By early August, most listed companies had released their Q2 2025 earnings. VnExpress's analysis reveals that half of the top 20 most profitable companies were banks, though this is two fewer than the previous quarter.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) reported 12,097 billion VND in pre-tax profit, leading the market and marking a 79% year-on-year increase. In the previous quarter, VietinBank ranked 7th in profitability.
During Q2, VietinBank recorded 15,842 billion VND in net revenue, a 3.3% increase. The bank's high profit was partly due to a 62% decrease in credit risk provision costs, down to 2,973 billion VND.
According to a survey by financial data platform Fiin Trade, as of 31/7, the total after-tax profit of 970 listed companies, representing 97.1% of the market capitalization, increased by 33.6% year-on-year. This marks the highest increase in the past six quarters, primarily driven by a 53.8% surge in non-financial companies. Meanwhile, the financial sector saw a 17.9% year-on-year increase, thanks to the stability of banks.
Vietcombank maintained its second-place position in Q2, with pre-tax profit increasing by 9% to 11,034 billion VND. Similarly, BIDV held its 4th place ranking, with 8,625 billion VND in pre-tax profit, a 6% increase from the previous quarter.
VPBank and Techcombank both improved their rankings, securing the 5th and 7th spots, respectively. Both banks surpassed 1 quadrillion VND in assets in the previous quarter. ACB also climbed two spots to 8th place in the profitability ranking.
Meanwhile, MB and HDBank dropped in the rankings to 6th and 11th place, respectively. MB's profit decreased by 2% year-on-year to 7,899 billion VND, while HDBank's increased by 14% to 4,713 billion VND.
Sacombank and SHB also appeared on the list, reporting profit increases of 60% and 36%, respectively. Nguyen Trong Dinh Tam, Deputy Director of ASEAN Securities Analysis, forecasts 12-15% profit growth for listed banks in the second half of the year. The State Bank of Vietnam's 16% credit growth target for the entire system this year is another positive factor for this sector.
The most profitable non-financial company, ranking 3rd overall, was Vinhomes, with over 9,100 billion VND in pre-tax profit, a 26% decrease year-on-year. The company attributed this to the timing of key project handovers and large block transactions, which are primarily scheduled for the second half of the year, impacting first-half results.
Hoang Huy Investment Services Joint Stock Company (HHS) entered the top 20 for the first time, reporting 3,508 billion VND in pre-tax profit, a staggering 3,075% increase year-on-year.
In its explanation to the Ho Chi Minh Stock Exchange (HoSE), HHS stated that in Q2, it acquired 99.99% of HHS Capital, which holds a 7.45% stake in CRV Real Estate Group Joint Stock Company (CRV). This increased HHS's ownership in CRV to 51.13%, making it CRV's parent company. The recognition of the fair value of investments in subsidiaries resulted in 3,504 billion VND in financial activity revenue, the primary driver of HHS's significant profit increase.
HHS, part of the Hoang Huy Group ecosystem, is known for truck distribution and real estate development. After acquiring CRV, it now owns several large real estate projects in Hai Phong, including Hoang Huy New City and Hoang Huy Grand Tower.
Hoa Phat and PV Gas returned to the top 10 list after several quarters. Other companies in the top 20 include familiar names like Vingroup, FPT, ACV, Vietnam Airlines, Viettel Global, and Vinamilk. VEFAC, a Vingroup subsidiary, and Loc Phat Vietnam Bank (LPBank) dropped out of the top 20 this quarter.
Trong Hieu
