The Government: Forecasts a very strong, sustainable GDP growth rate in 2026
Viet Nam sets several 2026 objectives including (1) GDP growth rate of 10%; (2) Headline CPI of 104.5 or 4.5% inflation rate; (3) GDP per capita of USD5,400 – 5,500; (4) average labour productivity growth of 8%; and (5) Multidimensional poverty index decrease of 1 – 1.5%.
Preliminary Q3 results (dated 21st October 2025):
52 out of 148 listed companies, which already announced Q3 financials, outperformed their annual profit targets in 9 months.
- FPT Corporation (FPT VN): 9M revenue was VND49.9 trillion (about USD1.9 billion, up +10% YoY) while net income was estimated at VND6.9 trillion (about USD261 million, up +19% YoY). FPT VN closed at VND93,000 per share, thus 15.8x P/E and 3.9x P/B.
- EVN Finance (EVF VN): 9M EBT was VND904.5 billion (about USD34.4 million, up +68% YoY, equivalent to 94% of target profit), thanks to its effective corporate restructuring plan with cost reduction, digitalization, and efficiency improvements. EVF VN closed at VND12,700 per share, thus 9.3x P/E and 1.0x P/B.
- Safoco (SAF VN): 9M revenue was VND543.7 billion (about USD20.7 million, up +0.1% YoY) and 9M net income was VND37.5 billion (about USD1.4 million, up +2.7% YoY). SAF VN closed at VND54,000 per share, thus 4.0x P/E and 4.1x P/B.
- Kienlongbank (KLB VN): Q3 EBT clocked at VND616 billion (about USD23.4 million, up +194% YoY), resulting 9M EBT of VND1.54 trillion (about USD58.4 million, equivalent to 112% of target profit). KLB VN closed at VND16,700 per share, thus 5x P/E and 1.3x P/B.
- Noibai Cargo (NCT VN): 9M EBT increased by 39% YoY, clocked at VND324 billion (about USD12.3 million), thanks to bullish Q3 EBT of VND136 billion (about USD5.2 million, up +51% YoY). NCT VN closed at VND107,600 per share, thus 9.3x P/E and 4.1x P/B.
- Agribank Insurance (ABI VN): 9M EBT was VND251 billion (about USD9.5 million, up +54% YoY), mostly due to unusually high claim value in Q3 2024 following the damages caused by the Yagi typhoon, same as other P&C Insurers. ABI VN was last traded at VND19,400 per share, thus 6.2x P/E and 0.8x P/B.
- Saigon Hanoi Bank (SHB VN): 9M EBT was VND12.3 trillion (~USD468 million, up +36% YoY), equivalent to 85% of 2025 projected earnings. Credit growth rate was 15% 9M YTD, NPL ratio was kept sub-2%. SHB VN closed at VND17,000/s, thus 5.8x P/E and 1.0x P/B.
Vietjet (VJC VN) - Successfully concluded operations of the COMAC C909
After concluding multiple successful flights to Con Dao Airport, Vietjet has concluded its operations of the Chinese made COMAC C909 after a 6 month wet-lease agreement which started in April, 2026. VJC closed VND180,000 per share, thus a P/E of 50x and a P/B of 3.9x.
