The plastics industry experienced a vibrant quarter, with growth across construction plastics, packaging, and household goods. According to VietstockFinance, out of 23 listed companies, only 4 reported a decline in Q3/2025 profits compared to the same period last year.
Total industry revenue exceeded VND 12.7 trillion, a 3.9% increase, while net profit surged 66% to VND 934 billion, driven by lower raw material costs that enhanced operational efficiency.
Construction Plastics Extend Their Winning Streak
Construction plastics companies continued to lead the industry, with BMP and NTP both achieving double-digit growth.
Bình Minh Plastics (HOSE: BMP) reported revenue of nearly VND 1.5 trillion, approaching a three-year high, thanks to a record-high gross margin of 47.9%. Net profit reached a record VND 351 billion, up 21% year-on-year.
Thiếu niên Tiền Phong Plastics (HNX: NTP) saw a 34% revenue increase to over VND 1.6 trillion. Its profit margin rose from 28.5% to 31%, resulting in a net profit of VND 258 billion, 1.5 times higher and just below the previous quarter’s peak.
| Q3/2025 Profits of BMP and NTP Remain Strong |
An Phát Holdings Group’s Profits Surge
Not only construction plastics but also other finished product manufacturers stood out, particularly those under An Phát Holdings.
An Phát Xanh Plastics (HOSE: AAA) reported a profit of VND 118 billion, over five times higher than the same period last year, despite a significant revenue decline to VND 2.4 trillion after deconsolidating some subsidiaries. Streamlining low-margin trading activities and focusing on high-margin finished products contributed to this positive result.
Hà Nội Plastics (HOSE: NHH) saw its profit increase 5.2 times to VND 29 billion, as it no longer incurred losses from its affiliate.
Similarly, An Tiến Industries (HOSE: HII) turned a profit of VND 37 billion, despite stable revenue. Expanding its high-margin finished product segment significantly contributed to the final result.
| AAA’s Net Profit Improved Due to Restructuring of Low-Margin Trading Business |
Packaging and Household Plastics Show Improvement
The packaging segment also performed well. Việt Nam Ecological Plastics (UPCoM: ECO) increased its profit by nearly 56% to VND 5.1 billion by expanding its finished product line and reducing low-margin plastic resin trading.
Tân Đại Hưng Plastics (HOSE: TPC) turned a profit of VND 5.2 billion, thanks to revenue growth and improved profit margins.
Thuận Đức (HOSE: TDP) achieved record-high revenue and profit of VND 1.27 trillion and VND 35 billion, respectively, despite narrower profit margins due to higher raw material costs.
In the household plastics segment, Tân Phú Việt Nam (HNX: TPP) stood out with a 313% profit increase to nearly VND 40 billion, the highest ever, due to significantly lower production costs.
Conversely, despite record revenue of nearly VND 1.2 trillion, Việt Thành Plastics and Trading (HNX: VTZ) saw its profit halve to VND 10 billion due to higher production costs and interest expenses.
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Several Companies Reported Q3/2025 Profits Up 2-3 Digits (Unit: Billion VND)
Source: Author’s Compilation
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Cement Packaging Also Positive
The cement packaging segment also had a positive quarter, driven by recovering demand for cement bags and low PP resin prices.
VICEM Bao bì Hải Phòng (HNX: BXH) reported revenue of over VND 68 billion, up 40%, and a profit of VND 245 million, up 136%, thanks to an increase in cement bag gross margin from 5.9% to 7.2%.
VICEM Bao bì Bút Sơn (HNX: BBS) saw a 71% revenue increase, with cement bag sales volume surging 78%, resulting in a profit of nearly VND 1.9 billion, a complete turnaround from the previous year’s loss.
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Cement Packaging Companies Had a Strong Quarter
Source: Author’s Compilation
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Plastic Resin Trading Faces Challenges
HCD Investment and Trading (HOSE: HCD) faced significant pressure as falling resin prices reduced revenue to below VND 200 billion. Profit margins narrowed to 3.78%, causing net profit to drop nearly 60% to VND 3.5 billion. This marks the third consecutive quarter of decline, one of the most challenging periods in years.
According to HCD’s CEO, the main reasons were US tax policies that lowered raw material prices and reduced consumption demand, directly impacting the company’s performance.
| HCD’s Profit Declines with Falling Resin Prices |
Positive Outlook for the Final Quarter?
Low PVC resin prices remain a key driver for BMP and NTP, enabling them to achieve record profits for nearly two years. Prices peaked at around 5,300 CNY/T in Q3, the lowest in five years, and have since fallen below 4,600 CNY/T, the lowest since 2016.
Prolonged Low PVC Resin Prices. Source: tradingeconomics.com
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According to FPT Securities (FPTS), domestic construction plastics output in the first nine months increased 21% year-on-year, driven by recovering demand for construction materials and expanded infrastructure and real estate supply.
Going forward, increased housing supply in Hanoi and Ho Chi Minh City, particularly in expanded areas of Ho Chi Minh City, is expected to boost demand for plastic pipes and accessories.
FPTS forecasts that construction plastics output could grow by around 15% in 2025, driven by a clear recovery in housing demand and peak public investment disbursement. BMP and NTP are expected to intensify promotional programs in the final quarter to maintain sales momentum.
Prices of key resins for packaging and household plastics, such as PE and PP, have also declined continuously since late 2024. Despite a slight recovery in Q3/2025, prices remain over 10% lower than the same period last year, keeping raw material costs favorable for companies.
The securities company believes that PVC and PE prices are likely to remain low, while PP prices may decline slightly due to oversupply, presenting a positive outlook for companies in the final quarter.
PE Resin Prices Decline Continuously in 2025. Source: tradingeconomics.com
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– 12:00 26/11/2025
