This contrast reflects differences in local market conditions and cost control capabilities among companies, pulling the industry’s results in two directions.
According to VietstockFinance, 42 water companies listed on the stock exchange achieved a total revenue of VND 8.6 trillion in Q3/2025, a 4.1% increase compared to the same period last year. Net profit exceeded VND 1 trillion, up by 19%, but the growth was uneven.
| Total net profit in Q3 for the water industry grew but showed significant disparities |
Northern and Central regions lead the growth
The Northern region continues to lead the growth as many companies surpass previous records.
Hai Phong Water Supply (UPCoM: HPW) achieved a revenue of VND 370 billion, up by 5%; profit reached VND 56 billion, a 42% increase. NQN and BGW also set new highs thanks to network expansion and price increases.
The Central region saw a significant jump in profit margins. Da Nang Water Supply (UPCoM: DNN) reported a profit of VND 76 billion, nearly four times higher, with gross margin rising to 46%.
THN, BDW, and DWC also improved revenue and profit as demand increased and water prices were adjusted.
Nghe An Water Supply (UPCoM: NAW) stood out with a profit of VND 18 billion, 20 times higher, largely due to asset liquidation.
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Northern and Central regions report strong Q3 profits (Unit: billion VND)
Source: Author’s compilation
|
In the South, several companies also performed well. Dong Nai Water Supply (UPCoM: DNW) earned VND 81 billion in Q3, up by 21%. Ba Ria – Vung Tau Water Supply (UPCoM: BWS) set new records in both revenue and profit.
In the Mekong Delta, Ben Tre Water and Drainage (UPCoM: NBT) increased gross margin to 68.4% due to reduced costs, pushing profit to VND 17 billion, up by 34%. Soc Trang Water Supply (UPCoM: STW) also turned profitable with VND 5.5 billion, thanks to reduced losses and network improvements.
Mixed results in Hanoi, VAV declines
In Hanoi, the contrast is stark. VIWACO (UPCoM: VAV) reported a profit of nearly VND 30 billion, half of the same period last year, despite a slight revenue increase to VND 278 billion.
Rising water purchase costs from VCW pushed VAV‘s gross margin down to 18.7% from 33.8%, causing net profit to hit a nine-quarter low.
Conversely, Song Da Clean Water Investment (UPCoM: VCW) saw a strong turnaround. Revenue surged 76% to VND 252 billion, and profit reached VND 34 billion, compared to a loss of nearly VND 33 billion last year. Gross margin hit 40.5%.
Hanoi Clean Water No. 2 (UPCoM: NS2) reported a record profit of VND 14 billion, thanks to network expansion and reduced operating costs.
| VCW‘s gains are VAV‘s losses |
Ho Chi Minh City water companies still struggling
In former Ho Chi Minh City, most companies faced cost pressures.
Units like Nha Be, Ben Thanh, and Cho Lon all struggled. Rising wholesale water prices and higher operating costs, coupled with declining sales volumes, led to sharp profit drops.
Nha Be Water Supply (HNX: NBW) reported a profit of VND 3.1 billion, down 61%; Ben Thanh Water Supply (HNX: BTW) fell 18% to VND 12 billion; and Cho Lon Water Supply (HOSE: CLW) also declined.
Gia Dinh Water Supply (HNX: GDW) was a bright spot with a 30% profit increase to VND 6 billion. Despite flat revenue, lower costs and price adjustments maintained its efficiency.
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Many water companies in former Ho Chi Minh City report profit declines
Source: Author’s compilation
|
Revenue and profit diverge
Some companies set revenue records but saw profits decline due to high input costs and limited sales volumes.
Lam Dong Water and Drainage (UPCoM: LDW) reported a profit of VND 22 billion, down 15%. Bac Ninh Clean Water (UPCoM: BNW) achieved revenue of VND 81 billion but profit fell to VND 7.7 billion, the lowest in two years.
The Mekong Delta also saw similar trends in CTW, VLW, TVW, and CMW. In the Central region, weak volumes and pipeline issues reduced efficiency for NQB and PWS, despite high revenue.
Saigon Water Infrastructure (UPCoM: SII) remained in the red with a loss of VND 6.2 billion due to high interest expenses.
TDM profit plunges
Leading companies also showed disparities. Thu Dau Mot Water (HOSE: TDM) reported a profit of only VND 3.1 billion, down 95%. Revenue fell 40% to VND 64 billion due to reduced wholesale water supply to BWE.
In contrast, Binh Duong Water and Environment (HOSE: BWE) maintained strong growth. Profit reached VND 264 billion, up 45%, nearly matching the record set in Q2. Gross margin hit 55.6%, the highest ever.
| TDM‘s gross margin and net profit plummet |
M&A activity heats up
Q3 and the first nine months saw active share transactions in the water industry, centered around BWE and TDM.
BWE divested 27.19% of its stake in Biwase – Long An to TDM for VND 320 billion, recognizing VND 67 billion in financial revenue and reducing ownership to 71.3%. BWE also increased its stake in VLW to 33.6% with a VND 66 billion deal, raised ownership in Biwase Can Tho to 67.8% through VND 38 billion transactions, and boosted its stake in Biwase Quang Binh to 43.6% for VND 61 billion. Earlier, the company completed the acquisition of 43% of Tan Hiep Water Investment from SII for VND 805 billion.
TDM also expanded its presence. In August, the company spent VND 6.3 billion to increase its stake in Biwase Quang Binh to 42.7%, invested in Gia Tan Water Supply to reach 23.5%, acquired 8.3% of Biwase Can Tho for VND 23 billion, and purchased 10% of Phu My Vinh Construction and Investment for VND 169 billion.
– 13:00 29/11/2025
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