10 Most Profitable Companies Q1: Surprising Name
- HANOI, Vietnam – As Vietnamese companies release their first-quarter financial reports for 2025, a clearer picture of the economic landscape is emerging.
- VEFAC reported a record profit of 18,605 billion VND,a staggering 163-fold increase compared to the same period last year.
- This marks the first time VEFAC has claimed the top spot on the Vietnamese stock exchange, surpassing usual frontrunners like Vietcombank, BIDV, Vietinbank, and Vinhomes.
Vietnam’s Q1 earnings Surprise: VEFAC Dethrones Banks as Most Profitable Company
HANOI, Vietnam – As Vietnamese companies release their first-quarter financial reports for 2025, a clearer picture of the economic landscape is emerging. While banks have traditionally dominated the list of top earners on the Vietnamese stock exchange, a surprising contender has seized the lead: The Vietnam Exhibition Fair Center Joint Stock Company (VEFAC).
VEFAC’s Unexpected Surge
VEFAC reported a record profit of 18,605 billion VND,a staggering 163-fold increase compared to the same period last year. Post-tax profits reached over 14,873 billion VND, 162 times higher than in the first quarter of 2024.This surge is primarily attributed to the booking of income of 44,560 billion VND from the transfer of a portion of the Vinhome Global Gate project. In contrast, revenue from VEFAC’s core operations, such as trade fairs and exhibitions, amounted to only 250 million VND.
This marks the first time VEFAC has claimed the top spot on the Vietnamese stock exchange, surpassing usual frontrunners like Vietcombank, BIDV, Vietinbank, and Vinhomes. VEFAC is a subsidiary of Vingroup Corporation (VIC) and counts the Ministry of Culture, Sport and Tourism as a major shareholder.
Banking Sector Remains Strong
Despite VEFAC’s ascent, the banking sector remains a significant force in the Vietnamese economy. Vietcombank secured second place with a pre-tax profit of 10,860 billion VND,a 1.3% increase year-over-year. This growth was largely driven by a considerable reduction in credit risk provisions, which fell by more than 50% compared to the first quarter of 2024, totaling only 752 billion VND.
Vietcombank also saw near doubling of profits from foreign exchange trading, reaching 2,024 billion VND. Profits from securities trading and other activities also experienced double-digit growth, contributing 36 billion VND and 663 billion VND, respectively.
However, not all areas performed as expected.Vietcombank’s net interest income decreased by almost 3% to 13,687 billion VND, and profit from service activities fell by nearly 44% to 806 billion VND.
MB (Military Bank) climbed to third place with a pre-tax profit of 8,386 billion VND, a 45% increase. This marks the first time MB has surpassed other state-owned banks like BIDV and Vietinbank in profitability. Agribank has yet to release its financial report.
BIDV secured fourth place with a profit of 7,413 billion VND, relatively unchanged from the previous year.While operating results improved,rising costs and defaults put pressure on the bank’s profitability.
Vingroup’s Real Estate Boost
Vingroup claimed fifth place with a profit of 7,381 billion VND, nearly three times higher than in the first quarter of 2024.The company’s turnover reached a record 84,053 billion VND, a 287% increase year-over-year. Real estate sales were the primary driver, reaching 55,275 billion VND, twelve times higher than the previous year. Manufacturing revenue also rose considerably, reaching 15,676 billion VND, approximately 2.6 times higher.
Mixed Results for Other Banks
Techcombank secured sixth place with a profit of 7,236 billion VND, a 7% decrease compared to the previous year. ACB, in tenth place, recorded a profit of 4,597 billion VND, a 6% decline, falling three places in the rankings.HDBank reported a profit of 5,355 billion VND, a 33% increase, securing eighth place. VPBank followed in ninth place with a profit of 5,015 billion VND, a 20% increase.
The top 10 most profitable companies on the Vietnamese stock exchange generated a total profit of 81,408 billion VND, equivalent to $3.13 billion USD. The eight banks on the list accounted for 55,421 billion VND, or $2.13 billion USD.
Other notable Performers
Several other banks, while not in the top 10, also reported strong earnings. SHB recorded a profit of 4,371 billion VND, an 8.8% increase, marking a record quarterly gain.SEABank reported a pre-tax profit of 4,350 billion VND,a significant 189% increase compared to the same period in 2024.
Companies with profits exceeding 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), and ACB (3,865 billion VND).
Industry Outlook
Agribank Securities (Agriseco) has identified real estate (up 30%), cattle breeding (up 30%), seafood (up 25%), and retail (up 15%) as industrial groups with high profit growth potential in the first quarter.
Most securities companies anticipate that business activities will be supported by a low-interest-rate environment and a continued recovery in consumption and production. MB Securities (MBS) forecasts a 15% growth in the banking sector, driven by increased lending since the beginning of the year.
Securities companies expect stronger lending to public investment projects, real estate, and commercial production, aiming for continued high credit growth. However, private consumption is expected to recover more slowly in the initial months of the year.
Out of the 27 banks that have released their first-quarter financial reports, only five have reported a decline in profits. The banking sector as a whole generated a profit of over 82,000 billion VND in the first quarter.
Vietnam Q1 2025 Earnings: VEFAC’s Rise and the Banking Sector’s Performance
As the dust settles on the first-quarter financial reports for 2025, a captivating picture of the Vietnamese economy is emerging. This Q&A style article provides an in-depth analysis of the key highlights,focusing on the unexpected rise of VEFAC,the banking sector’s resilience,and the overall industry outlook.
The standout story is the unexpected ascent of the Vietnam Exhibition fair Center Joint Stock Company (VEFAC) to the top of the most profitable companies list. VEFAC reported a record profit, dethroning banks that usually hold the top spots.
VEFAC’s profit reached an astonishing 18,605 billion VND, a 163-fold increase compared to Q1 2024. This monumental rise was largely due to income from the transfer of a portion of the Vinhome Global Gate project, which amounted to 44,560 billion VND.
VEFAC is primarily involved in trade fairs and exhibitions. Though, the core revenue from these operations was onyl 250 million VND, dwarfed by the income from the real estate project transfer.This highlights the significant impact of a single, large transaction on overall profit.
VEFAC is a subsidiary of Vingroup Corporation (VIC), a major conglomerate in vietnam. It also benefits from the Ministry of Culture, Sport and Tourism being a major shareholder.
Despite VEFAC’s impressive performance,the banking sector remains a powerful force in Vietnam’s economy. Several banks, including Vietcombank and MB, secured significant profits, demonstrating the sector’s continued strength.
Vietcombank secured the second position with a pre-tax profit of 10,860 billion VND, a 1.3% increase year-over-year. This growth was aided by a substantial reduction in credit risk provisions by over 50%. Profits from foreign exchange trading also nearly doubled. However, net interest income and service activity profits decreased.
Here’s a table summarizing the top banks’ performance:
| Bank | profit (Billion VND) | Change vs. previous year | Rank |
|---|---|---|---|
| Vietcombank | 10,860 | +1.3% | 2 |
| MB (military Bank) | 8,386 | +45% | 3 |
| BIDV | 7,413 | Relatively Unchanged | 4 |
| Techcombank | 7,236 | -7% | 6 |
| HDBank | 5,355 | +33% | 8 |
| vpbank | 5,015 | +20% | 9 |
| ACB | 4,597 | -6% | 10 |
While some banks experienced profit declines (Techcombank,ACB),others saw significant growth (HDBank,VPBank,MB). The reduction in credit risk provisions by some banks, like Vietcombank, played a crucial role in their profitability.
Vingroup, the parent of VEFAC, had a strong quarter, taking fifth place with a profit of 7,381 billion VND, nearly tripling its Q1 2024 profits. This was driven by a record turnover of 84,053 billion VND,a 287% increase,with real estate sales reaching 55,275 billion VND,twelve times higher than the previous year.
Several other companies also showed impressive profits.
These 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)
Industry analysts, like Agriseco, foresee robust growth potential in real estate, cattle breeding, seafood, and retail sectors. Most securities companies anticipate continued growth in business activities supported by a low-interest-rate habitat, and a recovery in consumption and production. Lending to public investment projects,real estate,and commercial production is expected to increase,aiming for high credit growth.
Analysts believe that strong lending,particularly to public investment projects,real estate,and commercial production,will be essential. The low-interest-rate environment and the continued recovery of consumption and production are also anticipated as important contributors.
Private consumption is expected to recover more slowly in the initial months of the year, which may present a challenge.
The Q1 2025 earnings reports reveal a dynamic Vietnamese economy. The surprising ascendance of VEFAC highlights the impact of significant one-off transactions. While the banking sector remains strong, its performance is mixed, with increasing competition and shifting priorities. The overall outlook is positive, driven by low-interest rates and expected continued growth in key sectors.