2025 profits mixed amid strong energy and farming results

2025 profits mixed amid strong energy and farming results

Corporate earnings in 2025 showed a sharp divergence, with energy and agriculture companies posting strong profit growth, while several firms in other sectors fell short of annual targets.

Profits for 2025 highlight a strong finish for numerous firms, with many surpassing targets. The energy sector, in particular, delivered a successful year, posting robust growth figures.

Hua Na Hydropower JSC closed the year with after-tax profit of nearly $19 million, up 75 per cent or 256 per cent of its full-year profit target.

Similarly, A Vuong Hydropower JSC recorded pre-tax and after-tax profits of $14 million and $11.2 million, respectively, exceeding its full-year pre-tax profit plan by 28 per cent.

Many securities firms posted upbeat profits in 2025

Tay Bac Electricity Development JSC posted revenue of approximately $3.8 million and net profit of $1.5 million, increases of 9 per cent and 35 per cent on-year.

The company also surpassed its revenue target by 11 per cent and exceeded its after-tax profit plan by nearly 33 per cent.

In the thermal power segment, Quang Ninh Thermal Power JSC set a relatively modest after-tax profit target of $18.4 million for 2025. Thanks to cost optimisation, the company delivered net profit of up to $42 million, up nearly 70 per cent on-year and exceeding the annual plan by 128.5 per cent.

Likewise, Haiphong Thermal Power JSC surpassed its full-year pre-tax profit target by 68 per cent, raking in $18.8 million, up 72 per cent on-year, while after-tax profit reached $16.8 million, an increase of 63 per cent.

In agriculture, Nam Viet Corporation surprised the market with after-tax profit of nearly $40 million, 21 times higher than one year ago. Its pre-tax profit reached $46.1 million, far exceeding the company’s initial pre-tax profit target of $20 million.

Northern livestock giant Dabaco Vietnam, despite completing just over half of its revenue target with approximately $596 million, saw net profits exceed the full-year target by 36 per cent, reaching $60.3 million.

On the other side of the race, a number of companies struggled to meet annual plans, weighed down by rising costs and volatile market conditions.

Contrasting with the strong performance of energy and agriculture firms, Vinaship JSC completed only 46.2 per cent of its pre-tax profit target, posting $2.2 million against a goal of $4.7 million.

Meanwhile, rubber major Casumina continued to grapple with elevated costs, with 2025 pre-tax profit reaching $2.4 million, down 31 per cent on-year and well below its full-year target of more than $3.8 million.

2025 proved to be a challenging year for seafood companies, which faced a series of headwinds including retaliatory tariffs, anti-dumping and countervailing duties, as well as the EU’s illegal, unreported, and unregulated yellow card.

Although Sao Ta Foods JSC achieved revenue growth of 18.4 per cent, profits were eroded by tax-related expenses, resulting in pre-tax profit of $16.4 million, fulfilling 98 per cent of its target.

Shrimp export major Minh Phu Seafood is also likely to miss its annual business targets.

At the company’s general meeting of shareholders in December 2025, CEO Le Van said that after 11 months, the company’s export revenue approximated $505 million, with profit of $26.2 million.

Vu Ngoc Linh, head of Research at VinaCapital, forecast that overall market profits in 2026 are expected to maintain strong growth of over 18 per cent, not only reflecting a clear recovery in domestic demand, but also signalling a rebound in profit margins across many key economic sectors.

“Vietnam’s economy is standing at an important turning point, as policies and institutions begin to shift from a phase of rebound to one of acceleration, with growth drivers increasingly taking effect simultaneously,” said Linh.

Politburo Resolution 79, which affirms the critical role of the state-owned economy with the goal of placing up to three domestic enterprises among the world’s top 500 corporations, together with Decree 68 on private-sector development, is expected to lay a stronger, more unified and sustainable foundation for domestic growth.

VIR