Earnings surge lifts investor confidence

Among listed firms, securities companies are typically the first to publish earnings reports – and this quarter is no exception. Several brokers have posted impressive gains, capitalising on propitious market conditions in recent months.

VIX Securities JSC reported a record-breaking third quarter (Q3) profit, with after-tax earnings reaching approximately $98 million, a nine-fold increase on-year.

This marks the highest quarterly profit in the company’s history, even surpassing its best-ever annual performance.

The sharp increase was driven primarily by proprietary trading, as gains from financial assets at fair value through profit or loss totalled $128.8 million in Q3, up 5.8 times on-year, by virtue of a buoyant stock market.

MB Securities (MBS) also saw robust growth, reporting after-tax profit reaching $13.3 million for Q3- up 86 per cent compared to the same period last year.

Meanwhile, VPBank Securities reported a surge in Q3 profit to $75.6 million, up a staggering 595 per cent on-year.

The firm attributed this exceptional growth to the successful launch of a wide range of new products, which helped boost both brokerage market share and margin lending balances – nearly doubling compared to the same period in 2024.

Although detailed results are still pending, early estimates suggest that Q3 will mark an acceleration in performance for many banks, compared to the first half of 2025.

According to projections from MBS, Vietcombank is expected to retain its position as the most profitable bank in the system, with profit figures reaching $475 million in Q3 – up 11 per cent on-year – fulfilling 77 per cent of its annual target.

This performance is underpinned by expected credit growth of 11 per cent at the quarter-end, an increase of 82 basis points over the same period last year.

VietinBank is also projected to report Q3 profit of approximately $380 million, up almost 45 per cent on-year. Its cumulative nine-month profit is estimated at $1.14 billion, up 45.6 per cent on-year, achieving 75 per cent of its full-year target.

These figures are based on an estimated credit growth exceeding 15 per cent by the end of September. VietinBank is expected to receive an additional 3 per cent credit growth quota in Q4, aiming for full-year credit expansion of around 18 per cent.

Beyond the finance and securities sector, manufacturing companies are also posting strong earnings, reflecting a favourable business climate across industries.

At its 3Q business review meeting on October 8, Vietnam Rubber Group announced consolidated revenue of $944.6 million as of September 30, equivalent to 76 per cent of its annual target and a 27.2 per cent on-year increase.

The company's after-tax profit reached $212.4 million, completing 106.8 per cent of full-year plan, and nearly doubling on-year with a 96.4 per cent increase.

In the food manufacturing segment, during a Q3 business review meeting on October 3, Dabaco Group posted Q3 after-tax profit of approximately $13.6 million. For the first nine months of 2025, the company’s profit totalled $54.28 million, 2.5 times higher than the same period in 2024 and 35 per cent above the annual target.

Other major listed companies – including PetroVietnam Ca Mau Fertiliser JSC, PetroVietnam Transportation Corporation, and Gelex Power JSC – also reported strong profit growth in both Q3 and the first nine months of 2025.

Amid a backdrop of improving macroeconomic indicators and the recent market upgrade announcement by FTSE Russell, Q3 earnings are seen as a key driver supporting the ongoing recovery and upward momentum of Vietnam’s stock market.

The non-life insurance sector saw a strong start to 2025, with many companies reporting impressive revenue and profit growth despite looming market challenges.

Many securities firms posted record profits in the second quarter of 2025, fuelled by bullish market sentiment, rising liquidity, and a surge in foreign inflows, though some major players lagged the uptrend.

Profit growth was broad-based across most sectors in the second quarter, with construction and building materials, logistics, and export-oriented industries standing out as the top performers.