This study examined the effect of income factor on stock returns on Ho Chi Minh stock exchange using data collected from 2006 to 2014. Results from OLS regression showed that, compair to the other commonly-documented factors (market, size, value and liquidity factors), the income factor had a less significant impact on the stock returns. This mean that investors on stock market did not use EPS as a important variable in their stock-pricing model. Grounded on the findings, we put forward some recommendations.