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Phuong Nguyen
  • Phuong Nguyen

TURNAROUND

The market had a declining session early on but found support at the 1,605-point area, the low from August 26, 2025, and recovered, simultaneously climbing back above its MA(20) line. Liquidity increased compared to the previous session but was still lower than the 20-session average, showing that cash flow is making an effort to absorb low-priced supply and help the market stabilize again. The signal of climbing back above the MA(20) line is giving the market an opportunity to re-establish ba...

09/12/25 September 12, 2025 10 EN
Hung Nguyen
  • Hung Nguyen

MWG – BHX's profit growth momentum surged following Q2-2025’s results

• MWG's Q2-2025 results surpassed our expectation by 18%, with net sales of VND 36,135 bn (+14.8% YoY) and NPAT-MI of VND 1,648 bn (+6.6% QoQ, +40.6% YoY), driven by significantly improved BHX profitability (net margin rose from 0.3% in Q1-2025 to 1.6% in Q2-2025) and accelerated financial investment activities (+38.0% YoY). • MWG's stock profit potential lies in the “BHX northward expansion” strategy, which is gradually proving effective, unlocking profit growth from Q2-2025. • We raise our s...

09/11/25 September 11, 2025 9 EN
Phuong Nguyen
  • Phuong Nguyen

EFFORT TO RECOVER

The decline was curbed as the market pulled back near the low of August 25, 2025, and had a slight recovery with a Hammer candlestick. Liquidity decreased compared to the previous session, indicating that supply has temporarily cooled down after two sessions of putting significant pressure on the market. The current recovery signal shows that the market is having a supportive reaction as it pulls back near the 1,610-point area. However, low liquidity may reduce the supportive effect of this si...

09/10/25 September 10, 2025 10 EN
Toan Vo
  • Toan Vo

VIETNAM BOND MARKET REPORT AUG 2025: GOVERNMENT BONDS LANGUISH; CORPOR...

August auction allotment reached VND 11.465 tn, the lowest YTD and a steep drop versus July. 8M cumulative issuance: VND 238.714 tn (47.7% of the annual plan); 3Q through end-Aug: VND 37.3 tn (31.1% of the quarterly plan), confirming a clear slowdown in supply. The bid-to-offer ratio fell to 48.5% and the award rate to 24.1% (both YTD lows), sliding week after week since early August. Softer primary demand suggests VGBs are less competitive at current yields as they compete with accelerating pri...

09/09/25 September 9, 2025 16 EN
Phuong Nguyen
  • Phuong Nguyen

FALLING BELOW THE MA(20)

The market could not recover even though it has pulled back below its MA(20) line. Liquidity increased compared to the previous session, indicating that supply continues to put significant pressure on the market and is overwhelming supportive cash flow. Although the market has declined quite rapidly, it is temporarily showing no signs of stopping. The 1,605-point area, the low from August 26, 2025, may provide a supportive effect on the market in the next trading session. However, the signal ...

09/09/25 September 9, 2025 10 EN
My Tran
  • My Tran

Update on monetary market in Oct 2023

Credit growth for the whole year is estimated at 12%. Interbank interest rates increased again after the most intensive net withdrawal ever from the SBV. The dong continues to depreciate, but the pressure is still under control

10/26/23 October 26, 2023 7 EN
Lam Nguyen
  • Lam Nguyen

Macroeconomics Report - June 2023: GDP GROWTH IS EXPECTED TO REMAIN LO...

·         Expecting slow 2Q GDP growth. ·         A review of some policies removing difficulties for real estate and corporate bonds and an expansion of monetary policy.

06/06/23 June 6, 2023 16 EN
My Tran
  • My Tran

Update on monetary market in March 2023

Liquidity is still abundant, the SBV stops withdrawing money for 91-day term. Lower interest rates will help improve credit growth. Impact of Fed rate hike in March meeting.

03/27/23 March 27, 2023 5 EN
My Tran
  • My Tran

Comments on the SBV’s cut on the regulatory interest rate

The SBV’s cut on the regulatory interest rate The deposit interest rate cooled down A "timely and thoughtful" policy action in the current macro context

03/15/23 March 15, 2023 5 EN
My Tran
  • My Tran

Update on monetary market in Feb 2023

With abundant liquidity, the SBV net withdrew in Feb 2023. Deposit interest rates fell on a large scale. "Warming up" the real estate market?!

02/27/23 February 27, 2023 5 EN
Phuong Nguyen
  • Phuong Nguyen

6PM Call: Weakness at session-ending

The market continued to test in the overbought zone but also failed.​​​​ It is possible that the market will retreat to the support zone of 1,210 - 1,215 points of the VN-Index before reaching equilibrium. It is expected that the market will need time to fluctuate in the area of 1,210 - 1,240 points before having more specific signals.

09/11/23 September 11, 2023 7 EN
Phuong Nguyen
  • Phuong Nguyen

6PM Call: Movement Divergence

Market retested the old peak area but continued to be blocked and returned to equilibrium. It is possible that market will encounter difficulties and need time to fluctuate in the area of 1,230 - 1,245 points in the near future before there are more specific signals.

09/08/23 September 8, 2023 7 EN
Son Tran
  • Son Tran

6PM Call: The 1,000-point psychological level

The cash flow witnessed the bottom-fishing actions, waiting for the recovery. However, the price trend has not improved and caused investors to fear buying high-price areas. Therefore, the market has not yet confirmed the rescue and still faces a profound downside risk. If the support level around 1,000 +/- 10 points cannot boost VN-Index to rebound, the index may need to return to the support zone around 970.

10/11/22 October 11, 2022 6 EN
Son Tran
  • Son Tran

6PM Call: Efforts to keep balance

Market's downtrend was restrained and created a support signal when VN-Index and VN30-Index retreated to near the support area of ​​1,000 points. The current recovery is still a technical span to test supply and demand and the VN-Index's 1,060 – 1,073 points decrease Gap may still put pressure on the market.

10/10/22 October 10, 2022 6 EN
Son Tran
  • Son Tran

6PM Call: Strong volatility in the end

Market plunged and kept its journey to find a new bottommost near the 1,000-point area. However, market saw a cash flow to buy at low prices in the afternoon, "withdrawal" movement accompanied by an increase in order-matching volume that exceeded the 20-day average. However, the status of trading at high price area has not shown any signs of improvement, market still has not confirmed a solid signal for a quality recovery span.

10/07/22 October 7, 2022 6 EN
Phuong Nguyen
  • Phuong Nguyen

TURNAROUND

The market had a declining session early on but found support at the 1,605-point area, the low from August 26, 2025, and recovered, simultaneously climbing back above its MA(20) line. Liquidity increased compared to the previous session but was still lower than the 20-session average, showing that cash flow is making an effort to absorb low-priced supply and help the market stabilize again. The signal of climbing back above the MA(20) line is giving the market an opportunity to re-establish ba...

09/12/25 September 12, 2025 10 EN
Hung Nguyen
  • Hung Nguyen

MWG – BHX's profit growth momentum surged following Q2-2025’s results

• MWG's Q2-2025 results surpassed our expectation by 18%, with net sales of VND 36,135 bn (+14.8% YoY) and NPAT-MI of VND 1,648 bn (+6.6% QoQ, +40.6% YoY), driven by significantly improved BHX profitability (net margin rose from 0.3% in Q1-2025 to 1.6% in Q2-2025) and accelerated financial investment activities (+38.0% YoY). • MWG's stock profit potential lies in the “BHX northward expansion” strategy, which is gradually proving effective, unlocking profit growth from Q2-2025. • We raise our s...

09/11/25 September 11, 2025 9 EN
Phuong Nguyen
  • Phuong Nguyen

EFFORT TO RECOVER

The decline was curbed as the market pulled back near the low of August 25, 2025, and had a slight recovery with a Hammer candlestick. Liquidity decreased compared to the previous session, indicating that supply has temporarily cooled down after two sessions of putting significant pressure on the market. The current recovery signal shows that the market is having a supportive reaction as it pulls back near the 1,610-point area. However, low liquidity may reduce the supportive effect of this si...

09/10/25 September 10, 2025 10 EN
Toan Vo
  • Toan Vo

VIETNAM BOND MARKET REPORT AUG 2025: GOVERNMENT BONDS LANGUISH; CORPOR...

August auction allotment reached VND 11.465 tn, the lowest YTD and a steep drop versus July. 8M cumulative issuance: VND 238.714 tn (47.7% of the annual plan); 3Q through end-Aug: VND 37.3 tn (31.1% of the quarterly plan), confirming a clear slowdown in supply. The bid-to-offer ratio fell to 48.5% and the award rate to 24.1% (both YTD lows), sliding week after week since early August. Softer primary demand suggests VGBs are less competitive at current yields as they compete with accelerating pri...

09/09/25 September 9, 2025 16 EN
Phuong Nguyen
  • Phuong Nguyen

FALLING BELOW THE MA(20)

The market could not recover even though it has pulled back below its MA(20) line. Liquidity increased compared to the previous session, indicating that supply continues to put significant pressure on the market and is overwhelming supportive cash flow. Although the market has declined quite rapidly, it is temporarily showing no signs of stopping. The 1,605-point area, the low from August 26, 2025, may provide a supportive effect on the market in the next trading session. However, the signal ...

09/09/25 September 9, 2025 10 EN
EUR 114.00
SAB Saigon Beer Alc...

SAB - The Giant of Vietnam’s Beer Industry

​“As Vietnam’s largest brewing company, SABECO has various striking advantages among its peers including its well-known brand name and its largest nationwide distribution and production networks. However, the company has seen a slowdown in growth in recent years compared with other competitors, especially with Heineken. However, as many competitors have penetrated into the high-end segment, SABECO’s ability to maintain a high and stable market share in the mid-end segment in the past fou...

SAB SAIGON BEER ALCOHOL BEVERAGE
12/07/16 December 7, 2016 18 EN

6PM Call: Market: Wary - PET and DWG update

​Most of shares mixed and VNIndex struggled at 600 pts. Market stayed balanced most of time. Sellers then became active at banking and financial service stocks such as VCB, BID, CTG, MBB, BVH and SSI. Besides, the declines of other large-cap stocks like VNM and VIC contributed to the sharp drop of market in the afternoon session. As bottom fishers came in late, they only helped to minimize the slip of the indices. At the close, VNIndex lost 4.52 pts and closed lower at 593.96 pts while HNIndex...

04/28/16 April 28, 2016 4 EN

6PM Call: Market: Wary - PET and DWG update

Most of shares mixed and VNIndex struggled at 600 pts. Market stayed balanced most of time. Sellers then became active at banking and financial service stocks such as VCB, BID, CTG, MBB, BVH and SSI. Besides, the declines of other large-cap stocks like VNM and VIC contributed to the sharp drop of market in the afternoon session. As bottom fishers came in late, they only helped to minimize the slip of the indices. At the close, VNIndex lost 4.52 pts and closed lower at 593.96 pts while HNIndex we...

04/27/16 April 27, 2016 4 EN
Son Tran
  • Son Tran

Investment Strategy Report – April 2022: TAILWINDS FROM AGM AND EARNIN...

“Currently, the abundant of money flows led by F0 investors drive up valuation of mid and small-cap stocks rapidly. However, these stocks quickly faced profit taking pressure when business performance remained sluggish as happened in Q4 2021. Therefore, we foresee further correction if there is no improvement over fundamental prospect after AGM season. Moreover, the incentive of authorities to control market makers in high speculative stocks as happened with FLC case is one inherent signal. Ev...

04/05/22 April 5, 2022 28 EN
Son Tran
  • Son Tran

Analyst Pin-board Textile and garment industry – 2022 outlook: Bouncin...

·         Resuming production after 3Q2021 disruptions, we expect that 2022 textile and garment export value will recover strongly, driven by a strong pent-up demand after lockdown in many developed countries. ·         We expect to see high growth for most companies in the industry, but we prefer the ones which completed new factories or have products made from eco-friendly materials.  ·         The market price of textile and garment stocks was adjusted down recently after the strong...

12/24/21 December 24, 2021 6 EN
Son Tran
  • Son Tran

Investment Strategy Report – November 2021: MOVE UP BUT BEWARE OF VOLA...

“The clear reactivation of economic activities in Q4 2021 and supporting packages will be likely to boost market sentiment. Looking forward, we foresee the reactivation of economic activities in fourth quarter based on the aforementioned rationale. The support from Government is pivotal to kick off the economy and stock market as well. The Ministry of Planning and Investment has just submitted to the Government a program for economic recovery and development after the Covid-19 epidemic with a ...

11/08/21 November 8, 2021 29 EN
Son Tran
  • Son Tran

Special Report – Preliminary 2H2021 outlook

MACRO OUTLOOK: THINGS GET WORSE BEFORE THEY GET BETTER Until now, Vietnam has undergone more than 3 months fierce battle with gradually tightening measures from the government to control the outbreak. On the other hand, strict Covid-19 measures are currently posing a threat to the economic recovery. We estimate that economic sectors are running at below 50% capacity due to the fourth outbreak. Vietnam has rolled out the vaccination drive since 8 Mar, which is relative late to most of its pee...

08/15/21 August 15, 2021 400 EN
Son Tran
  • Son Tran

Analyst Pin-board US Announced the Preliminary Results of the Anti-Dum...

The US Department of Commerce on June 3, 2021 announced the preliminary anti-dumping duties on Vietnam’s polyester textured yarn (PTY). STK is taxed at 2.67%. Other Vietnamese companies are taxed at 22.82%. STK produces mainly DTY and FDY yarn, hence is insignificantly affected by the duty.

06/08/21 June 8, 2021 4 EN
Son Tran
  • Son Tran

Analyst Pin-board US Dollar as a risk signal. Is it still working?

US inflation (CPI) data released last week were in line with expectations. The US Dollar (USD) reacted negatively but stocks went up. Decorrelation between risk aversion and a strong USD?

08/17/21 August 17, 2021 6 EN
My Tran
  • My Tran

Update on monetary market in April 2023

TheSBV continues to support liquidity for the banking system. Credit growth is recovering. Comments on Circular 02-03/2023 of the SBV.

04/25/23 April 25, 2023 5 EN
Bernard Lapointe
  • Bernard Lapointe

US: the bond market fears something worse than inflation

The yield curve ended Q1 at its most inverted level since June 1981. The macro impact of the failures of Silicon Valley Bank, Signature Bank and Credit Suisse plus the downgrades of several regional banks has resulted in a crisis of confidence in the banking system.

04/13/23 April 13, 2023 9 EN
My Tran
  • My Tran

Update on monetary market in Jan 2023

The deposit-loan gap is at a record low in 2022. System liquidity was stable in January 2023. We expect 2023’s credit growth to be lower than the target of 14-15%.

01/30/23 January 30, 2023 5 EN
Bernard Lapointe
  • Bernard Lapointe

Global bond yields

Once inflation expectations become entrenched, it's very hard for central banks to control them. In a month – December- dominated by central bank meetings, the end result was a more hawkish impression despite inflation data for November generally surprising to the downside. Bond yields globally have fallen recently but will move back up in 1Q2023.

01/10/23 January 10, 2023 8 EN

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