Vietnam’s corporate earnings outlook for the first quarter of 2026 is expected to remain mixed across sectors, with construction, retail, and industrial real estate projected to post stronger performance, while banking, securities, and steel are likely to face slower momentum.

In the steel sector, pressure is expected to increase as the gap widens between upstream producers with integrated supply chains and downstream manufacturers, which are more exposed to global trade volatility and increasingly strict environmental requirements.

Meanwhile, the construction sector is benefiting from improved housing supply and faster infrastructure investment, while retailers continue to gain from a low comparison base last year. Overall, the Q1 earnings picture suggests that Vietnam’s economic recovery remains uneven across industries.