,484B, nearly 8x higher.
• New VN30 members MCH and TCX reported pre-tax profit growth of 12.6% and 21%, respectively.

What Happened

According to TVS, Q2 2026 earnings showed a broad-based recovery across the Vietnamese stock market. The data, covering 98.8% of market capitalization, revealed that profit growth was not concentrated in a few large caps but spread across sectors. Excluding Vingroup companies, market profit still grew 34.6%, indicating a healthier recovery.

Within the VN30, 70% of members improved pre-tax profit. Real estate led with a 257% surge, driven by Vinhomes (VHM) and Vingroup (VIC). VIC turned from a loss of VND 941B in Q2 2025 to a profit of VND 10,003B in Q2 2026. Oil & gas followed with 244% growth, benefiting from favorable oil prices and crack spreads, with BSR standing out. Retail and consumer sectors, including MWG, Vinamilk, and Masan Consumer, also showed improvement.

Market Context

Vingroup (VIC) closed at VND 214 on August 10, 2026, down 0.65% on volume of 1,644,800 shares on HOSE. VHM closed at VND 73,000, VRE at VND 24,950, and HPG at VND 22,000 on August 9, 2026. The strong earnings from Vingroup and other VN30 members support the broader market’s positive momentum, with the VN-Index likely benefiting from improved corporate profitability. The real estate sector’s outperformance is notable, given its large weight in the index.

Strategic Significance

For long-term investors, the Q2 2026 earnings season confirms that the Vietnamese market’s profit recovery is broadening beyond a few large caps. The strong performance of real estate, oil & gas, and consumer sectors suggests that the economic cycle is turning, with domestic consumption and energy demand driving growth. Vingroup’s swing to profitability is particularly significant, as it reduces the concentration risk in the market’s earnings. The inclusion of new VN30 members like MCH and TCX, which delivered solid results, indicates that the index’s composition is evolving to reflect the economy’s strengths.

What to Watch

• Q3 2026 earnings releases for VN30 members, particularly VIC, VHM, and BSR, to confirm sustained growth.
• Oil price trends and crack spreads, which will impact the oil & gas sector’s profitability.
• Real estate sales data and policy support for the sector, as it remains the largest contributor to profit growth.
• Foreign investor flows into VN30 stocks, given the improved earnings outlook.
• Any regulatory changes affecting the VN30 index composition or sector weights.