Industrial, earnings growth support market uptrend

Vietnam’s listed companies reported broad-based profit growth in the first quarter of 2026, supported by stronger industrial activity, rising investment flows, and improving business conditions across multiple sectors.

- By Kaitlyn Le

The earnings landscape has coincided with broader signs of recovery in the market and general economy.

According to a report released by Thien Viet Securities in mid-May, net profit at 945 listed companies, representing around 98.1 per cent of total market capitalisation, rose 34.8 per cent on-year in the first quarter.

The improvement extended beyond a small group of large-cap stocks. Non-financial companies recorded profit growth of 55.2 per cent, while the financial sector, including banks, securities firms, and insurers, posted growth of 12 per cent. Even excluding companies within the Vingroup ecosystem, overall market profit growth still reached 33.8 per cent.

By market capitalisation, the VN30 group reported earnings growth of 48 per cent in the quarter, supported by contributions from Vinhomes, Hoa Phat Group, and VietinBank. Meanwhile, the mid-cap segment recorded the strongest expansion at 85.9 per cent, driven mainly by Petrovietnam Refining and Petrochemical, Novaland, and PNJ.

Sector performance also reflected a wider recovery in economic activity as 18 out of 19 industry groups recorded profit growth during the quarter, with real estate, oil and gas, banking, and utilities contributing the largest gains in absolute terms.