Listed companies deliver broad-based earnings surge in Q1

Listed companies deliver broad-based earnings surge in Q1

Vietnam’s listed companies posted a strong earnings rebound in the first quarter of 2026, with profit growth spreading across most sectors despite rising funding costs and persistent external uncertainties.

According to Thien Viet Securities JSC Research Division (TVS Research), net profit after tax attributable to minority shareholders across the whole market in the first quarter of 2026 increased 34.8 per cent on-year. The statistics were compiled from the financial statements of 945 listed firms, representing around 98.1 per cent of total market capitalisation.

Within this, the non-financial corporate group posted growth of 55.2 per cent, while the financial sector, including banks, securities firms and insurers, recorded growth of 12 per cent.

According to calculations by TVS Research analysts, even excluding companies within the Vingroup ecosystem – including Vingroup, Vinhomes, Vincom Retail, Vinpearl and VEFAC – overall market profit growth still reached 33.8 per cent. The recovery trend was broad-based rather than concentrated in only a handful of stocks.

By market capitalisation, the VN30 group posted profit growth of 48 per cent in Q1, driven by contributions from Vinhomes, Hoa Phat and VietinBank. The VN30 group features the 30 largest and most liquid listed companies on the Ho Chi Minh Stock Exchange, serving as a key benchmark for Vietnam’s stock market performance.

Meanwhile, the mid-cap segment recorded the highest growth rate at 85.9 per cent, with key drivers including Binh Son Refining and Petrochemical (BSR), Novaland and PNJ.

By sector, as many as 18 out of 19 industry groups recorded profit growth during the period. Real estate, oil and gas, banking, and utilities – including electricity, water, fuel and gas distribution – made the largest contributions to the market’s overall earnings growth.

In the real estate sector, profits rose 32.2 per cent on-year, mainly supported by large-scale wholesale transfer deals within the Vingroup group.

Vinhomes alone reported profit growth of as much as 850 per cent, driven by major bulk transactions at the Vinhomes Ocean Park 2 and 3, and Green Paradise projects.

The oil and gas sector emerged as the standout performer in terms of growth pace, with total industry profits surging more than 603 per cent from a year earlier.

The main driver was Binh Son Refining and Petrochemical JSC, whose profit reached $330.6 million, nearly 20 times higher on-year. The company benefited from sharply widening crack spreads between crude oil and refined products, as well as high operating efficiency amid rising Brent Crude prices due to tensions in the Middle East.

Meanwhile, in the utilities sector covering electricity, water, fuel and gas, profits increased 38.1 per cent on-year, with major contributions from PV Power and EVNGENCO3.

TVS Research noted that EVNGENCO3 recorded profit growth of 658 per cent thanks to improved profit margins.

In addition, the company’s Phu My gas-fired power complex benefited from stable domestic gas supplies, allowing it to avoid the use of imported liquefied natural gas (LNG) during the quarter.

IT was the only sector to post weak profit growth in Q1. This mainly stemmed from Saigontel, which no longer recorded extraordinary gains from transfer deals and industrial park real estate business as it had in the same period last year, causing profits to plunge 99 per cent.

Meanwhile, FPT continued to maintain stable earnings growth, supported by double-digit expansion in overseas IT services and digital transformation businesses.

For the banking sector, Q1 profit exceeded $2.93 billion, up 11.5 per cent on-year but slower than the 15.3 per cent growth recorded in Q1 of last year. According to TVS Research, the main reason was rising funding cost pressure as credit growth significantly outpaced customer deposit growth.

Sector-wide net interest margin fell to 2.95 per cent, down 27 basis points from the same period last year. At the same time, the low-cost current account savings account ratio declined to 20.04 per cent, indicating that room for further funding cost improvement from non-term deposits is narrowing.

VIR