According to FiinTrade, as of October 31, nearly 1,000 businesses representing 93 percent of the total capitalization value, have publicized their business results for the third quarter. With a slight increase of 0.3 percent in total profits, the declining trend in the previous three quarters has stopped.

The greatest contribution was made by financial institutions (banks, securities, insurers) with a growth rate of 2.1 percent. Meanwhile, non-financial companies still had to struggle with difficulties and saw profit decrease by 3.6 percent compared with the same period last year.

The number of companies making a profit of VND1 trillion or higher has decreased rapidly. Only 26 businesses could maintain strong operations in the third quarter. Of these, 15 businesses obtained profit growth, while the other 11 saw profits decrease.

Vinhomes continued to be No1 with post-tax profit of VND10.723 trillion, though the figure represented a 26 percent decrease in comparison with the same period last year. This was the third consecutive time the realtor topped the ranking.

The real estate firm had a satisfactory third quarter with a net revenue growth rate of 84 percent, reaching VND32.7 trillion. The revenue mostly came from the deliveries of thousands of apartments at Vinhomes Ocean Park 3.

Vincom Retail, another real estate firm of the ‘Vin family’, has also added its name to the list of companies with profits of trillions of VND. With unexpected prosperity, its post-tax profit in the third quarter soared by 66 percent.

The bankers

Vietcombank (VCB) was the runner-up in terms of the profit made in the third quarter and was the most profitable bank. The state-owned bank reported profit of VND7.275 trillion, up 20 percent over the same period last year, but it was the lowest profit level in the last four years. Its major driving force for growth mostly came from operation cost reduction and lower provisioning against risks.

Fourteen banks reported profit of over VND1 trillion. However, there was a big gap between big and small banks.

The group of banks with profit increases w Vietcombank, Military Bank, ACB, VietinBank, HDBank, Sacombank, MSB and OCB. BIDV (Bank for Investment and Development of Vietnam), Techcombank, VPBank, VIBBank, SHB and TPBank saw profit decreases.

Among non-financial businesses, Binh Son Oil Refinery became a well-known name when it had a growth rate of over 600 percent with profit hitting VND3.235 trillion, returning to the top 10 most profitable companies. The owner of the Dung Quat oil refinery saw revenue decrease, but it still made a profit thanks to low capital costs.

The other noteworthy comeback was Hoa Phat, the leading steel manufacturer. Though its revenue dropped by 16 percent compared with the same period last year, the low capital costs and operation cost cuts helped its profit bounce back to VND2 trillion.

In general, there were not big changes among the list of most profitable businesses. Vinhomes stands firmly at the first position with reported profit of VND32.36 trillion, while the second position still belongs to Vietcombank with VND23.694 trillion. The others were MBB, BIDV, Techcombank, ACB and VietinBank with profits between VND12 trillion and VND16 trillion.

Decision Lab, the exclusive partner of YouGov in Vietnam has released the ranking on the clients’ satisfaction level in 2023, which showed that Vietcombank is on No 1 position with 86.2 scores.

The ranking is based on YouGov BrandIndex, a brand health tracking tool that collects data daily from over 350 brands in Vietnam. This is the result of more than 40,000 consumer surveys over the last 2 years.

The last year’s highest satisfaction score was only 77.3, while the index reached 86.2 this year thanks to banks' efforts to improve the quality of their services and products. This means that 86.2 percent of Vietcombank customers are satisfied with the services and products provided by the bank.

Manh Ha