Vietnam SOEs & Banks Report Record 2025 Profits – Exceeding Targets

Vietnamese state-owned enterprises (SOEs) are reporting unexpectedly strong financial results for 2025, significantly exceeding projected targets. Across multiple sectors, from banking to energy and manufacturing, companies are demonstrating substantial growth and profitability, signaling a robust performance for the nation’s state-controlled economic engine.

Strong Performance Across Sectors

The State Capital Investment Corporation (SCIC) recently announced its 2025 results, reporting a total revenue of 13.408 trillion VND – a 30% increase compared to 2024 and 12% above its annual plan. Net profit after tax reached 11.197 trillion VND, representing 128% of the planned target. This positive trend extends beyond the SCIC.

Vietnam Airlines Corporation (HVN) estimates its consolidated revenue exceeded 123 trillion VND, a roughly 10% increase year-over-year. Pre-tax profit surpassed 8.45 trillion VND, exceeding the plan by 52%. The banking sector also experienced record gains, with Vietcombank reporting a pre-tax profit of over 45 trillion VND, a new high. VietinBank achieved a pre-tax profit exceeding 41 trillion VND, a 37% increase from 2024, and BIDV reported a consolidated pre-tax profit of over 36 trillion VND.

Did You Know? The Vietnam Rubber Group recorded a record profit of over 6.500 billion VND in 2025.

Energy Sector Leads Gains

The Vietnam Gas Corporation (PV GAS, GAS) achieved a profit of 14.500 trillion VND, surpassing its plan by 118%. The Binh Son Refinery and Petrochemical Company (BSR) reported a pre-tax profit of 4.700 billion VND – more than six times its 2024 earnings, although still below its peak performance in 2022. PetroVietnam projected a pre-tax profit exceeding 2.500 billion VND, an increase of over 80% year-over-year.

Other companies, including the Vietnam Textile and Garment Group (Vinatex) and the Vietnam Railway Corporation, also reported billion-VND profits and double-digit growth. These results are seen as evidence supporting Resolution No. 79-NQ/TW, which emphasizes the role of SOEs in Vietnam’s economic development.

Expert Insight: The widespread success of Vietnamese SOEs suggests a strengthening domestic economy and effective implementation of strategic economic policies. The scale of these gains indicates a potential shift in the relative importance of state-owned versus private sector contributions to national growth.

Future Ambitions

Resolution 79 outlines ambitious goals for Vietnamese SOEs, aiming for 50 companies to rank among the 500 largest in Southeast Asia by 2030, with one to three entering the global top 500. The long-term vision for 2045 includes five Vietnamese SOEs in the global top 500 and approximately 60 within the regional top 500.

Within the financial sector, the resolution targets having at least three state-owned commercial banks ranked among the top 100 in Asia by asset size by 2030. Development will focus on four leading state-owned commercial banks, emphasizing technology and governance to enhance market share and regulatory capacity.

Frequently Asked Questions

What sectors saw the most significant growth?

The banking, energy, and rubber sectors reported particularly strong gains, with several companies achieving record profits and exceeding their annual plans by substantial margins.

What is Resolution No. 79-NQ/TW?

Resolution No. 79-NQ/TW is a policy framework outlining the strategic goals for Vietnamese state-owned enterprises, including targets for regional and global rankings.

What are the long-term goals for Vietnamese SOEs?

By 2045, the vision is for five Vietnamese SOEs to be among the 500 largest companies globally and around 60 to be among the largest in the region.

Given these impressive results and ambitious future goals, what impact might this performance have on Vietnam’s overall economic standing in the coming years?