Vietnamese listed firms see 22.3% surge in 2024 net profit
The after-tax profit of firms listed on the Vietnamese market rose by an average 22.3% in 2024 compared to the previous year, with the non-financial sector leading the pack, up 28.7%, according to FiinTrade, a Hanoi-based financial information platform.
A corner of a trading center in Ho Chi Minh City, southern Vietnam. Photo courtesy of Dong Nai Labor.
The recovery of the economy provided favorable conditions for several non-financial industries, particularly retail (up 479.3%), tourism & entertainment (319.6%), and telecommunications (144.1%), it said.
Meanwhile, the financial sector experienced a more modest growth of 17.5% last year.
In Q4/2024, the listed firms' after-tax profit grew by 20.9% year-on-year, maintaining a steady growth rate for the fourth consecutive quarter.
The non-financial sector continued to lead but showed signs of slower growth, with a 25.7% increase in the quarter compared to a 29% rise in Q3.
In contrast, the financial sector regained momentum, growing by 16.7% year-on-year, up from 14.9% in Q3, thanks to strong performances from banking and insurance.
Several sectors experienced significant growth in Q4, including real estate, retail, aviation, personal goods, telecommunications, IT, and rubber. However, industries such as securities, oil and gas, utilities, dairy, plastics, chemicals, and coal faced continued challenges.
In the real estate sector, the companies' after-tax profit surged by 101.3%, primarily driven by VHM of Vinhomes, which saw an extraordinary increase of over 1,482% due to strong deliveries at the Royal Island mega project in Hai Phong.
Other companies, such as Khang Dien House (KDH), Phat Dat Real Estate Development Corp. (PDR), Dat Xanh Group (DXG), Nam Long Group (NLG), and Van Phu Invest (VPI), also contributed to the growth.
However, because revenue in real estate is recorded only upon project handovers, the growth tally did not fully reflect the industry's overall recovery.
By the end of 2024, the "customer deposits" balance - considered a future revenue source for real estate companies - fell by 8.2% compared to September 30, 2024, following rises of 1.8% in Q3 and 5.7% in Q2.
"These figures suggest a slowdown in sales and cash collection, reflecting weak market demand, unsteady investor confidence, and ongoing liquidity pressures," FiinTrade noted.
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