HCMC – Vietnam Dairy Products JSC (Vinamilk, HOSE: VNM) reported record consolidated revenue of VND63.7 trillion in 2025, driven mainly by strong export growth and a recovery in domestic sales.
Fourth-quarter consolidated revenue reached VND17 trillion, up 10.1% year-on-year and the highest quarterly level on record, according to the company.
International operations remained the main growth driver. Net overseas revenue rose 21% from a year earlier to nearly VND3.19 trillion in the fourth quarter. For the full year, international revenue totaled VND12.68 trillion, up 15.5%.
Exports led the expansion. Export revenue climbed 26% year-on-year in the fourth quarter to VND1.58 trillion, marking the tenth consecutive quarter of growth. Full-year export revenue reached VND7.1 trillion, up 25.4% from 2024.
Vinamilk said cumulative exports have reached 65 markets worldwide, generating about US$3.7 billion over the years. Export growth was supported by product innovation, technology investment and adjustments to market-specific product strategies.
Domestic net revenue rose 7.8% year-on-year in the fourth quarter to VND13.8 trillion. The local market accounted for 81.3% of net consolidated revenue in the quarter. Full-year domestic revenue reached VND50.964 trillion.
The consolidated gross margin in the fourth quarter improved by 30 basis points from a year earlier to 40.4%, supported by higher revenue scale and stable input costs. For 2025, the gross margin stood at 41.2%, down slightly from the previous year due to weaker performance in the first quarter.
Consolidated pre-tax profit in the fourth quarter reached VND3.48 trillion, up 31.5% year-on-year. Net profit rose 31.7% to VND2.83 trillion.
For the full year, consolidated pre-tax profit totaled VND11.65 trillion, showing slight growth from 2024. Net profit came in at VND9.4 trillion, down slightly year-on-year, with the decline narrowing after stronger results in later quarters.
Closing the trading session today, February 2, VNM inched up 2.83% to VND72,600, with a matching volume of over 10.8 million shares.
The VN-Index fell 1.23% on Monday, losing 22.54 points to close at 1,806.5, dragged down by sharp losses in large-cap property stocks, despite gains in oil and banking shares. Market breadth on the Hochiminh Stock Exchange was negative, with 210 stocks declining and 128 advancing. Trading volume rose to more than 973.9 million shares worth VND31.87 trillion, up 11.2% in volume and 12.66% in value from the previous session. Block deals accounted for 85.5 million shares valued at VND2.31 trillion.
The VN30-Index fell 25.5 points, with 18 bluechips down and 10 up. Property heavyweights VHM, VIC and VRE closed at floor prices. VPL avoided the floor but dropped 6.2%. Most other blue chips pared losses toward the end of the session.
Oil and gas stocks stood out. PLX reversed earlier declines to end up 3.4% at a session high of VND60,900, with more than 10 million shares traded. PVD hit the ceiling, trading over 21.4 million shares with strong buying interest remaining. BSR rose 6.7% on volume of more than 32.5 million shares. PVT gained 4.6% to VND21,700.
Several retail, insurance and textile stocks also advanced. DGW and PET rose, while BVH gained. GIL and MSH attracted heavy buying at ceiling prices. FRT climbed 3.3% and TCM added 4.1%.
Banking shares rebounded. BID rose more than 2%, while VCB and CTG inched up around 1.5%. MBB, STB and LPB edged higher. SHB was the most actively traded stock, with nearly 50 million shares changing hands, but closed down 1.6% at VND15,750.
Securities firms continued to retreat. VIX fell 3.1% on volume of 36.8 million shares. SSI slipped 1.1%, VCI lost 1.8%, and VND declined 2.2%, all on active trading.
Real estate stocks remained under pressure due to declines in Vingroup-related stocks. In contrast, industrial park developers moved higher, with GVR and BCM rising more than 4%, and IDC and SZC up over 1%.
On the Hanoi Stock Exchange, the HNX-Index rose 1.66% to 260.39, supported by a late-session rebound in HNX30 stocks, particularly oil-related shares. The exchange saw 72 gainers and 80 decliners, with trading volume of 93.7 million shares valued at VND2.19 trillion.
