Vingroup 9M2026 Profit VND43,700B as VIC, SJS, KBC Post Earnings Surge

Overview

Vingroup (HOSE: VIC) reported consolidated 9M2026 net profit of VND43,700 billion, nearly six times the same period of 2025 and equal to 125% of its full-year profit plan, according to its Q3/2026 consolidated financial statements. SJ Group (SJS) and Tổng Công ty Phát triển Đô thị Kinh Bắc (KBC) also disclosed sharp Q3 profit increases, extending an earnings upcycle across the Vietnamese listed real estate sector.

Key Facts

• Vingroup 9M2026 consolidated net revenue reached VND372,500 billion, 2.2x the 9M2025 figure.
• Vingroup 9M2026 net profit reached VND43,700 billion, nearly 6x YoY and 125% of the full-year plan.
• Vinhomes 9M2026 sales reached approximately VND219,600 billion, up 35% YoY.
• Vingroup total consolidated assets stood at about VND1.6 quadrillion as of 30 September 2026, up 44.8% since the start of the year; borrowings were near VND390,000 billion.
• SJ Group (SJS) Q3 net revenue was VND1,785 billion, nearly 67x YoY, with net profit above VND1,012 billion, roughly 327x YoY; 9M net profit reached nearly VND1,432 billion, up 8.2x.
• Kinh Bắc (KBC) Q3 net revenue was VND3,187 billion, up nearly 137%, with net profit above VND937 billion, about 3x YoY; profit attributable to parent shareholders was VND911 billion, up nearly 197%.
• Vingroup shares closed at VND241,000 on 31 October 2026; SJS at VND54,400 and KBC at VND26,000.

What Happened

Vingroup published its Q3/2026 consolidated financial statements showing record nine-month revenue and profit. The group attributed the result mainly to improved performance in its electric vehicle and real estate businesses. Within real estate, Vinhomes recorded nine-month sales of roughly VND219,600 billion, up 35% year on year, which the company linked to its strategy of developing large urban areas in regions with coordinated infrastructure and diverse amenity ecosystems. Vinhomes also advanced social housing and resettlement projects, including the roughly 600-hectare multi-purpose urban area in Bình Minh - Tam Hưng, Hà Nội, which broke ground in August and is expected to accommodate about 105,000 residents, and the Bà Điểm social housing project in Hồ Chí Minh City, whose 1/500 planning was approved.

SJ Group reported Q3 net revenue of VND1,785 billion, nearly 67 times the prior-year quarter, and net profit above VND1,012 billion, driven by activity at the Nam An Khánh new urban area project. Kinh Bắc posted Q3 net revenue of VND3,187 billion, up nearly 137%, and net profit above VND937 billion, which the company attributed mainly to improved industrial park revenue. The figures were disclosed in the companies’ quarterly financial statements; the source article does not state whether Vingroup’s results were audited.

Market Context

Vingroup closed at VND241,000 on 31 October 2026, with SJS at VND54,400 and KBC at VND26,000. The results arrive as Vietnamese real estate earnings diverge sharply by business model: VIC and SJS are leveraged to residential and urban-area handovers, while KBC’s quarter reflects industrial park leasing tied to foreign manufacturing inflows. The scale of Vingroup’s nine-month profit, at 125% of plan with one quarter still to report, places it among the largest profit pools on HOSE and gives the sector a high base against which smaller developers will be measured.

Strategic Significance

The core thesis is that Vingroup has converted its electric vehicle and urban development platforms into a self-reinforcing earnings engine: Vinhomes sales of VND219,600 billion underwrite near-term revenue recognition, while the group’s VND1.6 quadrillion balance sheet and VND390,000 billion in borrowings show how much capital intensity sits behind that growth. For SJS, the Nam An Khánh handover cycle demonstrates how concentrated project-level recognition can produce extreme percentage growth that is unlikely to repeat at the same rate. KBC’s industrial park recovery is a different signal, tied to manufacturing FDI rather than housing demand, and offers investors a lower-beta way to express the same real estate upcycle.

What to Watch

• Vingroup Q4/2026 results and whether full-year profit exceeds the 125%-of-plan run rate.
• Vinhomes sales conversion and handover schedule for the Bình Minh - Tam Hưng and Bà Điểm projects.
• SJ Group’s remaining Nam An Khánh inventory and the sustainability of Q3 revenue recognition into 2027.
• Kinh Bắc industrial park leasing renewals and new FDI tenant signings in Q4/2026.
• Any revision to Vingroup’s VND390,000 billion borrowing position or short-term liquidity of VND106,800 billion.