According to FiinTrade's latest data by April 28, profit after tax across 787 listed enterprises increased by 14.8% compared to the same period last year. However, this growth rate represents a significant slowdown from the previous quarter, which saw a robust 48.6% increase. The disparity between sectors further underscores the uneven nature of the market's recovery.

Leading the pack in profit growth were sectors such as Financial Services (Securities), Basic Resources (Steel), Construction, Industrial Goods & Services (including Airports and Seaports), Telecommunications, and Information Technology.

Yet, even within these sectors, concerns loom over the outlook for the coming months.

In Securities, for instance, the once stellar growth trajectory is losing steam, with challenges arising from increased competition and a narrowing comparative advantage.

Similarly, the Steel industry faces pressure from imported goods, particularly from China, which threatens to squeeze profit margins amid tepid domestic construction activity.

However, it is the banking and real estate sectors, often regarded as the pillars of the Vietnamese market, that have raised the most eyebrows with their lackluster performance.

In the banking sector, while all 27 banks reported an increase in after-tax profit, the growth rate of 9.6% falls far short of both full-year forecasts and analyst expectations. This underperformance raises concerns about the sector's ability to sustain growth amidst evolving market conditions.

Meanwhile, the real estate sector witnessed a stark decline in profitability, primarily due to the absence of income from wholesale projects by Vinhomes (VHM). Excluding VHM, the profits of other real estate businesses dropped by 15.1%, highlighting the challenges faced by players in the residential real estate segment.

However, Industrial Park real estate bucked the trend, maintaining a solid growth rate of 26.5%, thanks to companies like BCM, SZC, and SZB.

Despite these setbacks, some segments of the export industry have shown resilience. Profit increases were noted in groups such as Rubber, Plastic, and Fertilizer, signaling potential opportunities for growth amidst broader market challenges.

As Vietnam navigates through the complexities of a changing economic landscape, the need for strategic resilience and adaptability becomes increasingly apparent. While certain sectors face headwinds, others present avenues for innovation and growth.

However, it is clear that a concerted effort will be required to address the underlying challenges and unlock the full potential of the Vietnamese market in the quarters to come.