Most companies on the stock exchange have announced their financial reports for the first quarter of 2025. The financial picture of companies is gradually emerging.
Banks are still the top group in the list of businesses with the biggest profits on the Vietnamese stock market. According to statistics, 8/10 of the businesses with the biggest profits on the stock market are banks. However, the top position in first-quarter profits belongs to a name that has never appeared on the list.
The champion position changes
Vietnam Exhibition Fair Center Joint Stock Company (VEFAC) is the enterprise with the highest profit in the first quarter of the year with a sudden increase in profit, reaching a record high of VND18,605 billion, 163 times higher than the first quarter of last year.
VEFAC's after-tax profit reached more than VND14,873 billion, 162 times higher than in the first quarter of 2024. Basic earnings per share (EPS) also skyrocketed from VND550 to VND89,275.
This huge revenue mainly comes from recording VND44,560 billion in revenue from transferring part of the Vinhomes Global Gate project. Revenue from core activities such as fairs, exhibitions and other services only contributed VND250 million.
This is also the first time VEFAC has achieved the No. 1 position on the Vietnamese stock exchange. Previously, the top 1 position on the stock exchange often belonged to names such as Vietcombank, BIDV , VietinBank, Vinhomes...
VEFAC is a subsidiary of Vingroup Corporation (stock code: VIC). The Ministry of Culture, Sports and Tourism is also a major shareholder of the company.
Vietcombank in the first quarter of this year held the second position on the Vietnamese stock exchange with VND10,860 billion in pre-tax profit, up 1.3% over the same period last year.
The main growth driver this quarter came from the bank's sharp cut in credit risk provisions. Accordingly, Vietcombank only set aside VND752 billion for provisioning costs in the first quarter, down more than 50% compared to the same period in 2024.
Also in the first quarter, Vietcombank's foreign exchange trading profit nearly doubled to VND2,024 billion. In addition, profit from trading securities and net profit from other activities also increased by double digits, bringing in VND36 billion and VND663 billion, respectively.
Although income from capital contribution and share purchase only brought in more than 48 billion VND, it is also a business activity with positive growth compared to the same period last year.
These are all factors that help the bank maintain its profits in the context that many core business segments have not recovered as expected. In particular, Vietcombank's net interest income recorded a decrease of nearly 3% compared to the same period, reaching VND13,687 billion. Profit from service activities also decreased by nearly 44% to VND806 billion.
In the first quarter of this year, MB achieved the third position in terms of profit when reporting pre-tax profit of VND8,386 billion, up 45%. This is the first time this bank has risen to the second position in the entire banking industry, surpassing other state-owned banks such as BIDV and VietinBank (Agribank has not yet published its financial report).
BIDV ranked 4th on the stock exchange with VND7,413 billion in profit, almost unchanged compared to the same period. Operating income improved but increased costs and escalating bad debts put pressure on the unit's profit index.
The 10 most profitable enterprises on the stock exchange in the first quarter recorded a total profit of up to VND81,408 billion (Photo: Manh Quan).
Vingroup temporarily ranked 5th with 7,381 billion VND in profit, nearly 3 times higher than in the first quarter of 2024.
In the first quarter of this year, Vingroup's revenue reached VND84,053 billion, up 287% over the same period last year and a record revenue level recorded in a quarter. Of which, revenue from the real estate segment was the main growth driver, reaching VND55,275 billion, 12 times higher than last year. Revenue from the manufacturing segment increased 2.6 times, reaching VND15,676 billion.
2 banks' profits decline
The next positions in the top 10 all belong to the banking industry. Techcombank ranked 6th on the Vietnamese stock exchange with VND7,236 billion in profit, down 7% compared to the same period last year. However, this is not the only unit in the top 10 to see a decrease in profit. ACB - ranked 10th - recorded a profit of VND4,597 billion, down 6% compared to the same period and down 3 places on the top profit ranking.
In 8th place is HDBank with 5,355 billion VND in profit, up 33% and in 9th place is VPBank with 5,015 billion VND in profit, up 20%.
The 10 most profitable enterprises on the Vietnamese stock market in the first quarter recorded a total profit of VND81,408 billion, equivalent to USD3.13 billion. The 8 banks on the list had a total profit of VND55,421 billion, equivalent to USD2.13 billion.
VEFAC's pre-tax profit in the first quarter was more than 18,000 billion VND, making it the enterprise with the highest profit in the stock market, surpassing all banks (Photo: Manh Quan).
Two other units not in the top 10 most profitable enterprises but recording pre-tax profits exceeding VND 4,000 billion are also in the banking group, namely SHB and SeABank. Of which, SHB achieved VND 4,371 billion in profit, up 8.8% over the same period, setting a record profit in a quarter. Meanwhile, SeABank recorded pre-tax profits of VND 4,350 billion, a sharp increase of nearly 189% over the same period in 2024.
Some businesses that recorded profits of 3,000 billion VND in the first quarter include FPT Corporation (3,025 billion VND), LPBank (3,175 billion VND), PV GAS (3,429 billion VND), Vietnam Airlines (3,625 billion VND), Sacombank (3,675 billion VND), Vinhomes (3,839 billion VND), Hoa Phat (3,840 billion VND), ACB (3,865 billion VND)...
In a recent update, Agribank Securities (Agriseco) selected 5 industry groups with high profit growth potential in the first quarter, including: real estate up 30%, livestock up 30%, seafood up 25%, retail up 20% and banking up 15%.
Most securities companies believe that businesses this year will be supported by a low interest rate environment and continued recovery in consumer production. Banks are expected to be the profit-leading group. MB Securities (MBS) forecasts that the banking sector will grow by 15%, thanks to credit that has begun to accelerate since the beginning of the year.
With the target of credit growth remaining at a high level, securities companies expect that in the first quarter, credit will be disbursed more strongly into public investment projects, real estate business, commercial production, and the personal consumption sector in particular is forecast to recover more slowly in the first months of the year.
Currently, of the 27 banks that have announced their first quarter financial reports, only five have reported a decline in profits. The banking industry earned more than VND82,000 billion in profits in the first quarter.
Source: https://dantri.com.vn/kinh-doanh/lo-dien-10-doanh-nghiep-lai-lon-nhat-quy-i-mot-cai-ten-gay-bat-ngo-20250502183423371.htm
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