VN30 Firms Drive 75% of HOSE Q2 2026 Profit; VIC, VCB Lead Growth

Overview

In Q2 2026, 30 VN30 companies contributed approximately 75% of total HOSE net profit, with Vingroup (VIC) and Vietcombank (VCB) leading the growth. The concentration of earnings among large caps remains high, though profit growth is uneven across sectors. This report analyzes the key drivers behind the VN30’s performance and its implications for investors.

Key Facts

• 366 out of 396 HOSE-listed companies reported profits in Q2 2026; 30 companies reported losses.
• Total HOSE net profit reached about VND 220,000 billion; VN30 companies contributed VND 165,000 billion (75%).
• VN30 profit rose 17.9% quarter-on-quarter, adding VND 25,000 billion.
• Vingroup (VIC) reported after-tax profit of VND 14,764 billion, up 2.6x from Q1, driven by gains from financial investment liquidation and subsidiary transfers (VND 15,882 billion).
• Vietcombank (VCB) profit increased 53.8% to VND 14,551 billion, supported by a 35% rise in net interest income and lower credit risk provisions.
• Hoa Phat (HPG) profit fell 29% to VND 6,424 billion due to a non-recurring gain in Q1 from a real estate project transfer; steel output still grew.
• Vinhomes (VHM) was the largest absolute profit maker at VND 26,466 billion, up 3.3% QoQ.

What Happened

According to Q2 2026 financial reports of HOSE-listed companies, the VN30 index—comprising the 30 largest stocks by market cap and liquidity—accounted for about 75% of total exchange net profit, similar to Q1’s 75.4% but up from a 67% trough in Q3 2025. The group’s profit increased by VND 25,000 billion quarter-on-quarter, a 17.9% rise, but the gains were not evenly distributed.

Vingroup and Vietcombank together contributed over VND 14,200 billion, nearly 57% of the total increase. Vingroup’s profit surged 2.6x to VND 14,764 billion, largely due to gains from financial investment liquidation and subsidiary transfers. Vietcombank’s profit rose 53.8% to VND 14,551 billion, driven by a 35% increase in net interest income and a sharp reduction in credit risk provisions. In contrast, Hoa Phat saw the largest absolute profit decline, down 29% to VND 6,424 billion, but this was due to a non-recurring gain in Q1 from transferring a real estate project in Phố Nối, Hưng Yên, not weakness in its core steel business.

Market Context

As of August 15, 2026, VIC closed at VND 200,400 on HOSE, VCB at VND 58,500, VHM at VND 68,200, and HPG at VND 21,250. The VN30’s earnings concentration remains elevated, with large caps benefiting from lower interest burdens: for every VND 100 of EBIT, large caps pay about VND 10 in interest, versus VND 30 for small caps, according to Dragon Capital’s CEO. This dynamic supports the relative outperformance of blue chips, though the recent profit growth is not broad-based.

Strategic Significance

For long-term investors, the Q2 2026 results highlight the widening gap between large and small caps in Vietnam. Vingroup’s one-off gains and Vietcombank’s strong core banking performance underscore the importance of understanding earnings quality. The high concentration of profits in VN30 suggests that index-level growth may be increasingly driven by a few names, making stock selection critical. Additionally, the divergence in interest costs between large and small caps points to a structural advantage for blue chips in a high-rate environment.

What to Watch

• Q3 2026 earnings reports from VIC and VCB to see if profit growth is sustainable without one-off items.
• HPG’s Q3 results to confirm whether steel margins remain stable after the Q1 non-recurring gain.
• Any changes in VN30 composition during HOSE’s semi-annual review, which could affect index flows.
• SBV monetary policy signals, as interest rate movements will impact the interest burden gap between large and small caps.
• Foreign ownership limits and net buying trends in VN30 names, given their high liquidity and earnings concentration.