Vietnam Q3 2026 Earnings: 797 Firms Post 35.8% Profit Growth, VHM Up 419%

Overview

As of 30 October 2026, 797 of 1,518 listed companies and banks, representing 77.0% of total market capitalization, had released Q3/2026 financial statements or preliminary results, with aggregate after-tax profit up 35.8% year-on-year. The gain was concentrated in non-financials (+65.5%), while financials grew just 2.6%. Real estate was the standout sector after Vingroup (VIC) and Vinhomes (VHM) reported, lifting sector coverage to 91.9% of market capitalization.

Key Facts

• 797 of 1,518 listed companies reported, equal to 77.0% of total market capitalization, as of 30 October 2026.
• Aggregate after-tax profit rose 35.8% year-on-year; non-financials grew 65.5% versus 2.6% for financials.
• Real estate after-tax profit rose 237.3% across 69 of 127 companies; VHM alone posted over VND 23,000B, up 419%.
• HPG reported Q3 after-tax profit of VND 8,265B, up 106%, on revenue growth of 70%; nine-month profit exceeded the full-year plan.
• Retail profit rose 89.6% (17 of 27 firms, 95.2% coverage), with MWG up 97.4% and FRT up more than 110%.
• Banking profit growth decelerated to 14.1% (20 of 28 banks, 63.7% coverage); VCB after-tax profit was roughly flat at +0.2%, versus +64.7% in Q2.
• Information technology profit fell 6.9%, with FPT down about 5.9%; foreign investors sold a net VND 641.5B, or VND 639.9B on matched orders.

What Happened

The figures come from an aggregated market review of Q3/2026 disclosures published as of 30 October 2026, drawing on company financial statements and preliminary business results. The report identifies VIC, VHM, VCB, HPG, MWG, FPT, VGI, SSI and VRE among the large-cap companies that had reported. The largest single update came from real estate, where coverage jumped to 91.9% of sector capitalization after VIC and VHM filed. VHM’s after-tax profit exceeded VND 23,000B, up 419%, attributed to revenue recognition from handovers at large projects including Vinhomes Green Paradise, Global Gate Hạ Long and Ocean Park 2-3.

Basic resources and retail reinforced the non-financial tilt. HPG’s disclosure lifted sector coverage to 79.0% of capitalization, with group profit up 157.4% and HPG’s own after-tax profit at VND 8,265B, up 106% on 70% revenue growth; nine-month cumulative profit already exceeded the annual target. Retail reached 95.2% coverage, with MWG up 97.4% as Bách Hóa Xanh continued to improve operating efficiency and turned profitable in the quarter, and FRT up more than 110%. Banking was the laggard within financials: 20 of 28 banks had reported, covering 63.7% of sector capitalization, and profit growth slowed to 14.1% after VCB, the sector’s largest bank by capitalization, posted near-flat after-tax profit of +0.2%, well below its 64.7% growth in Q2. The report links the deceleration to credit risk provisioning costs. Information technology profit fell 6.9%, with FPT down about 5.9%.

Market Context

On HOSE, VIC closed at VND 241,000 and VHM at VND 63,000 on 30 October 2026, with HPG at VND 21,000 and VCB at VND 56,300. The results confirm a market where earnings momentum is concentrated in property, steel and retail rather than in banks and technology, the two sectors that have historically anchored index-level profit growth. Foreign investors sold a net VND 641.5B in the session, a modest outflow that nonetheless signals caution toward a market whose headline 35.8% growth rate is flattered by a small number of very large real estate and steel contributors.

Strategic Significance

For long-term investors, the key signal is the widening dispersion between sectors rather than the headline number. VHM’s 419% increase rests on project handover timing at Vinhomes Green Paradise, Global Gate Hạ Long and Ocean Park 2-3, which is inherently lumpy and will not recur at the same rate; the durability of the real estate recovery depends on pre-sales and licensing through 2027. HPG’s result is more structural, with nine-month profit already above plan and revenue up 70%, pointing to a steel upcycle that supports the basic-resources complex. The banking deceleration, led by VCB’s near-flat quarter, suggests net interest margins and provisioning are tightening just as credit demand recovers, which caps the earnings leverage investors typically expect from a rate-driven expansion. FPT’s decline marks the first visible crack in the technology growth story.

What to Watch

• Remaining Q3/2026 disclosures from the 721 companies yet to report, particularly banks below the 63.7% sector coverage threshold.
• VHM pre-sales and handover schedule for Vinhomes Green Paradise and Global Gate Hạ Long in the Q4/2026 filing.
• HPG’s Q4 steel spread and export volume data following nine-month profit exceeding the annual plan.
• VCB’s Q4 provisioning and net interest margin commentary after +0.2% profit growth.
• Foreign net flow trend on HOSE after the VND 641.5B net sell session on 30 October 2026.