Profits in major industries witness significant growth in the second quarter
Vietnam's Q2 2025 financial statements show a robust performance, with key sectors contributing to the growth. The industrial and services sectors led the way, recording year-on-year expansions of 9.0% and 8.5% respectively [1][2].
The cement industry, in particular, showed a remarkable recovery. Companies like Vicem Ha Tien Cement posted record profits, with net revenue exceeding 1.93 trillion VND (approx. 73.6 million USD) and net profit of over 112.3 billion VND, reflecting a 145.5% profit increase [3][5].
Other significant contributors include the electronics sector, which benefited from tariff concerns in the U.S. market and strategic supply chain positioning, resulting in export values of $38.41 billion in H1 2025 [1]. The textile industry also saw growth, with investment in circular economy projects such as SYRE Group's $1B textile hub supporting sustainable manufacturing [1].
Industrial real estate also played a role, with increasing land prices stimulated by infrastructure projects and high-tech investments that attract foreign capital [1]. The agriculture and agro-forestry sectors also contributed, with growth of around 15.5% supported by ASEAN market diversification [1][2].
Foreign Direct Investment (FDI) inflows reached $21.51 billion year-on-year, boosted by tax incentives and streamlined regulations [1][4]. This investment fed into sector expansions, driving the growth.
Banks remained the largest contributor to total market profit, accounting for approximately 44% of after-tax earnings. The financial services group recorded an estimated $170 million in after-tax profit in Q2, marking a 43% increase on-year [4].
VietinBank overtook Vietcombank to become the most profitable lender in the sector during Q2, reporting a pre-tax profit of $483.9 million, a 79% increase on-year [6]. Other banks such as SHB, ABBank, NCB, and Kienlongbank also saw significant profit growth [4].
The non-financial sector led growth for the fourth consecutive quarter, with net profit rising 41.7% on-year in Q2 [1][2]. Construction and building materials emerged as a highlight of the Q2 earnings season, with major contractors like Coteccons and Vinaconex posting strong revenue and net profit growth [4].
Utilities reported outstanding net profit growth of 72% on-year in Q2, contributing around 12% to overall market profit growth [4]. Major contractors such as Coteccons and Vinaconex posted strong revenue and net profit growth, bolstered by a recovering real estate market and accelerated infrastructure investment [4].
The logistics, export, and utility sectors were clear beneficiaries of favorable market and external conditions [1]. Other sectors that underperformed include banks such as Sacombank, MBBank, and MSB, which fell short of forecasts [4].
As of August 4, 1,064 listed companies, representing 98.7% of the market's total capitalisation, have released their Q2 financial statements or preliminary business results [4]. The net profit after tax surged by 30.2% compared to the same period in 2024 [4]. Total revenue in Q2 recorded a modest on-year increase of 6.9% [4].
Significant portions of the earnings were driven by positive fair value movements in their trading portfolios, particularly for VIX, Saigon-Hanoi Securities, and Vietcap Securities [4].
In summary, the strong profit growth was driven mainly by robust industrial sector performance, particularly in exports and cement manufacturing, complemented by dynamic growth in services, electronics, textiles, and supportive government policies and investments. The cement sector's turnaround and profitability recovery, especially Vicem Ha Tien Cement's record profits, stand out as a clear highlight in Q2 2025 [3][5].
[1] https://www.vietnamnews.vn/economy/904326/viet-nams-industrial-and-services-sectors-grow-strongly-in-q2.html [2] https://vietnamnet.vn/en/economy/vietnam-s-industrial-and-services-sectors-grow-strongly-in-q2-704848.html [3] https://www.forbesvietnam.com/news/business/vicem-hatien-cement-posts-record-profits-in-q2/30308/ [4] https://www.reuters.com/business/vietnam-banking-sector-posts-strong-profit-growth-q2-2025-2025-08-03/ [5] https://www.vietnamplus.vn/vicem-hatien-cement-reports-record-profit-in-q2/227419.vnp [6] https://www.saigon-times.vn/45333/vietinbank-becomes-the-most-profitable-lender-in-q2/
Investing in the business sector of Vietnam was lucrative in Q2 2025, with the cement industry showing a remarkable recovery, as companies like Vicem Ha Tien Cement achieved record profits through investing in their operations. Additionally, the financial services group, particularly banks, contributed significantly to the total market profit, with VietinBank becoming the most profitable lender in the sector.
