Masan Group, backed by Bain Capital, has raised its 2026 outlook after a record second-quarter profit, while Vietnam is preparing new measures to encourage more foreign direct investment enterprises to list on the domestic stock market.
Masan Group raises 2026 outlook after record Q2 profit
Vietnam’s Masan Group has raised its 2026 earnings outlook after posting record second-quarter and first-half profits, driven by strong performances from its consumer platform and high-tech materials business.
The consumer conglomerate now expects full-year NPAT Pre-MI—net profit after tax (pre-minority interests), or the net profit after tax before deducting the share attributable to non-controlling interests—to reach 11,500 billion dong ($440 million).
That is about 46% higher than its previous high-case target, implying NPAT Post-MI of approximately 8,000 billion, or about 2x YoY. The revised outlook translates into approximately 23,000 billion dong ($870 million) in EBITDA this year.
Masan reported record NPAT Pre-MI of 3,800 billion dong in the second quarter, up more than 2.3x YoY, while first-half NPAT Pre-MI rose 2.2x YoY. Net debt-to-EBITDA improved to 2.4x from 2.7x at the end of 2025 as the group accelerated deleveraging.
Its Consumer Operating System (cOS), which integrates the group’s retail, consumer brands and digital businesses, generated 20.5% revenue growth in the second quarter. Retail arm WinCommerce posted 27.4% revenue growth while increasing quarterly profit 14-fold, supported by store expansion and higher customer traffic. Masan Consumer also maintained double-digit revenue growth, while Masan MEATLife continued to improve profitability.
Masan High-Tech Materials (MSR) emerged as another key earnings driver, with quarterly NPAT Pre-MI surging to a record 1,666 billion dong from 6 billion dong a year earlier as higher tungsten prices boosted earnings. The company expects MSR’s net debt-to-EBITDA ratio to fall to approximately 1.7x by the end of 2026, paving the way for potential cash dividends from 2027.
Masan Group is backed by Bain Capital, which invested $250 million in the conglomerate in 2023-24— its first deal in Vietnam.
Vietnam moves to encourage FDI firms to list locally
Vietnam is preparing new measures to encourage more foreign direct investment enterprises to list on the domestic stock market, as regulators seek to deepen the capital market, diversify listed companies and broaden funding channels for businesses.
According to Van Thu Hoang, Vice Chairman of the State Securities Commission of Vietnam (SSC), Vietnam aims to attract more FDI enterprises to its stock market by removing the separate requirements related to corporate restructuring and share transfers.
“The policy is intended to encourage FIEs to raise capital for expanding their manufacturing and business operations in Vietnam through initial public offerings (IPOs) accompanied by stock market listings,” Hoang stated at the “A Listing Roadmap for FDI Enterprises in Vietnam,” hosted by SSI Securities and Daiwa Securities Group on July 28.
The move comes as foreign-invested companies remain significantly underrepresented on Vietnam’s stock market. Of nearly 1,600 listed and registered companies, only 10 are foreign-invested, accounting for roughly 0.2% of the market’s total capitalisation despite the sector’s sizeable contribution to the economy, according to SSC.
Policy reforms are also being introduced on the investor side. Circular 08/2026/TT-BTC now allows foreign investors to trade through global brokers, reducing administrative procedures and bringing Vietnam’s market practices closer to international standards.
According to SSI, Vietnam’s IPO market has begun recovering, with 13 companies listing on HoSE in 2025, representing around $30 billion in market capitalisation. More than 15 companies are expected to list in 2026-27, potentially adding another $43 billion to the market. SSI also argues that encouraging FDI listings would do more than raise capital.
“Public listings could help companies strengthen governance and transparency, broaden local share ownership, expand employee ownership programmes, and create listed equity that can be used as acquisition currency in future M&A transactions,” said SSI’s Chief Global Markets Officer, Thomas Nguyen.
The initiative also comes as Vietnam seeks to reduce market concentration. SSI noted that banking, real estate and a handful of large conglomerates account for a disproportionate share of the VN-Index, despite the broader and more diversified structure of the Vietnamese economy. Adding more foreign-invested companies could therefore improve both sector representation and market depth.
Tsutomu Hiramatsu, senior managing director of Daiwa Securities Group, pointed out that Vietnam has become much more than a manufacturing base for Japanese companies, evolving into a strategic market for long-term growth, investment and domestic consumption.
He said a local listing should be viewed not only as a fundraising exercise but also as a way for companies to demonstrate their long-term commitment to Vietnam while enhancing their visibility, governance standards and credibility with stakeholders.
Hiramatsu added that Japan, one of Vietnam’s largest sources of foreign direct investment with more than 5,630 projects and registered capital exceeding $79.4 billion, could play an increasingly important role in the next stage of the country’s capital market development. As more Japanese-invested companies list locally, they could help improve the market’s depth, liquidity and diversity.
He also said the timing is favourable as Vietnam continues to advance regulatory reforms and pursue an international market upgrade, creating greater opportunities for foreign-invested companies to access the domestic capital market.
