Vingroup (VIC) Posts First $1B Quarterly Profit as Revenue Nearly Quadruples

Overview

Vingroup, Vietnam’s largest listed company, reported its first quarterly profit of about $1 billion, with revenue rising nearly fourfold year-on-year to VND150.58 trillion, according to the company’s financial report. Real estate contributed more than 65% of revenue at close to VND98.5 trillion, keeping the HOSE-listed VIC at the center of the group’s earnings story alongside property arm VHM and retail landlord VRE.

Key Facts

• Quarterly revenue reached VND150.58 trillion, almost four times the year-earlier figure.
• First quarterly profit of approximately $1 billion, a milestone for the group.
• Real estate generated close to VND98.5 trillion, or more than 65% of total revenue.
• Cash and bank deposits stood at nearly VND107 trillion as of September-end.
• The group raised about $2.3 billion during the period via bond issuance, preferred share sales and syndicated loans from international investors.
• Vingroup subsidiaries hold engineering, procurement and construction contracts for five Hà Nội urban railway lines, valued at about $49 billion.
• Chairman Phạm Nhật Vượng ranks as Southeast Asia’s richest man with $37.7 billion in net worth, per Forbes real-time data.

What Happened

Vingroup’s financial report showed revenue of VND150.58 trillion for the quarter, almost quadruple the prior-year period, with real estate accounting for nearly VND98.5 trillion, or more than 65% of the total. The result marks the group’s first quarterly profit of roughly $1 billion. The company ended September with close to VND107 trillion in cash and bank deposits, and it raised about $2.3 billion during the period through bond issuance, the sale of preferred shares and syndicated loans from international investors.

Since 2025, Vingroup has expanded into power and infrastructure alongside its traditional real estate, industrial manufacturing and technology businesses. Real estate remains the main growth driver for the conglomerate led by billionaire Phạm Nhật Vượng. The group is developing urban areas spanning thousands of hectares in Quảng Ninh, Hà Nội and Hồ Chí Minh City, while its subsidiaries hold EPC contracts for five Hà Nội urban railway lines worth about $49 billion.

Market Context

VIC closed at VND241,000 on 31 October 2026, with property arm VHM at VND63,000 and retail unit VRE at VND24,050, all on HOSE. The earnings print reinforces Vingroup’s position as the largest listed company on the Vietnamese market and as the anchor of the real estate sector, which has been the primary earnings engine for the group even as it diversifies into electric vehicles, infrastructure and energy. The scale of the capital raised, roughly $2.3 billion in a single period, is notable against a Vietnamese corporate bond market that has only gradually reopened to issuers after the regulatory tightening of recent years.

Strategic Significance

VNDirect Securities estimates real estate will remain Vingroup’s mainstay, contributing at least 50% of total revenue and profit over the next five years, while electric vehicle, infrastructure and energy businesses could lift their combined share to 30%–40% over the long term. For long-term holders, the thesis rests on whether the group can convert its property cash flows into funded, revenue-generating infrastructure and energy platforms without stretching the balance sheet. The VND107 trillion liquidity buffer and the diversified $2.3 billion funding mix suggest the group is pre-funding that transition rather than relying on a single capital channel, which matters given the capital intensity of rail, power and EV manufacturing.

What to Watch

• The full financial statement disclosure, including segment-level profit and debt maturity detail behind the $1 billion quarterly figure.
• Terms and investor composition of the $2.3 billion bond, preferred share and syndicated loan package, including coupon and conversion features.
• Progress and disbursement milestones on the five Hà Nội urban railway EPC contracts.
• VHM and VRE quarterly filings, to confirm whether the property revenue concentration is mirrored at the subsidiary level.
• Any update to VNDirect’s revenue-mix forecast as the energy and infrastructure segments scale.