Plastics major Binh Minh earns record profit in 2025 as revenue, margins expand
Binh Minh Plastics JSC (HoSE: BMP) posted its record profit in 2025, driven by robust revenue growth, resilient margins, and favorable industry conditions, according to the company’s latest financial disclosure.
Net revenue rose 19% from a year earlier to VND5.51 trillion ($209.67 million), while net profit climbed nearly 24% to about VND1.23 trillion ($46.77 million), marking the highest earnings in the Ho Chi Minh City-headquartered company’s history.
Both figures exceeded the year's targets, with revenue beating plan by around 3% and net profit surpassing the aim by more than 16%.
A Binh Minh Plastics plant in Tay Ninh province, southern Vietnam. Photo courtesy of the firm.
In the fourth quarter of 2025, its net revenue increased 22% year-on-year to VND1.29 trillion ($48.94 million), while net profit rose 13% to VND261 billion ($9.93 million).
The company also strengthened its balance sheet. As of end-2025, total assets stood at VND3.38 trillion ($128.6 million), up nearly 6% from the start of the year. Cash and cash equivalents amounted to almost VND297 billion ($11.3 million), while bank deposits reached VND1.76 trillion ($66.98 million).
Looking ahead, FPT Securities (FPTS) said Vietnam’s plastics industry is benefiting from favorable dynamics on both the cost and demand sides. Prices of plastic resins are expected to remain relatively low over the long term, helping manufacturers sustain gross margins.
At the same time, total industry output is forecast to maintain steady growth over 2025-2029, expanding the overall market toward the end of the period.
Within the sector, construction plastics are expected to be a key growth driver, supported by improving domestic demand and export prospects. FPTS forecasts plastic pipe volumes to grow at a strong pace in 2025-2026 before transitioning to a more stable expansion trajectory through 2026-2030.
Over the medium to long term, prospects for construction plastics remain closely linked to Vietnam’s construction industry, which is projected to post relatively strong average growth between 2024 and 2030, supported by favorable demographics and continued urbanization.
BMP shares closed at VND173,500 ($6.6) each on Friday.
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