Vietnam firms with sharp gains on one-off income

A number of Vietnamese listed companies reported sharp jumps in profits in Q4 and full year of 2025, driven largely by one-off income such as divestments, reversals of provisions, and gains from joint ventures and associates, rather than core operations.

Financial disclosures compiled by The Investor showed about 26% of listed firms met or exceeded their profit targets for 2025, with some surpassing targets by wide margins.

Divestments and provision reversals

Among the standouts was real estate developer Fideco (HoSE: FDC), which exceeded its full-year profit target by more than fivefold.

The Ho Chi Minh City-based company reported a Q4 net profit of VND182.6 billion ($7.03 million), compared with just VND3.8 billion a year earlier, largely due to a VND180 billion reversal of provisions tied to receivables from a prior divestment.

For 2025, Fideco posted net profit of VND214.2 billion ($8.25 million), up from about VND5 billion in 2024. Revenue hit VND73.29 billion, up 153.2%.

Property developer Phat Dat Real Estate Development (PDR) also booked strong gains from financial activities.

Despite a 44.4% drop in Q4 net revenue year-on-year to VND360.6 billion ($13.89 million), the HCMC-based Phat Dat reported a 109-fold surge in financial income following the sale of its entire stake in a subsidiary, lifting quarterly pre-tax profit to VND368.6 billion from VND19.5 billion a year earlier.

Net profit after tax reached VND313.3 billion ($12.06 million) in Q4, compared to just over VND1.6 billion in the same period last year.

Full-year net profit rose more than threefold to VND514.7 billion ($19.82 million). Net revenue of VND1,325 billion, an increase of 61.3% compared to 2024.

Associates and asset sales

Port operator Saigon Port (UPCoM: SGP) benefited from income from joint ventures and associates, which contributed more than VND251.3 billion ($9.68 million) in 2025, helping lift parent-company net profit to VND363 billion, more than double the previous year.

In 2025, the company reported revenue of VND1,226 billion ($47.21 million), an increase of 10.9% compared to the previous year.

Retail property operator Vincom Retail posted a record net profit of VND6.45 trillion ($248.2 million) in 2025, up 57% year on year, aided by a VND1.89 trillion ($72.78 million) gain from the transfer of shopping mall Vincom Center Nguyen Chi Thanh and interest from deposits.

Profits from financing activities, asset liquidation, restructuring

Agribusiness group Hoang Anh Gia Lai (HAGL) reported a Q4 net profit of VND876 billion ($33.73 million) after booking a large reduction in financial expenses linked to debt restructuring, offsetting losses from asset disposals. For the full year, HAGL’s net profit more than doubled to about VND2.1 trillion ($80.86 million).

Property developer Quoc Cuong Gia Lai (QCG) swung to strong quarterly profits despite weak revenue, buoyed by nearly VND194 billion in gains from investment disposals. Full-year net profit rose to VND171 billion ($6.58 million), more than twice the 2024 level.

Meanwhile, Novaland (NVL) surprised markets with a Q4 net profit of VND3.64 trillion ($140.1 million), enabling it to return to profitability for the full year. The turnaround was largely due to reversals and adjustments of land-use fee provisions related to the Lakeview City project after regulatory issues were resolved.

Analysts cautioned that while such one-off gains have improved headline earnings, they may not reflect underlying operating performance, underscoring the importance of sustainable cash flow and core business recovery in 2026.