Vincom Retail Q1 2026 Net Profit Up 36.4% to VND 1,606B, Hits 30% of Full-Year Target

Overview

Vincom Retail (VRE) reported strong Q1 2026 results, with net profit rising 36.4% year-on-year to VND 1,606 billion and adjusted net revenue increasing 20.7% to VND 2,574 billion. The company has already achieved nearly 30% of its full-year profit target and 25% of its revenue target. The results underscore the resilience of Vietnam’s retail real estate sector and Vincom Retail’s dominant market position.

Key Facts

• Q1 2026 net profit: VND 1,606 billion, up 36.4% YoY.
• Adjusted net revenue: VND 2,574 billion, up 20.7% YoY.
• Revenue from leasing and related services: VND 2,208 billion, up 9% YoY.
• Occupancy rate: 88.9%, up 2.8 percentage points YoY.
• Foot traffic: 55 million visits to shopping malls (+13.2% YoY) and 6.4 million to retail streets (+15.9% YoY).
• Nearly 3,000 events held at malls and over 270 at retail streets during the quarter.
• New brands accounted for nearly one-third of new leasing area.

What Happened

On April 24, 2025, Vincom Retail (VRE) released its consolidated financial statements for the first quarter of 2026. The company reported adjusted net revenue of VND 2,574 billion, which includes an additional VND 280 billion from the sale of investment properties. Excluding the impact of Vincom Center Nguyen Chi Thanh, leasing revenue growth was 11.8% YoY.

Net profit after tax reached VND 1,606 billion, a 36.4% increase compared to the same period in 2025. The company attributed the growth to improved occupancy rates across its system and higher foot traffic. Vincom Retail also highlighted the success of experiential retail categories, such as F&B and entertainment, which accounted for a significant share of new leasing area.

Market Context

VRE shares closed at VND 28,000 on April 15, 2026, up 1.79% with volume of 3.56 million shares. The stock trades on HOSE. The Q1 results come amid a broader recovery in Vietnam’s retail real estate sector, supported by rising consumer spending and tourism. Vincom Retail’s occupancy rate of 88.9% is among the highest in the industry, reflecting its strong bargaining power with tenants.

Strategic Significance

Vincom Retail’s Q1 performance demonstrates its ability to sustain double-digit profit growth even as it expands its portfolio. The company plans to open Vincom Plaza Dan Phuong in Q3 2026 and J-Town My Lam retail street in Q4 2026, which should further boost revenue. The high proportion of new brands among tenants indicates that Vincom Retail remains a preferred platform for international and domestic retailers entering or expanding in Vietnam. The company’s focus on experiential retail aligns with shifting consumer preferences and helps drive foot traffic.

What to Watch

• Q2 2026 earnings release expected in July 2026.
• Progress of new project openings: Vincom Plaza Dan Phuong (Q3 2026) and J-Town My Lam (Q4 2026).
• Occupancy rate trends, especially in newly opened malls.
• Any changes in tenant mix or rental rates.
• Full-year 2026 guidance update, if any.