VIMID (VVS) Maintains Growth Momentum in the Third Quarter of 2026, Exceeding Full-Year Business Targets in Just Nine Months
As reported by CafeF, following strong business performance in the first half of the year, Vietnam Machine Investment Development Joint Stock Company (VIMID – HOSE: VVS) recorded net revenue of VND 2,965.91 billion in the third quarter of 2026, with profit after tax increasing by more than 150% year-on-year. The company exceeded its full-year 2026 business targets within the first nine months. Building on this strong performance, VIMID continues to accelerate investment in long-term growth drivers and capitalize on emerging opportunities in Vietnam’s truck market.
3rd Quarter Profit More Than Doubles, Full-Year Targets Exceeded After Nine Months
According to the recently released third-quarter 2026 financial statements, VIMID recorded net revenue of VND 2,965.91 billion, up 33% year-on-year. Profit before tax reached VND 285.01 billion, an increase of 156.35%, while profit after tax amounted to VND 226.37 billion, up 154.5%.
Following record revenue in the second quarter of 2026, VIMID continued to deliver strong year-on-year growth in the third quarter. Business performance remained robust, reflecting the company’s flexible management capabilities and effective resource optimization across different operating periods.
For the first nine months of 2026, VIMID’s profit before tax reached approximately VND 801.7 billion, equivalent to 174% of the full-year target approved by the General Meeting of Shareholders. Cumulative revenue also exceeded the full-year target of VND 9,500 billion, reaching VND 9,972.8 billion. Exceeding annual business targets within nine months provides a stronger financial foundation for VIMID to accelerate strategic investments.
VIMID’s operating performance also improved across several key indicators. Gross profit in the third quarter reached VND 214.12 billion, up 43.51% year-on-year, outpacing revenue growth. Accordingly, the gross profit margin increased from 6.69% to 7.22%, reflecting improvements in operational management, inventory control, cash flow optimization, and cost of goods sold, rather than relying solely on market growth. Financial expenses were also kept under control at VND 26.06 billion, including interest expenses of just VND 11.28 billion.
Notably, during the third quarter, VIMID used the entire VND 538.125 billion raised through a rights issue to existing shareholders to repay bank debt, in accordance with the plan approved by the General Meeting of Shareholders. The proportion of short-term debt in total capital decreased, helping strengthen the company’s capital structure and enhance financial flexibility in supporting business operations.
The simultaneous improvements in revenue, gross profit margin, financial expenses, and capital structure demonstrate that VIMID’s growth is underpinned by effective business execution and resource management. The company is actively translating business advantages into long-term competitiveness through network expansion, upgrades to nationwide business and service infrastructure, the development of new product lines, and early positioning in the transition towards green transportation.
Capitalizing on Market Demand to Strengthen Long-Term Competitiveness
Vietnam’s commercial truck market continues to benefit from public investment, transport infrastructure development, and the expansion of logistics activities. At the same time, customer expectations are becoming increasingly demanding. After-sales service quality, distribution network coverage, and the ability to supply vehicles and spare parts have become critical competitive factors.
With an established position in the medium- and heavy-duty truck segments and a nationwide network of nearly 30 3S service stations and authorized dealers, VIMID holds significant competitive advantages and a solid foundation for long-term market share expansion.
In 2026, the company continued to advance strategy of expanding operations and upgrading service capabilities in a structured and sustainable manner. A key milestone was the launch of two 4S Service Centers in Bac Giang and Nghe An, equipped with modern facilities and technology and integrating vehicle sales, genuine spare parts supply, and specialized service functions.
The expansion and upgrading of 4S Service Centers strengthen VIMID’s competitive position.
VIMID continues to invest in expanding its network and enhancing the quality of its 3S service station chain and authorized dealers, working towards the target of establishing one service station every 100 kilometers. The strategy is expected to create long-term growth opportunities by improving customer experience and strengthening the company’s ability to serve customers nationwide.
Expanding the Product Portfolio and Accelerating the Green Transportation Strategy
VIMID continues to broaden its product portfolio to tap into promising market segments and diversify growth drivers. In the second half of 2026, the company introduced a new generation of lightweight HOWO trucks from SINOTRUK, attracting initial interest from the market.
This expansion enables VIMID to reach a broader customer base while leveraging the existing sales and service network to drive growth and capitalize on demand across established product segments.
The addition of lightweight trucks diversifies VIMID’s product portfolio, expands market reach, and lays the groundwork for the commercialization of products from the automotive manufacturing and assembly plant in 2028.
At the same time, as logistics businesses increasingly prioritize emissions reduction, operating efficiency, and greener supply chains, VIMID is among the companies actively advancing the transition towards greener transportation in Vietnam.
Green transportation is emerging as a new growth driver for VIMID, supported by results demonstrated through real-world operations. Since 2025, VIMID has introduced new-energy vehicles to the market, including one of the first batches of electric tractor trucks to enter actual road operations in Vietnam. To date, G7X-EV electric tractor trucks have demonstrated practical operating performance and potential cost savings, attracting growing market interest.
VIMID continues to expand the new-energy vehicle portfolio with the TX EV, V9 EV, G7X EV, and HOVA electric tractor truck models, tailored to operating requirements in Vietnam. In parallel, the company is investing in technical capabilities and specialized service infrastructure to support these vehicles.
VIMID’s early-mover advantage in green transportation, hands-on operating experience, and nationwide service network are creating additional growth momentum. Together, these strengths position the company to capitalize on the anticipated large-scale transition to new-energy fleets and establish a sustainable source of long-term growth.
VIMID continues to expand its portfolio of electric trucks and new-energy vehicles, alongside comprehensive green transportation solutions.
Accelerating the VMASS Plant Project to Expand Capabilities Across the Automotive Value Chain
A key pillar of VIMID’s long-term development strategy is the VMASS Automotive Manufacturing and Assembly Plant project in Nam Dinh Vu Industrial Park, Hai Phong City. Following the groundbreaking ceremony in July 2026, the company is accelerating project implementation, progressively advancing its strategic expansion from vehicle distribution into commercial vehicle manufacturing and assembly.
The VMASS project is expected to mark a significant step forward in VIMID’s operational capabilities, enabling the company to strengthen supply autonomy, optimize the supply chain, and develop products tailored to domestic market demand. Once operational, the plant is expected to help complete the value chain spanning manufacturing, distribution, and technical services, creating opportunities to expand business scale and strengthen competitiveness.
VIMID’s business results in the third quarter and the first nine months of 2026 reaffirm the company’s growth momentum and operational effectiveness. More importantly, strategic investments in service infrastructure, product portfolio expansion, green transportation, and domestic manufacturing and assembly capabilities are laying the foundation for the company’s next phase of development.
Against the backdrop of growth opportunities in Vietnam’s commercial truck industry, VIMID is well positioned to expand market share, increase revenue streams, and strengthen its role across the industry value chain, paving the way for more sustainable and efficient growth in the years ahead.
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