What does 2Q26 earnings of listed enterprises reveal?

Initial Estimated Figures

If considering only systematically compiled statistics based on financial reports released by early this week (July 27), nearly 500 enterprises have outlined their performance, showing clear divergence across industries.

Specifically, in the Market Navigator program, experts from the SHS Research Center updated the picture of Q2 business results of listed enterprises, highlighting sectors driving growth as well as those facing lingering challenges.

(Image caption: Credit institutions expect credit risk to stabilize further in the last 6 months of 2026. Photo: Quoc Tuan)

The banking sector maintained profit growth around forecasted levels, though some banks stood out in terms of asset scale and capital supply capacity. Notably, Vietcombank, VietinBank, Agribank, and BIDV each possess total assets exceeding VND 2.5 quadrillion. Two private commercial banks, VPBank and Techcombank, hold assets from VND 1.5 quadrillion and VND 1.27 quadrillion, respectively.

According to SHS experts at the time of analysis, nearly 500 enterprises had published Q2 financial reports, with total profit after tax up by nearly 20% year-on-year.

Banking continued to be the largest contributor to market-wide profits at 42%. It was followed by financial services at 12%. The utilities sector also accounted for a relatively large share at around 9%. The oil and gas sector comprised 12%, reflecting positive profit growth driven by improvements in core operations.

The performance landscape across industries shows clear differentiation: many residential real estate enterprises achieved positive growth, whereas industrial real estate companies remained under pressure.

Detailed estimates from available financial reports showed a 19.7% overall growth in profit after tax for Q2 at the time of calculation. SHS analysts emphasized that this rate is lower than in previous quarters.

Specifically, looking back from Q2/2024 onward, growth in Q2/2026 was relatively low compared to Q2/2025. Even in Q1, enterprises reporting results achieved a growth rate of 33%. However, by this quarter, growth slowed to 19.7%.

For securities firms, regulations require reports to be filed within 20 days after quarter-end, meaning all companies have fully disclosed their reports by now. Among 79 reporting securities firms, 12 reported losses in Q2. Total pre-tax profit for the entire industry in Q2/2026 surged significantly, up nearly 61% year-on-year—a much stronger acceleration compared to Q1. The top 10 securities firms accounted for 76% of total industry profits.

Top 15 rankings by pre-tax profit in Q2 show VPX (VPBank Securities JSC) leading the market, followed by TCBS (Techcombank Securities JSC). Both recorded strong year-on-year growth, with VPX surging over 293%. Other entries in the top 10 included HDS and HRS of SmartMind, which posted dramatic profit growth exceeding VND 800 billion in Q2.

Total margin loan balance across the market currently stands at nearly VND 444 trillion, up 7.5% compared to the end of Q1/2026. Margin debt continues its upward trajectory year after year, with particularly strong growth over the past three years.

As for banks, only 7 out of 28 listed banks had published Q2 results by July 27. Their combined pre-tax profit grew by about 16.3% year-on-year. Currently, the two banks recording the highest profits are VPBank with nearly VND 11 trillion and Techcombank with nearly VND 10 trillion in pre-tax profit. Expanding the sample to 12 banks (combining official figures and estimates) lowers Q2 profit growth to just over 13%.

Looking at income structure (net interest income and service fees), credit growth was evident early in the year. VPBank recorded the strongest credit growth in the first 6 months at 23%. However, regarding risk provisioning, several banks increased their provisions in Q2 compared to the same period last year. In absolute numbers, SHS experts noted that quite a few banks saw an increase in non-performing loans (NPLs) compared to Q1.

Regarding NPL ratios, some banks showed an upward trend—for instance, An Binh Bank and ACB rose from 0.97% to over 1%. Conversely, others recorded declines, such as PGBank dropping from 4% down to 2.93%, and VPBank reducing from 3.58% to 3.28%.

For non-financial enterprises (excluding insurance, securities, and banking), operations recorded roughly 14.4% growth in revenue and 19.3% in profit after tax. SHS experts consider this a relatively strong performance given the current context. Compared to Q1, when these 454 enterprises posted a profit decline/negative growth of 51.7%, Q2 marked a turnaround to positive profit growth of nearly 20%.

Regarding expenses such as financial costs, selling expenses, or administrative costs relative to revenue, the general situation shows no alarming signs yet. However, gross profit margins among reporting enterprises dipped slightly from 16.2% in Q1/2026 to 16.1% in Q2. Analysts noted this metric requires ongoing monitoring as complete reports are released in the coming period.

In residential real estate, many companies disclosed reports during Q2. Initial figures show surge-like profit growth in both Q1 and Q2 for several firms, though these are mostly small companies not representative of the whole market. The main driver was low or negative performance in the base period last year, leading to high percentage growth in Q2 despite modest absolute expansion.

For industrial real estate, SHS analysts observed few positive signals in Q2. Profit growth for many companies—both official and estimated—reflected slowdowns and declines.

Examples highlighted by experts include Becamex, Sonadezi Chau Duc, NTC, Long Hau, and D2D—all prominent names in industrial real estate—which all experienced profit contraction in Q2. Some suffered severe drops year-on-year, such as D2D, which dropped 92.5% for the quarter and over 87% for the first 6 months.

Updating data up to July 29, FiinTrade reported 672 enterprises disclosing financial statements with profit after tax rising 25.6%, driven mainly by the non-financial sector, though performance across industries remains highly divergent.

Non-Financial Sector Drives Profit Growth

Following initial systematic statistics and evaluations, enterprises continued rushing to publish Q2 business results right up to the deadline on July 30.

Notable results emerged in banking—a sector expected to remain a primary profit contributor, especially after adding a new listed bank on HOSE.

OCB announced its Q2 report on July 30, recording pre-tax profit of VND 1,246 billion, up nearly 25% year-on-year. Cumulative 6-month pre-tax profit reached an estimated VND 2,470 billion (up 30.5%), demonstrating sustained core operational growth amidst a new phase of sector competition.

BVBank also officially published spectacular results, recording Q2 pre-tax profit of VND 332 billion—a 25-fold increase compared to VND 13 billion in Q2 last year. For the first 6 months of 2026, BVBank recorded net interest income of VND 1,680 billion (up 46.3% year-on-year), with lending activities remaining the primary growth engine.

Meanwhile, Eximbank's report close to the deadline recorded Q2 pre-tax profit of VND 341 billion, down 48.2% year-on-year. Q2 profit after tax reached VND 250 billion (down 50.6%). This drop was attributed to a sharp surge in credit risk provisioning from VND 201 billion to VND 479 billion (up 138.3%). Cumulative 6-month pre-tax profit reached VND 678 billion (down 54.5%), with profit after tax at VND 520 billion (down 55.4%).

PNJ has drawn market attention and surprised investors with its strong provisioning capability. By the end of Q2, PNJ's cash, cash equivalents, and short-term deposits stood at around VND 4 trillion, up significantly from the start of the year. Photo: PNJ)

In the non-financial block, Phu Nhuan Jewelry JSC (PNJ)—which captured market attention in recent weeks—released its Q2 report on July 30.

PNJ recorded net revenue of VND 8,484 billion and a net loss after tax of VND 283 billion for Q2/2026. The company stated that the Q2 loss stemmed primarily from proactive, conservative provision booking and did not reflect a decline in core business activities. Notably, Q2/2026 revenue rose 12% year-on-year. Total customer numbers continued to grow across both new and existing segments. Brands maintained momentum thanks to a diversified product portfolio, with new brands showing strong growth targeted at younger demographics.

For the first 6 months of 2026, PNJ recorded net revenue of VND 25,729 billion (up 49.4% year-on-year) and profit after tax of VND 1,256 billion (up 6.3%). Wholesale jewelry revenue grew 28%. Average gross profit margin reached 19.4% (compared to 21.4% in 1H2025).

Net profit margin for 1H stood at 4.6% (down from 6.5%), reflecting the company's proactive booking of VND 865 billion in provisions related to repurchase activities arising in July 2026. PNJ noted this provisioning demonstrates prudent risk management, ensures financial statement transparency, and protects long-term shareholder interests.

Thus, after the recent "diamond crisis", PNJ maintained positive growth for the first half of the year and remains on track toward its annual plan targets.

Also in the non-financial sector, massive profits from Vin-family enterprises continue to lead the real estate group.

Experts note that the Vinhomes Green Paradise Can Gio project meets key criteria. Handover activities at projects like Vinhomes Ocean Park 2, 3 and Vinhomes Green Paradise continue to drive VHM's impressive performance. Progress photo of Vinhomes Green Paradise project, updated as of March 2026

Specifically, on July 30, 2026, Vinhomes JSC (VHM) announced its consolidated Q2/2026 financial report. In the first 6 months of 2026, Vinhomes recorded total consolidated net revenue of VND 116,565 billion. Adjusted consolidated net revenue (including revenue from business cooperation contracts and bulk sales recorded under financial revenue) reached VND 134,205 billion, representing a 203% increase compared to 1H2025.

Consolidated profit after tax reached VND 52,092 billion, up nearly 380% compared to 1H2025 and completing 86.8% of its full-year 2026 plan. Handover activities at projects such as Vinhomes Ocean Park...