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Net profit after tax of 238 listed banks and firms continues to grow strongly vs the same period last year, rising 43% year-on-year, with notable contributions from certain non-financial sectors benefiting from commodity prices and the upcycle, such as Steel (+169.6%), Retail (+74.9%), Personal Goods (+110.4%), Fertilizers (+48.5%), and Oilfield Services (+78.5%). The common characteristic of the Consumer Goods group (Retail, Personal Goods) is that profit margin improvement, rather than revenue growth, drove the earnings growth, as seen in MWG and PNJ. Meanwhile, for the steel sector, the strong growth was largely led by HPG, where proceeds from transferring the Hung Yen urban area project contributed about 42% of Q1's total profit, creating a growth spike. By contrast, the Financial group posted modest growth in Q1 2026. Specifically, net profit after tax of 6/27 banks representing 30.1% of sector capitalization rose +22.7% YoY but declined -15.7% from Q4 2025, reflecting pressure from narrowing NIM (VPB, TCB) and slower credit growth, while lacking outsized non-interest income to compensate (LPB). For Securities, net profit after tax of 37/41 listed securities companies representing 87% of sector capitalization rose +14.4% YoY but cooled significantly from the two prior quarters and fell -27.9% QoQ. This trend reflects market liquidity not yet fully recovered, with average trading value on HOSE around 28.4 trillion VND per session, the same as Q4 2025 but down about 31% from the peak in Q3 2025. VN-Index is expected to approach the nearest peak around 1,920 points.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
