85 pct of listed firms report Q3 profits

706 listed companies reported profits in the third quarter, with strong growth in the telecommunications, insurance and banking sectors.

The data was published by stock market database FiinPro Platform after studying 832 listed companies on three stock exchanges which had published their financial reports as of November 1.

Among the profitable firms, 15 percent had already reached their profit target for the whole year.

Total net profit of the firms rose 23 percent year-on-year to over VND73.6 trillion ($3.17 billion). The top three sectors with highest profit growth were telecommunications, insurance and banking.

The banking sector alone recorded VND22.8 trillion ($982.6 million) in profit, up 45 percent year-on-year, thanks mainly to a strong performance from Vietcombank.

The real estate sector managed to post 20 percent profit growth to VND11 trillion ($474.13 million) despite forecasts of challenges this year. Vinhomes accounted for almost half of the profit.

Without Vinhomes, the real estate industry’s profit would only have grown by 3 percent year-on-year due to tightened legal regulations on new projects.

However, the communications, chemical, oil and financial services reported double-digit negative growth in profits.

One of the reasons for communications’ declining growth is media firm Yeah1 reporting second consecutive quarter of losses after its partnership with YouTube was terminated on the grounds that it had violated the video platform’s policies.

Vietnam has three main stock exchanges: the main bourse Ho Chi Minh City Stock Exchange (HoSE) which accounts for around 90 percent of the market cap of all listed stocks, the Hanoi Stock Exchange (HNX) for smaller listed companies and the Unlisted Public Company Market (UPCoM), which seeks to attract unlisted public firms to the securities market.

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