Preliminary Q4 & FY2025 results (dated 19th January 2026):
- Binh Dien Fertilizer (BFC): The largest NPK fertilizer supplier reported total production volume of 791.6 thousand tons (up +8% YoY), resulting revenue of VND10.8 trillion (c. USD410 million, up +13% YoY) and pre-tax income of VND495 billion (c. USD11.4 million, down -7% YoY). The company sets 2026 objectives with production volume of 768.5 thousand tons (down -3% YoY), revenue of nearly VND11 trillion (c. USD418 million, up +2% YoY) and pre-tax income of VND300 billion (c. USD11.6 million, down -38% YoY). BFC closed at VND47,700 per share, thus 8.0x P/E and 2.0x P/B.
- Khang Dien House (KDH): The real estate developer estimated its 2025 net income at over VND1 trillion (c. USD38 million), completing the initial profit target. For 2026, the firm expects net income of VND1.5 – 2.5 trillion (c. USD57 – 95 million, up +50% to +150% YoY). KDH closed at VND29,300 per share, thus 34.4x P/E and 1.8x P/B.
- Binh Minh Plastics (BMP): 2025 revenue was VND5.51 trillion (c. USD209.5 million, up +19.4% YoY) and net income of VND1.23 trillion (c. USD46.7 million, up +24% YoY). BMP closed at VND169,800 per share, thus 11.3x P/E and 4.8x P/B.
- PV Power Nhon Trach 2 (NT2): 2025 revenue was VND7.8 trillion (c. USD297 million, up +31% YoY) and net income was VND1 trillion (c. USD38 million, up +1,106% YoY). NT2 closed at VND25,800 per share, thus 11.4x P/E and 1.6x P/B.
- Dong Nai Port (PDN): The port operator reported its 2025 revenue of VND1,576 billion (c. USD60 million, up +17.8% YoY) and net income of VND437 billion (c. USD16.6 million, up +25.7% YoY). PDN closed at VND112,400 per share, thus 14.9x P/E and 4.5x P/B.
VPBank (VPB): 2025 preliminary results and new major shareholder owning over 1%
UBS AG London is the newest investor of the bank, owning over 81.5 million VPB shares (c. 1.03% of current shares outstanding). Incorporated with SMBC (15%) and others, foreign investors have been collectively holding nearly 25% ownership – also the foreign ownership limit of VPB. In 2025, the bank recorded full year TOI of nearly VND75 trillion (c. USD2.85 billion, up +15% YoY), thanks to 35% credit growth rate, and EBT of VND30.6 trillion (c. USD1.16 billion, up +53% YoY).
NPL ratios were kept in check, at under 3% (consolidated) and under 2% (parent bank only). Key subsidiaries as VPBankS, FE Credit, OPES, and specially GPBank also played crucial roles, contributing VND4,476 billion (c. USD170.2 million, up +267% YoY), VND600 billion (c. USD22.8 million), VND638 billion (c. USD24.3 million), and VND500 billion (c. USD19 million) to the consolidated EBT respectively. VPB closed at VND29,650 per share on 19th January 2026, resulting 9.6x P/E and 1.5x P/B.
