In the third quarter of last year, Vingroup (ticker VIC) booked more than VND 30,000 billion from divestments and still reported only a modest profit. This year's third quarter has no such gain, yet consolidated pre-tax profit came in at VND 29,936 billion, 7.4 times the same period a year earlier. It is the first time the group has earned more than USD 1 billion before tax in a single quarter.VnExpress
On 30 October 2026, Vingroup released its consolidated Q3 financial statements under Vietnamese accounting standards.CafeF Every figure below is a consolidated, group-wide number, including Vinhomes, VinFast, Vinpearl and other subsidiaries. For anyone holding VIC, the question is where this profit comes from, how much of it can repeat, and which segment is dragging it down.
Nine-month profit already exceeds the full-year plan
Start with the numbers. Over nine months, Vingroup's consolidated net revenue reached VND 372.5 trillion, 2.2 times the same period last year.CafeF Consolidated net profit was VND 43,665 billion, up 477%, or almost six times last year's level. The 2026 full-year net profit plan is VND 35,000 billion,Người Đưa Tin so after three quarters the group has delivered 125% of the plan.CafeF
For Q3 alone, net revenue was VND 150,579 billion, up 285%, and net profit was VND 22,760 billion, up 652%. For VIC shareholders, the most telling line is profit attributable to the parent's shareholders: VND 22,354 billion in Q3/2026 against VND 640 billion in Q3/2025.Người Đưa Tin Last year most of the Q3 profit belonged to minority shareholders in subsidiaries. This year almost all of it reaches Vingroup's own shareholders.
Real estate generates most of the gross profit
Gross profit is revenue minus cost of goods sold, before selling, administrative and interest expenses. In Q3/2026, Vingroup's consolidated gross profit was VND 49,447 billion, versus a gross loss of VND 5,506 billion a year earlier.Người Đưa Tin In other words, last year's third-quarter cost of sales was higher than total revenue.
Real estate brought in VND 98,488 billion of revenue, about 65% of the consolidated total and nearly 13 times the prior-year figure. Its gross profit was VND 61,439 billion, a gross margin of 62.4%.Người Đưa Tin That is larger than the whole group's gross profit for the quarter, which means the other segments combined are pulling gross profit down rather than adding to it.
Real estate revenue rose on large handovers at Vinhomes projects such as Vinhomes Sai Gon Park and Vinhomes Global Gate Ha Long.VnExpress Under Vietnamese accounting standards, home sales are recognised only once the unit is handed over. Profit in this segment therefore follows the handover schedule of each project, not the contracts signed in the quarter.
On the sales side, Vinhomes posted nine-month sales of nearly VND 219.6 trillion, up 35%, according to Vingroup's release.CafeF Sales are the value of signed contracts, which become revenue as homes are delivered. Brokerage VNDirect expects real estate to keep contributing at least 50% of Vingroup's revenue and profit over the next five years.VnExpress
The service segments are much smaller. Hotels and entertainment generated VND 3,566 billion of revenue and VND 1,087 billion of gross profit in Q3. Healthcare generated VND 1,764 billion of revenue and VND 386 billion of gross profit.Người Đưa Tin
Manufacturing: revenue doubled, loss ratio narrowed
Manufacturing, mainly VinFast cars and electric motorbikes, posted Q3 revenue of VND 36,705 billion, up 107% from Q3/2025.VnExpress Deliveries also rose sharply: VinFast handed over 211,242 electric cars worldwide in nine months, up 91%, per the group's release.CafeF
Even so, the segment's cost of sales still exceeds its revenue. In Q3 it recorded a gross loss of VND 14,434 billion, a gross margin of negative 39.3%.Người Đưa Tin For every VND 100 of revenue, the segment spends about VND 139 on cost of sales.
There are two ways to read this, and both hold. In ratio terms the picture has improved clearly: the gross margin a year ago was negative 70.3% and is now negative 39.3%. In absolute terms the loss has not shrunk. Working back from the 107% revenue increase and the negative 70.3% margin, the Q3/2025 gross loss comes to roughly VND 12,500 billion (an Investify estimate from those two ratios). Revenue doubled and the loss ratio nearly halved, yet the gross loss is still about VND 2,000 billion larger than a year ago.
Manufacturing is moving the right way on the ratio, but has not yet reached the point where selling more cars reduces the amount lost. To get there, the negative margin has to narrow faster than revenue grows.
Last year's one-off gain did not repeat
In Q3/2026, Vingroup's financial revenue was just over VND 5,900 billion, down 82% year on year, because it no longer includes the divestment gain of more than VND 30,000 billion booked in Q3/2025.VnExpress
Put the two quarters side by side and the mechanism is clear. Last year the group recorded a gross loss of VND 5,506 billion from selling goods and services. The divestment income covered it, and after costs and tax net profit was about VND 3,000 billion (inferred from the 652% rise to this quarter's VND 22,760 billion). This year the financial income shrank by more than four-fifths, while gross profit swung from negative VND 5,506 billion to positive VND 49,447 billion.
So this year's profit comes from operations, not from selling assets. Those operations are mostly home handovers, a source of profit that moves with the project calendar. The group's release attributes the revenue growth to electric vehicles and real estate.CafeF
Big profit, big borrowings
At 30 September 2026, Vingroup's total assets were VND 1.6 quadrillion, up 44.8% from the start of the year.CafeF Total loans and bonds outstanding were VND 389,900 billion, up 15% from the start of the year. Of that, short-term borrowings were VND 136,405 billion, and bonds made up about 43% of total debt.Người Đưa Tin
Equity stood at VND 236,319 billion,VnExpress so borrowings are about 1.65 times equity. On the liquid side, cash, cash equivalents and short-term financial investments came to VND 106.8 trillion, about 78% of short-term borrowings.CafeF
According to Vingroup's release, over the past 12 months the group raised more than USD 2.3 billion through international bonds, preferred shares and syndicated loans from international investors and financial institutions. The most recent deal is a KRW 230 billion bond, roughly VND 4,500 billion, with a three-year tenor and a fixed 8% annual coupon, announced on 24 October 2026 and secured by Vinhomes and/or Vinpearl shares.CafeF
The way Vingroup funds its projects is fairly clear: real estate profit, plus borrowings and capital raised abroad, while manufacturing still needs more capital to scale. This year's profit thickens the equity base, but has not yet brought the debt balance down.
What to watch in the Q4 report
The thesis of this piece: Vingroup's nine-month 2026 profit is genuine operating profit, not asset-sale profit as it was a year ago. Most of it comes from Vinhomes handovers, while manufacturing has cut its loss ratio but does not yet earn a gross profit on its own.
The Q4 report and full-year results will show how long this level of profit can last, through two lines in the segment gross profit. The first is real estate gross profit: if it holds around the VND 61,439 billion of Q3, handovers are running steadily; if it drops sharply, Q3 was a bunched-up handover quarter. The second is manufacturing's absolute gross loss: if it falls below VND 14,434 billion while revenue keeps growing, the segment has passed the point where selling more cars reduces the amount lost; if it keeps rising with revenue, the shortfall will continue to rely on real estate profit and borrowings to cover it.
Alongside that, short-term borrowings of VND 136,405 billion set against VND 106.8 trillion in cash is the pair of numbers to re-read with each report.