Vingroup (VIC) Posts First Quarterly Pre-Tax Profit Above USD 1 Billion

Overview

Vingroup (HOSE: VIC) reported Q3 pre-tax profit of nearly VND 29,940 billion (over USD 1.1 billion), up 7.4 times year-on-year, the first quarter in which the conglomerate has crossed the USD 1 billion pre-tax mark. The result was driven by real estate, where Vinhomes (HOSE: VHM) revenue rose 420% on project handovers, and lifts nine-month after-tax profit to VND 43,700 billion, already 25% above the full-year plan.

Key Facts

• Q3 consolidated revenue of nearly VND 150,580 billion, roughly 4x the year-earlier figure.
• Real estate contributed close to VND 98,500 billion, or more than 65% of total revenue; Vinhomes revenue rose 420% to about VND 85,400 billion.
• Manufacturing revenue reached VND 36,705 billion (+107% year-on-year) but recorded a gross loss of more than VND 14,430 billion.
• Q3 pre-tax profit of VND 29,936 billion (+7.4x); after-tax profit of VND 22,759 billion (+650%).
• Nine-month revenue of VND 372,500 billion and after-tax profit of VND 43,700 billion (+500%), exceeding 25% of the annual target.
• Total assets of more than VND 1.6 quadrillion as of 30 September, up 45% since year-end 2025, the largest among non-financial listed companies.
• Total liabilities of VND 1.38 quadrillion, up more than VND 400,000 billion in nine months; financial borrowings near VND 390,000 billion against equity of VND 236,319 billion.

What Happened

According to the Q3 financial statements, Vingroup’s revenue reached nearly VND 150,580 billion as all core business lines improved year-on-year. Real estate remained the largest contributor at close to VND 98,500 billion, with Vinhomes recording a 420% revenue increase to roughly VND 85,400 billion on handovers at Vinhomes Sài Gòn Park and Vinhomes Global Gate Hạ Long, among other projects. The manufacturing segment, spanning automotive and industrial production, delivered VND 36,705 billion in revenue, up 107%, but posted a gross loss exceeding VND 14,430 billion.

Financial income fell 82% to just over VND 5,900 billion because the prior-year period included more than VND 30,000 billion from divestments. After costs, the group chaired by billionaire Phạm Nhật Vượng recorded pre-tax profit of VND 29,936 billion and after-tax profit of VND 22,759 billion. During the period Vingroup raised roughly USD 2.3 billion through bond issuance, preferred share sales and syndicated loans from international investors, and held nearly VND 107,000 billion in cash and deposits at quarter-end.

Market Context

VIC closed at VND 241,000 on 30 October 2026, while subsidiary VHM closed at VND 63,000. Vingroup is the largest non-financial company on the Vietnamese exchange by assets, and its real estate arm remains the sector bellwether on HOSE. The earnings beat arrives as the group expands into electricity and infrastructure from 2025 alongside property, industrial manufacturing and technology, a diversification that has kept VIC in focus for both domestic and foreign institutional flows.

Strategic Significance

The quarter validates the thesis that Vinhomes handover cycles, not one-off divestment gains, now underpin Vingroup’s earnings power: the prior-year comparison included over VND 30,000 billion of disposal income, yet profit still rose 7.4x. VNDirect expects real estate to contribute at least 50% of group revenue and profit over the next five years, with electric vehicles, infrastructure and energy rising to 30-40% of revenue long term. The offsetting consideration is balance sheet leverage: liabilities of VND 1.38 quadrillion exceed equity by roughly six times, and borrowings of VND 390,000 billion now sit above VND 236,319 billion of equity, making the manufacturing segment’s gross loss and the pace of project handovers the key variables for the equity story.

What to Watch

• Q4 and full-year 2026 results, and whether the manufacturing segment’s gross loss narrows as EV volumes scale.
• Handover progress at Vinhomes Sài Gòn Park, Vinhomes Global Gate Hạ Long and the thousand-hectare urban projects in Quảng Ninh, Hà Nội and Hồ Chí Minh City.
• Further bond issuance, preferred share placements or syndicated loans, and any change in the VND 390,000 billion borrowing balance.
• Disclosure on the electricity and infrastructure expansion announced for 2025 onward.
• Foreign-ownership and block-trade filings for VIC and VHM following the results.