This year, the profit landscape of the Vietnamese stock market has shifted towards real estate and non-financial sectors. Real estate developer Vinhomes and its parent company Vingroup have secured top positions in profits, while banks accounted for only nine of the top 20 companies, marking their lowest share in recent years.
According to a report by Vietnamese media outlet VnExpress on August 17, based on second-quarter earnings reports from listed companies, 13 firms exceeded a pre-tax profit of 10 trillion dong (approximately $541 million) in the first half of the year. Among these, three companies reported pre-tax profits exceeding $1 billion (about 26.3 trillion dong), and all top 20 companies saw an increase in pre-tax profits compared to the same period last year.
Vinhomes claimed the top spot in profits for the first half of the year, with a pre-tax profit of 63.57 trillion dong (approximately $3.44 billion), nearly five times higher than the same period last year. Vinhomes also ranked first in pre-tax profits on the Vietnamese stock market last year.
The company's performance surge is attributed to the delivery of large projects and increased sales. Its consolidated net revenue, including financial income from joint venture contracts and large land sales, reached 134.21 trillion dong, a 203% increase year-on-year. The company noted that housing deliveries from major projects such as Ocean Park 2&3 and Green Paradise contributed to this improvement.
Vingroup also saw a significant rise in its profit ranking, benefiting from Vinhomes' strong performance. The company's pre-tax profit for the first half of the year was 33.71 trillion dong, more than triple that of the same period last year. Vingroup, which ranked eighth in profits last year, moved up to second place this year, surpassing Vietcombank.
In the banking sector, Vietcombank secured third place with a pre-tax profit of 29.22 trillion dong. Its net interest income increased by over 32% year-on-year, reaching approximately 36.8 trillion dong, driving its performance. Improvements were also noted in its service and foreign exchange trading sectors.
VietinBank and MB both reported pre-tax profits exceeding 20 trillion dong in the first half. BIDV's pre-tax profit was 18.91 trillion dong, an 18% increase from the previous year, but it lost its third-place position to MB. Among private banks, VPBank's pre-tax profit rose by 68% to 18.88 trillion dong, while Techcombank's profit increased by 22% to 18.54 trillion dong.
Among the top 20 companies by pre-tax profit, nine were banks, including SHB, ACB, and HDBank. This represents less than half of the total, the lowest share in recent years.
Some banks that previously ranked high, such as Sacombank and LPBank, saw declines in profits during the first half. Both banks significantly increased their provisions for credit risk compared to the same period last year, impacting their profit declines.
The spots vacated by some banks in the rankings were filled by non-financial companies. Steelmaker Hoa Phat and Vietnamese oil company BSR entered the top 10 in profits for the first half of the year, unlike last year.
Hoa Phat's pre-tax profit for the first half was 17.95 trillion dong, doubling from the previous year, driven by strong performance in its steel business. Additionally, one-time income exceeding 3.8 trillion dong from the sale of shares in the Phu No City Development Project in Hung Yen Province was included.
BSR's profit growth was even more pronounced, with a pre-tax profit of 17.74 trillion dong, a nearly 12-fold increase from the same period last year. The company attributed this surge to improved margins resulting from widening gaps between crude oil prices, petroleum product prices, and input material costs.
Established large listed companies also maintained their positions in the top 20. PV Gas, Viettel Global, Mobile World, Vinamilk, Masan Group, and the Vietnam Rubber Industry Group were among those listed. Newly listed Dien May Xanh entered the top 20 for the first time with a pre-tax profit of 6.94 trillion dong, a 72% increase from the previous year.
Securities firms predict that the profit growth trend for Vietnamese listed companies will continue this year. VNDirect Securities forecasts that net profits for Vietnamese listed companies could increase by 21% this year, supported by a GDP growth rate exceeding 8%, private economic support policies, and improvements in the business environment.
However, profit growth may slow in the second half compared to the first half, as fewer companies are expected to report large one-time profits.
BSC Securities anticipates that profit growth rates in sectors such as chemicals, oil and gas, and real estate will exceed 30%. The food and beverage, retail, and consumer goods sectors are also expected to maintain high profit growth rates. In contrast, the banking sector, which has a significant market capitalization on the Vietnamese stock market, may see profits decrease by 3% due to the impact of increased provisions at some banks, including Sacombank and Eximbank.
* This article has been translated by AI.
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