Leading enterprises accelerate, raising the profit base of the entire VN30 group

The VN30 group is a gathering place for businesses belonging to the largest private corporations in Vietnam, such as Masan . Photo: Duc Thanh

Credit takes the lead, bank profits continue to grow

Banks still dominate the VN30, with 14 banks. With their large scale, banks are often at the top in terms of business results. In the third quarter of 2025, the group of state-owned banks and the largest private banks continued to lead. Among the 10 most profitable enterprises, there are 8 banks, in order of profit including Vietcombank, VietinBank, VPBank, Techcombank, BIDV, MB,ACB and HDBank.

“Big brother” Vietcombank still leads the industry and the whole market with 11,239 billion VND in pre-tax profit in the third quarter of 2025, up 5% compared to the third quarter of 2024. This is Vietcombank's highest profit in the past 2 years. For the whole 9 months, this bank's profit continued to be in the "unique" position, reaching 33,123 billion VND (up 5%).

Also achieving a profit of over VND10,000 billion in the third quarter was VietinBank, with pre-tax profit reaching VND10,614 billion. Unlike Vietcombank, VietinBank had a fairly strong profit growth in this quarter, with an increase of 62% compared to the same period. This is the second consecutive quarter that this bank has achieved a profit of over VND10,000 billion.

In the banking industry as a whole, no bank has yet reached the profit threshold of Vietcombank and VietinBank. In the same group of Big 4, BIDV's profit in the third quarter only ranked 5th, with pre-tax profit reaching 7,594 billion VND. The gap between BIDV and the top 2 widened in the 9-month period, although it still ranked 3rd in the industry, reaching 23,632 billion VND.

Two private banks, VPBank and Techcombank, both surpassed BIDV in terms of profit in the third quarter. VPBank recorded a profit growth of up to 76.7%, reaching VND9,166 billion in this period. This result came from a sharp increase in net interest income of 22% compared to the same period, while net profit from service activities and trading of trading securities both increased sharply.

Compared to previous business quarters, VPBank's third quarter marked a breakthrough. The recorded profit is at the highest level since the first quarter of 2022.

At Techcombank, pre-tax profit in the third quarter increased slightly (14%), but at VND8,250 billion, this bank marked the highest profitable business period in its history.

On the other hand, the VN30 banking group also recorded two banks with declining operating results, including MB and SeABank. While MB achieved pre-tax profit of VND7,250 billion, down slightly by 0.8% and can be considered flat compared to the same period, SeABank's profit decreased by 24% compared to the same period, bringing in only VND956 billion. Not only did it decrease, this bank's profit was also in the top 5 businesses with the lowest profit in VN30.

SeABank's profit has decreased sharply compared to the first quarters of the year, even only equal to 22% of the profit of the first quarter of this year. Accumulated in 9 months, thanks to the high profit of over 4,300 billion VND in the first quarter, SeABank still achieved positive growth, bringing in 6,739 billion VND.

In general, the banking industry as a whole still achieved positive profit growth based on the context of high credit growth. According to data from the State Bank, as of October 30, outstanding credit of the whole system had increased by about 15% compared to the end of 2024. This figure is expected to continue to increase strongly and may reach 19-20% by the end of this year.

SSI Securities experts said that credit growth is at its highest rate in the first nine months of 2017, while asset quality shows initial signs of stability. However, net interest margins (NIM) continue to narrow compared to the previous quarter, reflecting pressure on capital mobilization costs and competition on lending interest rates. Liquidity is also a notable factor when the net loan-to-deposit ratio (LDR) of banks increases to 100%, showing the need to boost deposit mobilization in the fourth quarter of 2025 to support credit growth.

SSI maintains a positive view on the banking industry in the fourth quarter of 2025 and 2026. There are four main factors expected to continue supporting profit growth momentum, including: sustainable credit growth, gradual improvement in asset quality, signs of NIM stabilizing again, and stronger recovery from bad debt recovery after the Law amending and supplementing a number of articles of the Law on Credit Institutions officially took effect from October 15, 2025. SSI forecasts that the industry's overall profit will accelerate, from about 15% in 2025 to 18% in 2026.

Motivation from private business leaders

Besides the banking group that continuously occupies the top position in terms of profit, there are also leading private corporations, such as Vingroup and Hoa Phat.

Vingroup group is holding 3 positions in VN30 with Vingroup, Vinhomes and Vincom Retail. The total profit after tax of these 3 enterprises reached 11,165 billion VND in the third quarter, down compared to the same period last year, mainly due to Vinhomes's high profit in the same period, over 10,800 billion VND.

According to the business results of the VN30 group, in the third quarter of 2025, only 5 enterprises had negative profit growth and 1 enterprise remained stable, the rest had positive growth results, of which 8 enterprises achieved profit growth of over 50%. In terms of value, the total pre-tax profit of 30 enterprises was more than 118,000 billion VND, an increase of more than 14.4% compared to the third quarter of 2024.

However, the 9-month profits of these 3 enterprises have narrowed the decline, with total pre-tax profits for the first 9 months reaching more than 38,218 billion VND, down only slightly by 3%. In addition to Vinhomes, which had a high profit base last year, both Vingroup and Vincom Retail achieved positive growth. The increase in after-tax profits for the first 9 months of this year was 34.5% and 26%, respectively, compared to the same period in 2024.

The group’s business results took place in the context of Vingroup’s system continuously expanding in many fields. In celebration of the 80th anniversary of Vietnam’s National Day, Vinhomes and its parent company Vingroup simultaneously inaugurated and started construction on 6 key projects across the country. This series of projects is expected to boost the economy, infrastructure, industry and tourism in the localities.

Along with that, Vingroup continuously expands its operations into many new fields such as energy, steel, entertainment... Most recently, billionaire Pham Nhat Vuong contributed capital to establish Vinspace Joint Stock Company with the business of manufacturing aircraft, spacecraft, air cargo transport...

Along with the continuous implementation of projects and expansion of operations into many new fields, Vingroup is also preparing a plan to issue bonus shares to increase capital. Billionaire Pham Nhat Vuong's group plans to present to shareholders a plan to issue 2.85 billion bonus shares at a ratio of 1:1. If implemented, this will be the largest bonus share issuance deal in the history of Vietnam's securities market. The implementation time is in the fourth quarter. After the successful issuance, Vingroup's charter capital will double and is expected to become the non-financial enterprise with the largest charter capital on the stock exchange.

Hoa Phat is holding the position of the non-financial enterprise with the largest charter capital on the stock exchange. In the recent business period, the steel group of billionaire Tran Dinh Long achieved 4,628 billion VND in pre-tax profit, an increase of 35.6% compared to the third quarter of 2025. This quarter, Hoa Phat said that the Group produced 2.8 million tons of crude steel, an increase of 14% compared to the second quarter and an increase of 35% compared to the same period in 2024. Sales output of hot-rolled coil (HRC), construction steel, high-quality steel and steel billet reached 2.5 million tons, down 4% compared to the previous quarter and up 21% compared to the same period in 2024.

In the first 9 months of the year, Hoa Phat recorded VND13,440 billion in pre-tax profit, an increase of 29.2%. After-tax profit reached VND11,626 billion and achieved 78% of the year's profit plan.

Hoa Phat is the largest steel producer in Southeast Asia, focusing on developing high-quality steel products for the mechanical engineering, automobile manufacturing, shipbuilding industries, etc. It is known that the entire Hoa Phat Dung Quat 2 Iron and Steel Production Complex Project in Quang Ngai province has been completed. The Group is vigorously implementing the Project of the Steel Rail and Shaped Steel Factory in Dung Quat, expected to produce steel rail products in 2027, serving key railway projects in Vietnam and exporting to international markets.

Besides Vingroup and Hoa Phat, the VN30 group also gathers enterprises belonging to the leading private corporations in Vietnam, such as FPT, Masan, Vietjet, and Vinamilk.

In the first 9 months of the year, VN30 recorded 26 enterprises with positive pre-tax profit growth compared to the same period, of which 5 enterprises grew by over 50%. The total pre-tax profit of 30 enterprises in the first 9 months reached more than 354,600 billion VND, equivalent to an increase of 16%.

The profit outlook for the entire market remains positive. According to experts from Dragon Capital Securities (VDSC), key drivers such as stimulating domestic consumption, stabilizing exports, boosting public investment and credit growth continue to support profit growth of listed companies. VDSC estimates that the total market profit in the fourth quarter of 2025 will increase by about 26% year-on-year, with the main contribution from real estate, banking, financial services and non-financial groups.

Source: https://baodautu.vn/doanh-nghiep-dau-tau-but-toc-nang-nen-loi-nhuan-ca-nhom-vn30-d430810.html