Vietnam Q2 2026 earnings surge 49.4%: Vingroup, banks lead

Overview

Listed companies on Vietnamese exchanges reported a 49.4% year-on-year increase in net profit for Q2 2026, according to data from Thiên Việt Securities (TVS). The Vingroup conglomerate (VIC, HOSE) was a primary driver, swinging from a loss to a record profit, alongside strong contributions from banks, oil & gas, and retail. However, small-cap stocks and several sectors saw declines, highlighting a bifurcated market.

Key Facts

• Market-wide net profit (after minority interest) rose 49.4% YoY in Q2 2026, based on reports from 1,067 of 1,748 listed firms, representing 98.8% of market capitalization.
• Vingroup (VIC) swung from a loss of VND 941 billion in Q2 2025 to a profit of VND 10,003 billion in Q2 2026.
• Vinhomes (VHM) profit surged 201% YoY, driven by handovers at Vinhomes Green Paradise, Vinhomes Saigon Park, and Vinhomes Global Gate Hạ Long.
• Excluding the Vingroup group, market-wide profit still grew 34.6% YoY.
• VN30 index members saw profit rise 61.4% YoY; large-cap group grew 56.7%, mid-caps 36.1%, while small-caps fell 24.5% (or +16.8% excluding HHS).
• Banking sector profit reached VND 87,935 billion, up 24.7% YoY, with Vietcombank (VCB) and HDBank (HDB) contributing 44% of the absolute increase.
• Oil & gas sector profit jumped 243% YoY, led by BSR (up nearly 9x), PLX (VND 2,809 billion, aided by inventory provision reversals), and PVS (one-off income of VND 462 billion).
• Retail sector profit rose 105.5% YoY, with MWG up 100%, DGW up 188%, and FRT up 188%.
• Declining sectors: travel & leisure (-81.2%), autos & parts (-88.8%), and personal & household goods (-18.9%).

What Happened

According to TVS’s analysis of Q2 2026 earnings, the Vingroup ecosystem—including VIC, VHM, VRE, VPL, and VEF—was a major growth engine. VIC’s turnaround from a loss to a VND 10,003 billion profit was the single largest swing, while VHM’s 201% profit growth came from accelerated handovers at key projects. The report notes that even excluding the Vingroup group, overall market profit still grew 34.6%, indicating broadening momentum.

The banking sector continued to be a key pillar, with net profit up 24.7% to VND 87,935 billion, nearly double the growth rate of Q1 2026. This was supported by 17.8% credit expansion, a 70% rise in net service income, and improved net interest margins. However, growth was concentrated in large banks, with VCB and HDB alone accounting for 44% of the sector’s absolute increase. Oil & gas saw the fastest growth at 243%, but much of it was driven by one-off items, such as BSR’s near-9x profit jump and PLX’s inventory provision reversals.

Market Context

As of August 11, 2026, VIC closed at VND 208,500, VHM at VND 72,100, VRE at VND 25,450, and VPL at VND 78,400 on HOSE. The earnings surge has supported large-cap indices, but the 24.5% decline in small-cap profits—largely due to HHS’s absence of asset revaluation gains—has weighed on broader market sentiment. The divergence between large and small caps is a key theme, with investors favoring blue chips with strong earnings visibility.

Strategic Significance

The Q2 2026 earnings season underscores the dominance of the Vingroup ecosystem in driving market-wide profitability. VIC’s swing to profit, driven by real estate handovers and diversified operations, reinforces its position as a bellwether for the Vietnamese market. The banking sector’s resilience, despite concentration risks, suggests sustained credit growth and improving asset quality. However, the reliance on one-off gains in oil & gas and the sharp declines in consumer-related sectors highlight the need for investors to look beyond headline numbers and assess earnings quality. The small-cap weakness, if persistent, could signal a rotation toward large-cap quality names.

What to Watch

• Q3 2026 earnings reports from Vingroup and Vinhomes to confirm sustainability of real estate handover momentum.
• Banking sector credit growth and NIM trends in H2 2026, especially at VCB and HDB.
• Whether oil & gas companies can maintain profits without one-off items like provision reversals.
• Recovery in consumer sectors (retail, autos, personal goods) as domestic demand evolves.
• Small-cap earnings trajectory, particularly HHS, to see if the decline is temporary or structural.