While technology giants dominate corporate profits in the US, Vietnam’s top-earning companies are led overwhelmingly by banks. China, meanwhile, is pushing for structural change to shift its profit centers.

Banking reigns in Vietnam

As of early May 2025, the profit landscape for Vietnam’s publicly listed companies has come into clearer focus. Banks continue to lead the pack, occupying 8 out of the top 10 positions in terms of Q1 profits. When expanding to the top 20, banks account for 12 names.

This trend reflects Vietnam’s status as an emerging economy heavily reliant on bank credit to finance infrastructure, industrial real estate, and consumer spending.

In Q1/2025, the most profitable company was Vietnam Exhibition Fair Center Joint Stock Company (VEF), with earnings exceeding 18.6 trillion VND (around 710 million USD). Vingroup (VIC), chaired by billionaire Pham Nhat Vuong, owns over 83% of VEF. Vingroup itself ranked fifth in Q1 profitability.

The other eight top spots were held by major banks, including Vietcombank (approx. 10.9 trillion VND), MBBank (8.4 trillion VND), BIDV (7.4 trillion VND), Techcombank (7.2 trillion VND), Vietinbank (6.8 trillion VND), HDBank (5.4 trillion VND), VPBank (5 trillion VND), and ACB (4.6 trillion VND).

China’s shifting profile

In China, banks also retained dominance in profits during Q1/2025 and the full year of 2024. Top names include the Industrial and Commercial Bank of China (ICBC), with profits over 11.6 billion USD, followed by the China Construction Bank (CCB), Agricultural Bank of China (ABC), Bank of China (BOC), and Bank of Communications.

However, China is undergoing diversification. Technology companies like Tencent, with nearly 26.9 billion USD in profits in 2024, are rising in influence. Other significant contributors include Alibaba, Xiaomi, and energy firms like Sinopec. Automotive giant BYD, State Grid Corporation of China, and liquor brand Kweichow Moutai also frequently rank among top earners.

The US tech supremacy

In the US, the top 10 most profitable firms are still dominated by tech giants. Apple led with 36.3 billion USD in Q1/2025 profits, followed by Microsoft, Alphabet (Google), Meta, Amazon, and Nvidia.

Non-tech firms such as JPMorgan Chase (banking), Berkshire Hathaway (investment), ExxonMobil (energy), and Johnson & Johnson (healthcare/pharma) are exceptions rather than the rule.

Thus, in the US, technology remains the core of profit generation, while in Vietnam and China, banking remains foundational.

In Vietnam, real estate firms also made it into the top earners, alongside banks. In China, technology is emerging as a major source of corporate profit, reflecting a transition from traditional manufacturing to innovation and domestic consumption. Meanwhile, sectors like energy and manufacturing still play essential roles in profit growth.

Key distinctions

Vietnam’s reliance on banking underscores how credit remains central to economic development. Pro-growth macroeconomic policies and liberal credit conditions have supported bank profitability, especially through investments in real estate, manufacturing, and consumption.

In China, state-owned banks like ICBC and CCB serve as key financing channels for state-owned enterprises and national development initiatives under programs like “Made in China 2025.” These banks benefit from policy support and massive asset bases, enabling them to sustain high profitability. Easing fiscal and monetary policies also support bank lending at favorable interest rates.

Yet, the rise of tech giants such as Tencent, Alibaba, and electric vehicle leaders like BYD and CATL marks a strategic shift toward high-tech industries. These firms are helping China pivot from scale-based manufacturing to innovation and domestic demand.

Innovation drives US profit

In the US, 60% of the top 10 most profitable companies are tech firms. Giants like Apple, Microsoft, and Nvidia lead the way thanks to innovation, R&D, and global scale. The US remains the world’s leader in innovation and tech, especially in AI, semiconductors, and cloud computing.

Silicon Valley’s ecosystem of elite universities (like Stanford and MIT), venture capital, and entrepreneurship enables the emergence of trillion-dollar tech platforms such as Google, Apple, and Meta.

While Vietnam and China are advancing in technology, they have yet to match the global scale and profitability of American tech titans. Chinese tech companies like Tencent and Alibaba still rely heavily on domestic markets and have limited global revenue compared to their US counterparts.

With abundant financial resources and the world’s largest engineer workforce, China is expected to narrow the gap with the US in fields such as AI and semiconductors over the next 10 to 20 years. Companies like BYD (electric vehicles), CATL (battery production), and DeepSeek signal China’s growing ambition to lead in tech innovation.

Manh Ha