--- title: Q3/2026 Corporate Profits Rise 35.8% Amid Cash Flow Split description: According to VnEconomy on October 31, 2026, 797 listed firms posted a 35.8% profit growth in Q3/2026, driving a selective cash flow divergence on HOSE. url: https://ginity.vn/en/blog/q3-2026-profit-growth-market-divergence-cash-flows canonical: https://ginity.vn/en/blog/q3-2026-profit-growth-market-divergence-cash-flows markdown: https://ginity.vn/en/blog/q3-2026-profit-growth-market-divergence-cash-flows.md language: en datePublished: 2026-11-01T00:00:00+07:00 dateModified: 2026-11-01T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - VIC - VHM - HPG - MWG - VCB - FPT sources: [] publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Q3/2026 Corporate Profits Rise 35.8% Amid Cash Flow Split > According to VnEconomy on October 31, 2026, 797 listed firms posted a 35.8% profit growth in Q3/2026, driving a selective cash flow divergence on HOSE. Gini · Companies & sectors · 2026-11-01 · https://ginity.vn/en/blog/q3-2026-profit-growth-market-divergence-cash-flows _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - As of October 30, 2026, 797 listed firms representing 77.0% of market capitalization posted a 35.8% year-over-year net profit growth for Q3/2026. - The Non-Financials sector surged 65.5% led by real estate at 237.3% and basic resources at 157.4%, while the financial sector grew just 2.6%. - In the week ended October 30, 2026, the VN-Index dropped 32.53 points (-1.83%) to 1,741.62 points with HOSE turnover averaging 14,700 billion VND per session. - Foreign investors net sold 2,692 billion VND across the market during the week of October 26-30, 2026, with the heaviest selling in FPT at 782 billion VND. The Vietnamese stock market concluded its third-quarter financial reporting period of 2026 with a noticeable divergence between robust corporate earnings and conservative market index trajectories. [According to VnEconomy on October 31, 2026](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm), as of October 30, 2026, 797 out of 1,518 listed enterprises and banks (representing 77.0% of total market capitalization) announced their Q3/2026 financial statements or preliminary results. Aggregate net profit after tax across these firms climbed 35.8% compared to the same period in 2025. While this rate reflects healthy operational gains, it masks a sharp divide between financial and Non-Financials groups. Readers can cross-reference the detailed sector breakdown in the report on [Q3/2026 corporate earnings divergence](/en/blog/vietnam-q3-2026-corporate-earnings-divergence) to trace individual corporate recovery paths across major exchanges. ## Q3/2026 Profits Expand 35.8% Across Listed Firms Market-wide earnings growth for Q3/2026 departed from the balanced patterns seen earlier in 2026, shifting heavily toward industrial production, consumer services, and property development. [According to statistics reported by VnEconomy on October 31, 2026](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm), net profit after tax for the Non-Financials sector advanced 65.5% year-over-year in Q3/2026. In contrast, the financial sector posted a modest gain of 2.6%, creating a growth gap of 62.9 percentage points between the two main pillars of the equity market. The acceleration in the Non-Financials sector stems from domestic retail rebound, industrial material exports, and handover schedules at major urban developments. This divergence shapes prevailing market multiples, as explained in the analysis of [VN-Index P/E valuation and market breadth](/en/blog/vn-index-pe-valuation-and-market-breadth-2026) during periods of selective capital allocation. > Chart: Net profit growth across sectors in Vietnam during Q3/2026 compared to Q3/2025. %. Real Estate: 237.3; Basic Resources: 157.4; Non-Financials: 65.5; Banking: 14.1. ## Non-Financials Sector Powers Market Expansion The real estate sector provided the strongest boost to corporate earnings during the Q3/2026 reporting window. [According to data from VnEconomy on October 31, 2026](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm), after industry leaders VIC and VHM released their figures, sector coverage expanded to 91.9% of industry capitalization. Net profit after tax for 69 out of 127 reporting real estate firms jumped 237.3% compared to Q3/2025. Large developer VHM achieved net profit after tax exceeding 23,000 billion VND in Q3/2026, up 419% thanks to property deliveries and revenue bookings from major residential projects. According to VnEconomy published on October 31, 2026, basic resources also recorded significant growth, delivering a 157.4% net profit expansion compared to Q3/2025. The earnings release from HPG lifted sector coverage to 79.0% of market capitalization. Steel producer HPG reported Q3/2026 net profit after tax of 8,265 billion VND, up 106% year-over-year, while quarterly revenue grew 70%, lifting 9-month cumulative earnings above its full-year target. The retail sector sustained its upward trajectory as 17 out of 27 companies published results, covering 95.2% of sector capitalization. [VnEconomy reported on October 31, 2026](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm) that retail net profit rose 89.6% compared to Q3/2025. Growth drivers included MWG with a 97.4% profit increase and FRT with gains exceeding 110% as commercial margins improved across major retail chains. | Sector Group | Capitalization Coverage | Q3/2026 Profit Growth | Representative Firms | | :--- | :--- | :--- | :--- | | Real Estate | 91.9% | +237.3% | VHM, VIC | | Basic Resources | 79.0% | +157.4% | HPG | | Retail | 95.2% | +89.6% | MWG, FRT | | Banking | 63.7% | +14.1% | VCB | | Information Technology | 90.0% | -6.9% | FPT | | Entire Market (797 firms) | 77.0% | +35.8% | All 797 tickers | Source: VnEconomy reported on October 31, 2026. ## Banking Momentum Cools As Cash Flows Diverge Unlike the rapid gains in the Non-Financials sector, the banking group experienced decelerating growth. According to [figures published by VnEconomy on October 31, 2026](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm), 20 out of 28 listed banks (representing 63.7% of banking capitalization) disclosed their Q3/2026 earnings. Year-over-year profit growth for this cohort slowed to 14.1%. According to figures published by VnEconomy on October 31, 2026, a central factor behind this deceleration was VCB, the largest lender by capitalization, which recorded near-flat net profit growth of 0.2% in Q3/2026, down sharply from the 64.7% pace recorded in Q2/2026. Credit provision expenses and rising funding costs constrained operating margins across multiple commercial banks. At the same time, the information technology sector, with 90.0% coverage of industry market value, saw net profit decline 6.9% compared to Q3/2025. Technology firm FPT reported a profit decrease of approximately 5.9% in Q3/2026. This dynamic prompted investors to adjust allocations, as discussed in the [market wrap for late October 2026](/en/blog/vietnam-market-wrap-october-30-2026). ## Defensive Cash Posture and Foreign Net Selling Despite high headline corporate profit growth in Q3/2026, equities encountered persistent price adjustments on trading floors. [According to CafeF on November 1, 2026](https://cafef.vn/chung-khoan-tuan-qua-vn-index-tra-diem-dong-tien-lui-ve-phong-thu-188261101110143488.chn), the benchmark VN-Index dropped 32.53 points (-1.83%) during the trading week of October 26-30, 2026, closing at 1,741.62 points. Declines dominated four out of five trading sessions as defensive sentiment gained traction. Trading liquidity compressed noticeably during late October 2026. [Citing SHS brokerage data on November 1, 2026, CafeF reported](https://cafef.vn/chung-khoan-tuan-qua-vn-index-tra-diem-dong-tien-lui-ve-phong-thu-188261101110143488.chn) that trading volume on HOSE fell 9.9% compared to the prior week, with daily turnover averaging approximately 14,700 billion VND per session and staying below the 20-session moving average. Institutional capital preferred to wait for verified stabilization levels. Foreign institutional flows added direct selling pressure to large-cap equities. [According to CafeF on November 1, 2026](https://cafef.vn/chung-khoan-tuan-qua-vn-index-tra-diem-dong-tien-lui-ve-phong-thu-188261101110143488.chn), foreign investors net sold 2,692 billion VND across all exchanges in the week of October 26-30, 2026. Net outflows centered on FPT with 782 billion VND in selling value, followed by VPL at 353 billion VND, VIC at 287 billion VND, GMD at 212 billion VND, SSI at 148 billion VND, and BID at 125 billion VND. ## Calculating Corporate Profit Growth Rates Financial analysts calculate corporate earnings trajectory across accounting periods using the percentage net profit growth formula: $$ \text{Net Profit Growth Rate} = \frac{\text{Q3/2026 Net Profit} - \text{Q3/2025 Net Profit}}{\text{Q3/2025 Net Profit}} \times 100\% $$ Ginity calculation for a hypothetical illustration based on 2026 performance: Consider an enterprise group with aggregate Q3/2025 net profit after tax of 100,000 billion VND. In Q3/2026, supported by operational efficiency and revenue expansion, aggregate net profit reaches 135,800 billion VND. The corresponding growth rate is: $$ \text{Growth Rate} = \frac{135,800 - 100,000}{100,000} \times 100\% = 35.8\% $$ Our estimate of this 35.8% gain confirms the positive operational recovery achieved by Vietnamese corporations during 2026. ## Regulatory Framework and Settlement Systems Financial disclosure consistency is governed by statutory standards in Vietnam. [According to the Vietnam Government Legal Documents Portal](https://vanban.chinhphu.vn/?docid=198541&pageid=27160), the Law on Securities No. 54/2019/QH14, passed by the National Assembly on November 26, 2019, and effective from January 1, 2021, defines periodic reporting obligations for public companies and listed entities. Timely submission of Q3/2026 financial statements maintains information symmetry across market participants. Clearing and settlement infrastructure provides the operational backbone for these capital flows. [According to the Vietnam Securities Depository and Clearing Corporation (VSDC)](https://vsdc.vn/sd/XAz40d2Q-9j569TvBgLQaQ), the regulation on securities clearing and settlement issued under Decision No. 39/QD-HDTV on April 29, 2025, governs multilateral netting for equities on a T+2 cycle. Equities transfer simultaneously with cash settlement through designated banks under the delivery versus payment principle, preventing principal risk. Macroeconomic conditions continue to support business expansion in 2026. [According to the Vietnam Government Portal on October 31, 2026](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm), the Minister of Finance addressed the National Assembly on October 31, 2026, noting that 9-month GDP growth reached 9.01% with inflation held at 4.52%. Public investment disbursement reached 62.9% in the first nine months of 2026, rising by 203,000 billion VND year-over-year. Capital raised through equity markets increased 15% in the first nine months of 2026, with public share offerings rising 60% and private placements up 80%, alongside 10 completed IPOs raising over 60,000 billion VND, nine times the total raised across 2021-2025. According to the Vietnam Government Portal published on October 31, 2026, fiscal support packages including 240,000 billion VND in tax reductions and 120,000 billion VND in tax extensions (totaling 360,000 billion VND) in 2026 provided liquidity to enterprises. These macro factors provide a solid base for corporate earnings as the market navigates short-term cash flow adjustments. ## Sources - VnEconomy (October 31, 2026): [797 enterprises reported Q3/2026 profits surging 35.8%](https://vneconomy.vn/da-co-797-doanh-nghiep-bao-cao-loi-nhuan-quy-32026-tang-manh-358.htm). - CafeF (November 1, 2026): [Vietnam stock market last week: VN-Index gives back points as cash flow retreats](https://cafef.vn/chung-khoan-tuan-qua-vn-index-tra-diem-dong-tien-lui-ve-phong-thu-188261101110143488.chn). - Vietnam Government Portal (October 31, 2026): [Minister of Finance explains inflation pressures and disbursement progress](https://baochinhphu.vn/bo-truong-tai-chinh-ly-giai-ve-kiem-soat-lam-phat-va-tien-do-giai-ngan-102261031132627603.htm). - Vietnam Government Legal Documents Portal (November 26, 2019): [Law on Securities No. 54/2019/QH14](https://vanban.chinhphu.vn/?docid=198541&pageid=27160). - Vietnam Securities Depository and Clearing Corporation (April 29, 2025): [Clearing and settlement operations regulation at VSDC](https://vsdc.vn/sd/XAz40d2Q-9j569TvBgLQaQ). ## Frequently asked questions ### Why did the VN-Index decline despite a 35.8% earnings surge in Q3/2026? Profit growth was concentrated in cyclical real estate and basic resources, while the banking heavyweights cooled to 14.1% and foreign investors net sold 2,692 billion VND. ### Which sectors led earnings growth during Q3/2026 in Vietnam? Real estate led all sectors with a 237.3% year-over-year surge, followed by basic resources at 157.4% and consumer retail at 89.6%. ### How does the T+2 settlement cycle work at VSDC? Under VSDC regulations, equity trades settle on a multilateral netting basis on T+2 under the delivery versus payment principle to ensure fund protection. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._