Illustration of a project developed by Vinhomes.

Vinhomes, banks surge in Q4

Despite concerns about headwinds facing property developers amid a sluggish real estate market, Vinhomes JSC not only led the sector but also posted the highest profit of any listed company in Vietnam in Q4/2025.

The company reported net profit of nearly VND26.73 trillion ($1.03 billion) for the quarter, far exceeding peers.

The result reaffirmed Vinhomes’s dominant position in the residential property market as project handovers and revenue recognition accelerated toward year-end. The profit gap between Vinhomes and the rest of the market highlighted its superior scale and earnings capacity.

Parent company Vingroup JSC ranked eighth, posting Q4 net profit of nearly VND6.76 trillion (VND261.15 million).

Another real estate company in the top rankings was Sunshine Group JSC (KSF), which recorded net profit of nearly VND7.24 trillion (VND279.6 million) in Q4, sharply higher than VND164 billion a year earlier and the highest in the group’s history.

The surge was driven by strong revenue growth, margin expansion, and faster recognition of earnings from projects that had completed legal procedures and were eligible for handover.

The remaining eight companies in the top 10 were all banks. BIDV (BID) and VietinBank (CTG) each posted net profit exceeding VND11 trillion ($425 million) in the quarter.

Military Bank (MBB), Vietcombank (VCB), VPBank (VPB), Techcombank (TCB), and HDBank (HDB) also made the list, each reporting net profit of more than VND5 trillion (VND193.25 million), underscoring the banking sector’s role as the market’s main earnings pillar.

On the downside, several companies reported losses in Q4, including Viet Phat Group (VPG, -VND423 billion or $16.34 million), BAF Vietnam (BAF, -VND264 billion), Binh Thuan Agriculture (ABS, -VND218 billion), and Minh Hai Seafood Export (JOS, -VND177 billion).

Sacombank (STB) posted the weakest performance among lenders, recording a net loss of more than VND2.75 trillion (VND106.36 million) in the final quarter of 2025, the largest loss reported by any company during the period.

For the full year 2025, Vinhomes retained the top spot with net profit exceeding VND41 trillion ($1.58 billion), cementing its position as Vietnam’s most profitable listed company.

The rest of the top 10 continued to be dominated by banks, with annual net profit ranging from over VND15.6 trillion to more than VND35 trillion ($1.35 billion).

Closing out the top 10 was steelmaker Hoa Phat Group JSC, which posted net profit of VND15.45 trillion ($596.88 million) in 2025.

In contrast, several companies delivered weak results. Hoang Anh Gia Lai Agrico recorded the largest loss, with net loss of more than VND979 billion ($37.82 million). Although narrower than a year earlier, the company’s accumulated losses exceeded $10.3 trillion ($397.89 million) by the end of 2025, surpassing its full-year loss target approved by shareholders.

Other notable loss-makers included Pomina Steel (POM, -VND711 billion or $27.47 milloion), Nam Song Hau Petroleum (PSH, -VND698 billion), Viet Phat Group (VPG, -VND606 billion), Binh Thuan Agriculture (ABS, -VND487 billion), Vinagame (VNZ, -VND380 billion), and Saigon Beer–Binh Tay (SBB, -VND246 billion).

Vinagame was the only technology “unicorn” on the loss list and showed a marked improvement from its after-tax loss of VND1.18 trillion ($45.57 million) in 2024.