VIC Targets 2026 Net Profit of VND 35,000B (+216%), No Dividend Payout

Overview

Vingroup (VIC) reported record 2025 financial results at its 2026 Annual General Meeting (AGM) on April 22, 2026, with net profit more than doubling year-on-year. The company set an ambitious 2026 net profit target of VND 35,000 billion, more than triple the 2025 figure, but announced it will not pay dividends, retaining all earnings to fund business expansion into new sectors.

Key Facts

• Vingroup’s 2025 consolidated net revenue reached VND 331,838 billion, a 75.5% increase year-on-year.
• 2025 net profit after tax was VND 11,065 billion, up 109.7% compared to 2024, exceeding the business plan by nearly 11%.
• For 2026, the company targets revenue of VND 485,000 billion (up 46% from 2025) and net profit of VND 35,000 billion, a 216% increase from 2025.
• No dividend will be paid for 2025; all profit will be retained for production and business activities.
• The expansion strategy focuses on three new areas: Infrastructure, Green Energy, and Culture, alongside core pillars of Technology-Industry, Commercial Services, and Social Philanthropy.
• VinFast targets delivery of 300,000 electric vehicles and aims for one million electric motorcycles in 2026.
• Vinhomes aims to maintain its leading position in the real estate market with large-scale urban projects.

What Happened

At the 2026 Annual General Meeting held on April 22, 2026, Vingroup announced its 2025 financial results, which set new records for the conglomerate since its inception. According to the company’s AGM materials, consolidated net revenue for 2025 reached VND 331,838 billion, a 75.5% increase from the previous year, while net profit after tax surged 109.7% to VND 11,065 billion. The company stated it exceeded its 2025 business plan by nearly 11% on both revenue and profit metrics.

For 2026, Vingroup’s Board of Directors approved a business plan targeting revenue of VND 485,000 billion and net profit of VND 35,000 billion, representing a 46% and 216% increase from 2025, respectively. The company announced it will not pay dividends for 2025, opting to retain all earnings to fund expansion. Vingroup plans to accelerate business activities to consolidate its three core pillars while developing three new operational areas: Infrastructure, Green Energy, and Culture. To support this expansion strategy, the Board indicated it will implement various capital mobilization methods through domestic and international financial instruments.

Market Context

Vingroup (VIC) is listed on the Ho Chi Minh Stock Exchange (HOSE). The stock closed at VND 177 on April 15, 2026, up 6.95% with a volume of 6.36 million shares, reflecting positive market sentiment ahead of the AGM. As Vietnam’s largest conglomerate, spanning real estate, automotive, technology, and services, VIC’s performance is a key bellwether for the Vietnamese economy. The ambitious 2026 targets and dividend retention policy signal a shift toward aggressive reinvestment, which may influence investor expectations for growth versus immediate returns.

Strategic Significance

The decision to forgo dividends and target a tripling of net profit underscores Vingroup’s strategic pivot toward capital-intensive expansion into new sectors like infrastructure and green energy. This move aligns with Vietnam’s national priorities for sustainable development and infrastructure investment, potentially positioning Vingroup to capture government contracts and policy tailwinds. Retaining earnings reduces reliance on external debt or equity financing, which could preserve financial flexibility but tests shareholder patience for near-term returns.

What to Watch

• Quarterly earnings reports, starting with Q1 2026, to track progress toward the VND 35,000 billion net profit target.
• Capital mobilization announcements, including details on domestic or international financial instruments for funding expansion.
• Operational milestones for VinFast, particularly delivery figures for electric vehicles and motorcycles against the 2026 targets.
• Launch timelines for new projects in the Infrastructure, Green Energy, and Culture sectors, such as the Tuyên Quang tourism complex.
• Updates on Vinhomes’ real estate project pipeline and sales performance in a potentially cooling market.