--- title: "VNSteel Q3 2026 Financial Results: Earnings and Debt" description: VNSteel Q3 2026 financial report shows pre-tax profit of VND 1,213 billion supported by divestment gains, higher steel sales volume, and shifting debt metrics. url: https://ginity.vn/en/blog/vnsteel-q3-2026-earnings-turnaround-and-capital-structure canonical: https://ginity.vn/en/blog/vnsteel-q3-2026-earnings-turnaround-and-capital-structure markdown: https://ginity.vn/en/blog/vnsteel-q3-2026-earnings-turnaround-and-capital-structure.md language: en datePublished: 2026-11-02T00:00:00+07:00 dateModified: 2026-11-02T00:00:00+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: - TVN sources: - name: Vietnam Steel Corporation url: https://www.vnsteel.vn/Uploads/PublicOther/2026/10/29/20/vi-bctc-hopnhat-q3-2026-signed.pdf title: Consolidated Financial Statements Q3 2026 - name: Vietnam Steel Corporation url: https://www.vnsteel.vn/tin-hoat-dong-sxkd/ban-tin-vnsteel-news-67-7673.html title: VNSTEEL News Bulletin 67 - name: Vietnam Steel Corporation url: https://www.vnsteel.vn/Uploads/PublicOther/2026/10/29/20/1104-signed.pdf title: Explanations Relating To Financial Statements Q3 2026 (Document 1104) - name: CafeF url: https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn title: Financial Statements Update Q3 2026 November 2 - name: National Statistics Office url: https://www.nso.gov.vn/tin-tuc-thong-ke/2026/10/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/ title: Socio-Economic Situation Report Q3 and 9 Months of 2026 - name: VGP News url: https://baochinhphu.vn/san-xuat-cong-nghiep-9-thang-tang-truong-cao-nhat-ke-tu-nam-2019-102261003095750264.htm title: Industrial Production in 9 Months Posts Highest Growth Since 2019 - name: VGP News url: https://baochinhphu.vn/nganh-xay-dung-kien-dinh-muc-tieu-tang-truong-hai-con-so-ca-nam-2026-102261014200703066.htm title: Construction Sector Targets Double-Digit Growth for Full Year 2026 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 --- # VNSteel Q3 2026 Financial Results: Earnings and Debt > VNSteel Q3 2026 financial report shows pre-tax profit of VND 1,213 billion supported by divestment gains, higher steel sales volume, and shifting debt metrics. Gini · Companies & sectors · 2026-11-02 · https://ginity.vn/en/blog/vnsteel-q3-2026-earnings-turnaround-and-capital-structure _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Vietnam Steel Corporation recorded pre-tax profit of VND 1,213 billion in Q3 2026, up 646% compared to the third quarter of 2025. - Note 30 and explanation document 1104 show that VND 1,048.68 billion was generated from the full divestment of associate VTM. - Finished steel delivery volume expanded 28.6% in Q3 2026, while gross margin tightened slightly from 4.38% to 3.84% due to higher input costs. - Total financial debt stood at VND 10,676.8 billion as of September 30, 2026, with cash and bank deposits rising 22.7% to VND 4,630.1 billion. The release of corporate earnings for the third quarter of 2026 has provided valuable insights into operational resilience across basic materials producers in Vietnam. Among industrial metals companies, Vietnam Steel Corporation (VNSteel - ticker TVN on the UPCoM exchange) captured market headlines with an exceptional jump in quarterly profitability. However, a careful examination of corporate accounts through [reading the balance sheet](/en/blog/reading-balance-sheet-vietnam) and the income statement demonstrates a clear divergence between one-off investment divestment proceeds and routine manufacturing margins. This article reviews the consolidated Q3 2026 performance of VNSteel, dissecting operating revenue streams, underlying volume shifts, and financial debt metrics as of September 30, 2026. ## Breaking Down Pre-Tax Profit of VND 1,213 Billion According to market aggregation data published by [CafeF](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) on November 02, 2026, Vietnam Steel Corporation posted pre-tax profit of VND 1,213 billion in Q3 2026, representing an increase of 646% compared to the third quarter of 2025. Across the first nine months of 2026, cumulative pre-tax profit reached VND 1,931 billion, up 233% year-on-year. However, primary filings indicate that this earnings surge did not originate predominantly from routine commercial steel distribution. The consolidated financial statements for Q3 2026 published by the enterprise on October 29, 2026 disclose that financial income expanded by 841.0% in Q3 2026 to VND 1,164.6 billion, up from VND 123.8 billion in Q3 2025. According to Note 30 of the consolidated financial report and explanation document 1104 published on October 29, 2026, corporate management completed the divestment of its entire equity interest in Viet-Trung Mining and Metallurgy Co., Ltd (VTM). This transaction generated an investment disposal gain of VND 1,048.68 billion in Q3 2026, whereas this category stood at zero VND in the same quarter of 2025. Corporate management highlighted this transaction as the principal driver of the quarterly pre-tax earnings spike. According to consolidated accounting statements published on October 29, 2026, core manufacturing performance exhibited steady top-line expansion in Q3 2026, with net revenue advancing 49.4% to VND 14,362.3 billion and gross profit increasing 31.0% to VND 551.9 billion. Nonetheless, operating overheads remained elevated in Q3 2026, including financial charges of VND 179.2 billion (up 55.3%), selling expenses of VND 180.2 billion (up 40.1%), and general administrative costs of VND 236.2 billion (up 5.1%), bringing combined expenses to VND 595.5 billion. Without the divestment proceeds, core steel production alone faced ongoing operational cost friction. The table below outlines key consolidated performance metrics for VNSteel across Q3 2026 and the first nine months of 2026: | Consolidated Financial Metric | Q3 2026 (VND billion) | Q3 2025 (VND billion) | Q3 YoY Growth (%) | 9M 2026 (VND billion) | 9M 2025 (VND billion) | 9M YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Revenue | 14,362.3 | 9,611.7 | +49.4% | 40,532.2 | 31,466.2 | +28.8% | | Cost of Goods Sold | 13,810.4 | 9,190.2 | +50.3% | 38,593.6 | 30,122.9 | +28.1% | | Gross Profit | 551.9 | 421.5 | +31.0% | 1,938.7 | 1,343.3 | +44.3% | | Financial Income | 1,164.6 | 123.8 | +841.0% | 1,374.4 | 452.7 | +203.6% | | Financial Expenses | 179.2 | 115.4 | +55.3% | 454.8 | 301.8 | +50.7% | | Selling and Administrative Expenses | 416.3 | 353.5 | +17.8% | 1,254.7 | 1,054.6 | +19.0% | | Share of Associates Profit | 78.4 | 66.0 | +18.9% | 290.6 | 36.0 | +708.2% | | Pre-Tax Profit | 1,213.0 | 162.5 | +646.3% | 1,930.7 | 579.0 | +233.5% | | Net Profit After Tax | 1,162.9 | 152.3 | +663.7% | 1,814.7 | 525.9 | +245.1% | | Parent Company Net Profit | 1,145.4 | 147.0 | +679.3% | 1,741.5 | 503.0 | +246.2% | Source: Compiled from consolidated financial statements published by Vietnam Steel Corporation on October 29, 2026. ## Steel Sales Rebound and Margin Compression Top-line revenue expansion during the quarter was reinforced by steady volume deliveries across industrial production mills. According to operational metrics published in [VNSTEEL News Bulletin 67](https://www.vnsteel.vn/tin-hoat-dong-sxkd/ban-tin-vnsteel-news-67-7673.html) on October 20, 2026, total finished steel consumption across the system rose 28.6% in Q3 2026 compared to the third quarter of 2025. Long steel products advanced 28.1% while cold-rolled coil products expanded 42.3%. According to corporate reports published for the 9-month period, finished steel volume expanded 14.6% in 9M 2026, driven by long steel expanding 19.5%, cold-rolled products gaining 17.4%, and commercial metallic trading subsidiaries rising 34.3%. Galvanized sheet sales experienced intense export headwinds but showed quarterly stabilization. > Chart: VNSteel finished steel sales volume growth in Q3 2026. %. Finished steel: 28.6; Long products: 28.1; Cold-rolled: 42.3. Domestic civil infrastructure spending served as a primary demand driver for physical steel. According to reporting from [VGP News](https://baochinhphu.vn/nganh-xay-dung-kien-dinh-muc-tieu-tang-truong-hai-con-so-ca-nam-2026-102261014200703066.htm) on October 14, 2026, value-added output in the domestic construction industry increased 10.31% year-on-year across the first nine months of 2026. Official statistics published by the [National Statistics Office](https://www.nso.gov.vn/tin-tuc-thong-ke/2026/10/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) on October 03, 2026 showed that GDP expanded 9.95% in Q3 2026 and 9.01% in 9M 2026, with construction activity gaining 12.22%. According to financial statements published on October 29, 2026, despite favorable volumes, consolidated [profit margins](/en/blog/margins-cost-structure) contracted moderately in Q3 2026. Cost of goods sold rose 50.3% to VND 13,810.4 billion in Q3 2026, running ahead of net revenue growth of 49.4% due to rising procurement prices for billet and metal scrap. Consequently, consolidated gross margin narrowed from 4.38% in Q3 2025 to 3.84% in Q3 2026. According to economic indicators published by [VGP News](https://baochinhphu.vn/san-xuat-cong-nghiep-9-thang-tang-truong-cao-nhat-ke-tu-nam-2019-102261003095750264.htm) on October 03, 2026, Vietnam industrial production index rose 14.8% in Q3 2026 and 12.3% in 9M 2026. Nevertheless, ongoing competition from imported semi-finished steel required domestic rolling mills to exercise disciplined inventory management. ## Capital Structure and Balance Sheet Debt Beyond operating income, balance sheet trends as of September 30, 2026 provide crucial indicators regarding long-term solvency. According to consolidated accounts published on October 29, 2026, total assets reached VND 30,655.8 billion as of September 30, 2026, representing an expansion of 9.19% compared to VND 28,075.7 billion at the beginning of 2026. According to the balance sheet published for the third quarter, current assets stood at VND 17,331.0 billion as of September 30, 2026, accounting for 56.53% of total assets. Liquid assets comprising cash and short-term term deposits totaled VND 4,630.1 billion as of September 30, 2026 (composed of VND 1,583.9 billion in cash equivalents and VND 3,046.1 billion in term deposits), up 22.7% from VND 3,772.1 billion at the start of 2026. Inventories totaled VND 6,741.9 billion as of September 30, 2026, reflecting a 5.05% increase compared to January 2026. According to official accounting statements published for the period, non-current assets stood at VND 13,324.8 billion as of September 30, 2026. Long-term construction in progress accounted for VND 6,764.6 billion, tied predominantly to the long-standing expansion project at Thai Nguyen Iron and Steel Plant (TISCO 2). According to consolidated balance sheet figures published for the third quarter, total liabilities amounted to VND 18,750.7 billion as of September 30, 2026, marking a 5.65% increase from January 2026. Outstanding financial debt stood at VND 10,676.8 billion as of September 30, 2026, comprising short-term bank borrowings of VND 8,901.8 billion to finance working capital and long-term loans of VND 1,775.0 billion. According to financial statements published on October 29, 2026, cumulative net profit after tax of VND 1,814.7 billion across the first nine months of 2026 bolstered total equity by 15.27% to VND 11,905.1 billion as of September 30, 2026. Retained earnings rose to VND 3,801.6 billion. As equity accumulated, the financial debt-to-equity ratio improved from 0.98 at the start of 2026 to 0.90 as of September 30, 2026. ## Gross Margin and Liquidity Ratio Formulas To evaluate manufacturing efficiency and short-term debt servicing capability across reporting cycles, analysts employ two standard quantitative formulas. The first formula calculates gross profit margin, measuring the percentage of revenue preserved after covering direct manufacturing inputs: $$\text{Gross Margin} = \frac{\text{Gross Profit}}{\text{Net Revenue}} \times 100\%$$ According to calculations using Q3 2026 consolidated figures published by VNSteel with gross profit of VND 551.9 billion and net revenue of VND 14,362.3 billion, this ratio is determined as follows: $$\text{Gross Margin in Q3 2026} = \frac{551.9}{14362.3} \times 100\% \approx 3.84\%$$ According to published Q3 2026 data, the gross margin of 3.84% was slightly below the 4.38% recorded in Q3 2025 due to input cost pressures. The second formula evaluates the current ratio, testing whether current assets are sufficient to cover short-term liabilities due within twelve months: $$\text{Current Ratio} = \frac{\text{Current Assets}}{\text{Current Liabilities}}$$ According to the balance sheet published as of September 30, 2026, VNSteel held current assets of VND 17,331.0 billion against current liabilities of VND 15,101.4 billion. The ratio is derived as follows: $$\text{Current Ratio as of September 30, 2026} = \frac{17331.0}{15101.4} \approx 1.15\text{ times}$$ According to calculations as of September 30, 2026, this metric of 1.15 times improved from 1.06 times at the beginning of 2026, reflecting enhanced liquidity buffers from bank deposits. ## Key Observations for the Coming Quarters From the perspective of fundamental financial analysis, three core developments warrant close attention in upcoming reporting intervals: First, according to published filings, earnings durability requires careful differentiation. The VND 1,048.68 billion divestment gain from VTM is a non-recurring financial event. In subsequent quarters, bottom-line earnings will rely squarely on operating spreads between finished commercial steel prices and raw billet costs. Second, according to published financial reports, interest expense management remains an essential factor. With total financial debt standing at VND 10,676.8 billion as of September 30, 2026 and quarterly financial costs reaching VND 179.2 billion in Q3 2026, any shift in benchmark lending rates directly affects corporate net margins. Third, according to published balance sheet disclosures, capital resolution for unfinished assets remains critical. Managing over VND 6,764.6 billion in construction in progress as of September 30, 2026 requires sustainable operational solutions to unlock stranded capital across system facilities. Corporate disclosures can be examined directly through the company [Explanations Relating To Financial Statements Q3 2026](https://www.vnsteel.vn/Uploads/PublicOther/2026/10/29/20/1104-signed.pdf) section dated October 29, 2026. Detailed filings are available via the signed [Consolidated Financial Statements Q3 2026](https://www.vnsteel.vn/Uploads/PublicOther/2026/10/29/20/vi-bctc-hopnhat-q3-2026-signed.pdf) published on October 29, 2026. ## Sources - Vietnam Steel Corporation: [Consolidated Financial Statements Q3 2026](https://www.vnsteel.vn/Uploads/PublicOther/2026/10/29/20/vi-bctc-hopnhat-q3-2026-signed.pdf) (29/10/2026) - Vietnam Steel Corporation: [VNSTEEL News Bulletin 67](https://www.vnsteel.vn/tin-hoat-dong-sxkd/ban-tin-vnsteel-news-67-7673.html) (20/10/2026) - Vietnam Steel Corporation: [Explanations Relating To Financial Statements Q3 2026 (Document 1104)](https://www.vnsteel.vn/Uploads/PublicOther/2026/10/29/20/1104-signed.pdf) (29/10/2026) - CafeF: [Financial Statements Update Q3 2026 November 2: Steel Enterprises Post Strong Profit Gains](https://cafef.vn/cap-nhat-bctc-quy-3-2026-ngay-02-11-doanh-nghiep-thep-lai-tang-gan-650-len-hon-1200-ty-dong-hng-ldg-bao-lo-188261102002042647.chn) (02/11/2026) - National Statistics Office: [Socio-Economic Situation Report Q3 and 9 Months of 2026](https://www.nso.gov.vn/tin-tuc-thong-ke/2026/10/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iii-va-9-thang-nam-2026/) (03/10/2026) - VGP News: [Industrial Production in 9 Months Posts Highest Growth Since 2019](https://baochinhphu.vn/san-xuat-cong-nghiep-9-thang-tang-truong-cao-nhat-ke-tu-nam-2019-102261003095750264.htm) (03/10/2026) - VGP News: [Construction Sector Targets Double-Digit Growth for Full Year 2026](https://baochinhphu.vn/nganh-xay-dung-kien-dinh-muc-tieu-tang-truong-hai-con-so-ca-nam-2026-102261014200703066.htm) (14/10/2026) ## Frequently asked questions ### What drove the sharp pre-tax profit increase for VNSteel in Q3 2026? According to the consolidated financial statements for Q3 2026, the primary catalyst was financial income of VND 1,048.68 billion booked from the complete divestment of Viet-Trung Mining and Metallurgy Co., Ltd (VTM). ### How did VNSteel steel sales volumes perform during Q3 2026? According to VNSTEEL News Bulletin 67, finished steel deliveries across the system rose 28.6% year-on-year in Q3 2026, with long steel products rising 28.1% and cold-rolled steel rising 42.3% on domestic construction demand. ### Why did VNSteel consolidated gross margin narrow in Q3 2026? Consolidated gross margin was 3.84% in Q3 2026 compared to 4.38% in Q3 2025 because cost of goods sold rose 50.3%, outpacing net revenue growth of 49.4% amid higher billet raw material costs. ### What is VNSteel debt structure and liquidity position as of September 30, 2026? As of September 30, 2026, total financial borrowings stood at VND 10,676.8 billion against equity of VND 11,905.1 billion (a debt-to-equity ratio of 0.90). Liquid reserves reached VND 4,630.1 billion, yielding a current ratio of 1.15. --- _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._