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, up 3.9%; while net profit surged 66% to VND 934 billion, driven by lower raw material costs improving business efficiency.
Construction Plastics Extend Record Streak
Construction plastics companies continued to lead the industry, with BMP and NTP both posting 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 hit a record VND 351 billion, up 21% year-on-year.
Nhựa Thiếu niên Tiền Phong (HNX: NTP) saw a 34% revenue increase to over VND 1.6 trillion. Margins rose from 28.5% to 31%, pushing net profit to VND 258 billion, 1.5 times higher and just below the previous quarter’s peak.
| BMP and NTP Profits Remain Strong in Q3/2025 |
An Phát Holdings Group Profits Surge
Not just construction plastics, other finished product manufacturers also stood out, particularly An Phát Holdings subsidiaries.
An Phát Xanh Plastics (HOSE: AAA) reported a profit of VND 118 billion, over 5 times higher year-on-year, despite revenue falling to VND 2.4 trillion after deconsolidating some units. Streamlining low-margin trading and focusing on high-margin finished products drove positive results.
Hà Nội Plastics (HOSE: NHH) profits jumped 5.2 times to VND 29 billion, as losses from associates disappeared.
Similarly, An Tiến Industries (HOSE: HII) turned a profit of VND 37 billion despite stable revenue. Expanding high-margin finished products significantly contributed to the bottom line.
| AAA Net Profit Improves Through Low-Margin Trading Restructuring |
Packaging and Household Plastics Brighten
The packaging group also performed well. Việt Nam Ecological Plastics (UPCoM: ECO) saw profits rise nearly 56% to VND 5.1 billion by expanding finished products and reducing low-margin plastic resin trading.
Tân Đại Hưng Plastics (HOSE: TPC) turned a profit of VND 5.2 billion, driven by higher revenue and improved margins.
Thuận Đức (HOSE: TDP) achieved record revenue and profit of VND 1.27 trillion and VND 35 billion respectively, despite narrower margins from higher raw material costs.
In household plastics, Tân Phú Việt Nam (HNX: TPP) shone with a 313% profit increase to nearly VND 40 billion, the highest ever, thanks to sharply lower production costs.
Conversely, despite record revenue of nearly VND 1.2 trillion, Việt Thành Plastic Production and Trading (HNX: VTZ) saw profits halve to VND 10 billion due to higher production costs and interest expenses.
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Many Companies Report 2-3 Digit Q3/2025 Profit Growth (Unit: Billion VND)
Source: Author’s Compilation
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Cement Packaging Also Positive
The cement packaging group had an equally positive quarter, benefiting from recovering bag demand and low PP resin prices.
VICEM Bao bì Hải Phòng (HNX: BXH) reported revenue of over VND 68 billion, up 40%; profit rose 136% to VND 245 million as bag segment gross margins increased from 5.9% to 7.2%.
VICEM Bao bì Bút Sơn (HNX: BBS) saw revenue jump 71%, with bag volumes up 78%, turning a profit of nearly VND 1.9 billion, reversing last year’s loss.
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Cement Packaging Companies Post Strong Growth
Source: Author’s Compilation
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Plastic Resin Trading Struggles
HCD Investment, Production and Trading (HOSE: HCD) faced significant pressure as falling resin prices dragged revenue below VND 200 billion. Margins narrowed to 3.78%, causing net profit to drop nearly 60% to VND 3.5 billion. This marks the third consecutive quarterly decline, one of the toughest periods in years.
According to HCD’s CEO, the main reasons were US tax policies lowering raw material prices and weakening demand, directly impacting business results.
| HCD Profits Decline With Falling Resin Prices |
Final Quarter Still Positive?
Low PVC resin prices remain the key driver for BMP and NTP record profits over nearly 2 years. Prices peaked at just 5,300 CNY/T in Q3, the lowest in 5 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 9 months rose 21% year-on-year, driven by recovering construction material demand and expanded real estate and transport infrastructure supply.
Going forward, increased housing supply in Hanoi and HCMC, especially expanded HCMC, is expected to boost demand for pipes and plastic accessories.
FPTS forecasts 2025 construction plastics output could grow around 15%, thanks to a clear housing demand recovery and peak public investment disbursement. BMP and NTP are expected to ramp up promotions in the final quarter to maintain sales momentum.
Key resins for packaging and household plastics like PE and PP have also fallen continuously since late 2024. Despite a slight Q3/2025 recovery, prices remain over 10% lower year-on-year, keeping input costs favorable.
The securities company believes PVC and PE prices will likely stay low, while PP may ease slightly due to large oversupply, creating positive prospects for companies in the final quarter.
PE Resin Prices Fall Continuously in 2025. Source: tradingeconomics.com
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– 12:00 26/11/2025
