As of 30 October 2026, according to FiinGroup, 797 of 1,518 listed companies and banks (77% of market capitalisation) had released Q3 financial statements or estimates. Their combined after-tax profit rose 35.8% year on year, an impressive gain given an already high 2025 base.
Non-financial firms break out
- Non-financial companies: profit up 65.5%, the market's main driver.
- Real estate: 69 of 127 firms reported, with profit up 237.3%; Vinhomes alone earned about US$920 million after tax, up 419%.
- Basic resources: profit up 157.4%; Hoa Phat earned about US$330.6 million, up 106%, on revenue up 70%.
- Retail: profit up 89.6%; Mobile World rose 97.4% and FPT Retail more than 110%.
Why these sectors lead
Real estate benefits from resolved project legal issues and expanding transport infrastructure, which have boosted supply and handovers. Steel is supported by record public investment (the 2026 plan exceeds VND1 quadrillion) and recovering residential construction. Retail reflects stronger purchasing power, rising wages and a shift to modern channels. Policies such as the 2% VAT cut and lower energy costs from 1 November keep supporting margins.
Financials and technology
Financial sector profit rose only 2.6%; banks grew 14.1%, slowed partly by Vietcombank's near-flat Q3. IT fell 6.9%, with FPT down about 5.9%. This is a normal divergence in an economic cycle shifting from credit-led growth to investment- and consumption-led growth.
Impact on the stock market
- Valuation: strong earnings growth lowers the market P/E, leaving room for gains as capital returns.
- Upgrade: solid results give foreign funds quality stocks to buy as Vietnam is phased into the FTSE Emerging index.
- Partly priced in: FiinGroup notes share prices already reflected part of the outlook; basic resources rose 6.1% over the past month.
Investment perspective
Historically, Q4 is usually the most profitable quarter for non-financial firms. With public investment accelerating at year-end plus the shopping and Tet seasons, the Q4 2026 earnings outlook remains positive. Investors should favour companies whose profit growth comes from core operations rather than one-off income.
vietnamii.com view: the Q3 earnings season shows Vietnamese corporate health improving clearly and across more sectors. That is a fundamental base for a positive medium-term market trend. This article is not a recommendation to buy or sell any stock.