HÀ NỘI — The second-quarter and first-half 2026 earnings season is reinforcing investor confidence in Việt Nam's economic and equity market outlook, with profit growth remaining resilient across a widening range of listed companies despite recent volatility in the VN-Index.

This year's reporting season has highlighted not only resilient earnings growth but also a wider range of sectors contributing to market performance.

Banks remained the largest contributors to total corporate earnings. Based on published financial statements, many lenders reported second-quarter pre-tax profit growth of 13-16 per cent year-on-year.

VPBank and Techcombank continued to lead the sector in absolute earnings, reporting nearly VNĐ11 trillion (US$419 million) and VNĐ10 trillion, respectively, in quarterly profit before tax. 

However, profit growth slowed as net interest margins (NIMs) came under pressure from the prolonged low-interest-rate environment and intensifying competition for credit growth.

The securities industry, meanwhile, delivered one of the strongest performances of the reporting season, benefiting from improved market liquidity.

Combined profit before tax at 79 securities companies jumped nearly 61 per cent from a year earlier, although 12 firms still reported losses. Earnings remained concentrated among the industry's largest players, with the top 10 brokerages accounting for 76 per cent of total sector profit.

VPBank Securities (VPBankS) posted the highest quarterly profit at more than VNĐ2.158 trillion, nearly tripling from the same period last year. 

HD Securities (HDS) surpassed the VNĐ1 trillion profit mark for the first time, while SSI Securities, Techcom Securities (TCBS), VNDirect and VPS maintained their leading positions.

Growth was driven mainly by margin lending as outstanding margin loans across the market reached nearly VNĐ444 trillion, up 7.5 per cent from the end of the first quarter. 

In contrast, firms relying heavily on proprietary trading faced weaker results. VIX Securities saw pre-tax profit plunge more than 95 per cent, while SHS Securities reported a decline of around 75 per cent, reflecting the impact of portfolio volatility.

Outside the financial sector, earnings momentum strengthened across real estate, oil and gas and manufacturing.

The biggest standout was Vinhomes, which reported consolidated net profit of more than VNĐ52 trillion in the first six months, nearly 380 per cent higher than a year earlier and equivalent to almost 87 per cent of its full-year target.

Second-quarter gross profit reached VNĐ34.7 trillion, with a gross margin of nearly 66 per cent, driven by accelerated handovers at key projects. 

The company's first-half profit exceeded the combined earnings of five major private banks, VPBank, Techcombank, ACB, LPBank and VIB, illustrating the strong earnings potential of developers with sizeable land banks and projects progressing on schedule.

Oil and gas companies also posted robust results throughout the value chain. PetroVietnam Technical Services Corporation (PVS) estimated first-half revenue of more than VNĐ18 trillion, up 29 per cent, while PV Drilling exceeded both its revenue and profit targets by more than 30 per cent.

PV GAS estimated revenue of around VNĐ75 trillion and profit before tax of VNĐ8 trillion, while PetroVietnam Refining and Petrochemical (BSR) reported net profit rising nearly sevenfold to over VNĐ12.6 trillion, supported by favourable oil prices and continued investment in the energy sector.

Manufacturing companies also reported encouraging performances. Hoa Sen Group estimated third-quarter net profit for its 2025-2026 fiscal year at around VNĐ382 billion, up nearly 40 per cent thanks to tighter cost controls and better inventory management. 

Vicem Ha Tien Cement recorded its highest profit in five years after revenue rose 17 per cent and profit increased 23 per cent.

For the stock market, the latest earnings season has reinforced confidence that profit growth among listed companies remains intact. 

Significantly, earnings momentum is no longer driven primarily by the banking sector but has broadened to real estate, oil and gas and manufacturing, providing a more diversified foundation for market growth.

Looking ahead to the second half of 2026, continued public investment, improving domestic consumption and stronger exports are expected to support business activity. 

Together with the prospect of a market upgrade and sustained trading liquidity, corporate earnings growth is likely to remain a key pillar supporting Việt Nam's equity market, while stock selection is expected to become increasingly important as performance differences among companies continue to widen. — BIZHUB/VNS