Vinamilk Q1 2026 Net Profit Surges 55%, Targets Record Revenue of 66.4 Trillion VND

Overview

Vinamilk (VNM), Vietnam’s largest dairy company, announced strong Q1 2026 results with consolidated net profit surging nearly 55% year-on-year to over 2,458 billion VND, while revenue rose 24.7% to 16,178 billion VND. The company also set a record 2026 revenue target of 66,477 billion VND and a net profit target of 9,828 billion VND, alongside maintaining a minimum 50% cash dividend policy. The results were disclosed at the annual general meeting on April 22, 2026.

Key Facts

• Q1 2026 consolidated revenue: 16,178 billion VND (+24.7% YoY)
• Q1 2026 net profit after tax: 2,458 billion VND (+55% YoY)
• 2026 full-year revenue target: 66,477 billion VND (+4% vs 2025)
• 2026 net profit target: 9,828 billion VND (+4% vs 2025)
• Minimum cash dividend payout ratio: 50% of consolidated net profit
• Proposed 2025 total dividend: 43.5%, with remaining 18.5% to be paid
• 2026 capital expenditure budget: 4,128 billion VND
• Moc Chau Milk project (4,000 cows) to start operations in Q2 2026
• Beef cattle segment (Tam Dao) expected to contribute 600 billion VND revenue in 2026, turning profitable in 2027
• Plan to expand product stores to 1,000 points in 2026

What Happened

On April 22, 2026, Vinamilk held its annual general meeting, reporting Q1 2026 results that significantly exceeded market expectations. Revenue growth was broad-based across all product categories, while net profit surged nearly 55% year-on-year. The company attributed the strong performance to effective cost management and operational efficiency despite a challenging global environment.

CEO Mai Kieu Lien addressed shareholder concerns about raw material costs, noting that global supply disruptions and geopolitical factors have pushed prices higher. However, Vinamilk has implemented flexible procurement strategies, including quarterly and annual price locks, combined with safe inventory management to mitigate margin pressure. Regarding Middle East tensions, she confirmed that while logistics costs have risen and delivery times extended to 45 days, the company still expects positive export growth in that region.

Market Context

Vinamilk (VNM) trades on HOSE and closed at 61,000 VND on April 15, 2026, down 1.13% with volume of 4.2 million shares. The stock has been under pressure amid broader market weakness, but the strong Q1 earnings beat could provide a catalyst. The dairy sector faces headwinds from slow consumption recovery, but Vinamilk’s market leadership and diversified product portfolio position it to capture the expected 1.5-2% industry growth in 2026.

Strategic Significance

The results underscore Vinamilk’s ability to navigate input cost inflation and geopolitical risks while delivering margin expansion. The company’s focus on expanding raw material zones (Moc Chau, Tay Ninh, Binh Dinh) and the beef cattle segment (Tam Dao) diversifies revenue streams beyond traditional dairy. The shift to a direct-to-consumer (DTC) model and investment in technology for KPI management signal a long-term strategy to enhance distribution efficiency and brand loyalty. The maintained high dividend payout ratio (minimum 50%) reinforces Vinamilk’s commitment to shareholder returns, appealing to income-focused investors.

What to Watch

• Q2 2026 earnings release to confirm margin sustainability amid rising input costs
• Progress of Moc Chau Milk project and its contribution to revenue from Q2 2026
• Beef cattle segment profitability trajectory toward 2027 target
• Impact of Middle East tensions on export volumes and logistics costs in subsequent quarters
• Any changes to dividend policy or capital allocation plans at future shareholder meetings