reports
- Duong Tran
Overview of Vietnam Steel Industry – 8M 2025
• Consumption: In the first eight months of 2025, Vietnam’s finished steel consumption reached 21 million tons (+17.5% YoY), driven primarily by strong domestic demand (+42% YoY). The domestic market’s share rose to 83%, up from 69% in the same period last year, indicating robust internal demand, while exports remain constrained by ongoing protectionist measures. • Selling price: Steel prices have seen modest upward adjustments since early September 2025. Looking ahead, prices are expected to ...
- Toan Vo
VIETNAM BOND MARKET REPORT SEP 2025: PRIMARY MARKET REMAINS SUBDUED
Primary G-bond market lost momentum amid less favorable conditions, with awarded amount at VND 16.975 bn, up marginally vs. August but still low relative to early-year levels. Cumulative 9M/2025 government bond fundraising reached VND 255.689 tn (51.1% of the annual plan); in Q3 alone, issuance totaled VND 54.3 tn (45.2% of the quarterly plan). The tendered/offered ratio printed 48.8% and the awarded/offered ratio 31.4%, still at the lower band despite session-by-session improvement; notably, t...
- Phuong Nguyen
CAUTIOUS PRICE ACTION
The market continued its decline with a small-bodied candle, and temporary recovery efforts are being resisted at the MA(20) line. Liquidity increased compared to the previous session but remained at a low level, indicating that supply is still putting pressure on the market while supportive cash flow remains quite cautious. The market continues to face pressure from the MA(20) line after losing balance in the previous session. This price action shows that the risk of further market correction...
- Quan Cao
ACV – Core business operations improved but profit declined due to FX ...
• In Q2-FY25, ACV’s revenue maintained double-digit growth, reaching VND 5,563 billion (+14% YoY), driven by continued strong growth in both international and domestic passenger volumes. International passenger traffic reached 11 million (+12% YoY), while domestic passenger traffic reached 19 million (+12% YoY). • Financial activities recorded an unrealized FX loss of VND 708 billion (compared with a gain of VND 435 billion in the SPLY). The JPY appreciated by approximately 8% QoQ, which was th...
- Phuong Nguyen
CONTENTION
The market made an effort to hold the MA(20) area despite an intraday decline. Liquidity increased compared to the previous session, indicating that supply is increasing and putting pressure on the market, but supportive cash flow temporarily still made an effort to lift the market. The market continues the process of testing its ability to stabilize at the MA(20) area, but temporarily, supply is somewhat overshadowing cash flow. For the market to truly stabilize and have the momentum to retur...
- Phuong Nguyen
EFFORT TO HOLD ONTO GAINS
The market made an effort to gain points and slightly surpassed its MA(20) line, at 1,663 points. Liquidity decreased compared to the previous session, indicating that supply is temporarily not putting significant pressure on the market, but supportive cash flow remains cautious at the MA(20) area. The market is still in the process of testing its ability to stabilize at the MA(20) area. For the market to truly stabilize and have the momentum to return to an upward trend, cash flow needs to ma...
- Trang To
HDB – Robust growth based on the potential for credit expansion
• Consolidated PBT in Q2/2025 reached VND 4.7 trillion (+14% YoY), completing 47% of the full-year target. HDB’s consolidated profit this quarter grew at a moderate pace, although total operating income increased strongly by 40% YoY, as the bank significantly raised provisioning, up nearly 270% YoY. • We revise our 2025F consolidated PBT forecast to over VND 20.3 trillion, up 22% YoY, with key assumption changes including (1) credit growth rising to 25.9%, (2) NIM adjusted down by 10bps to 4.7%...
- Thach Lam Do
DIG – Preparing for the new cycle
• DIG recorded revenue and gross profit of VND 1.8 trillion (+111% YoY) and VND 467 billion (+197% YoY), respectively, primarily driven by the transfer of the Lam Ha Center Point project (formerly Ha Nam) in Q3. Regarding the business outlook for Q4 2025, the company is processing local procedures to enable the transfer of 30 hectares at the Dai Phuoc Eco-Tourism Urban Area project (Dong Nai). • In 2026, the company will focus on completing land clearance for large-scale projects, including the...
- Phuong Nguyen
HESITANT TRADING
The market continued to face resistance pressure when attempting to gain points and pulled back below its MA(20) line, at 1,663 points. Liquidity slightly decreased compared to the previous session, indicating that supply is temporarily not putting significant pressure on the market, but supportive cash flow is still cautious at the MA(20) area. The market is still in the process of testing its ability to stabilize at the MA(20) area, and it's expected that the market will continue this price ...
- Anh Tran
Proactively vaccinated: Private services close the gaps of expanded pr...
• Since 1974, vaccination has prevented 154 million deaths, including 146 million in children under 5, and 101 million of them in infants. Despite being devastating, COVID-19 marked a turning point of the vaccine industry, boosting public awareness of the importance of disease prevention and the lifesaving role of vaccines. • Vietnam joined WHO’s EPI in 1981 and rolled it out nationwide in 1985. As a result, vaccination coverage for children under one year old in Vietnam has consistently exceed...
- Phuong Nguyen
CAUTIOUS PRICE ACTION
The market continued its pullback after showing a loss of momentum near the previous peak area, at 1,700 points. Liquidity decreased compared to the previous session, indicating that supportive cash flow is gradually decreasing but supply has not yet put significant pressure as the market pulls back. The pullback signal shows that the market is being cautious before the previous peak area. It's expected that the market will still face pullback pressure in the next trading session and will rete...
- Phuong Nguyen
COOLING DOWN
The market made an effort to test the area near 1,700 points but was unsuccessful and pulled back at the end of the session. Liquidity increased compared to the previous session, showing that supply is showing signs of increasing as the market approaches the previous peak area and is putting pressure on the market. The cooling-down signal indicates that the market is not yet ready to break above the previous peak area, at 1,700 points. It's expected that profit-taking pressure will continue to...
- Phuong Nguyen
APPROACHING THE PREVIOUS PEAK
The market continued to gain points despite pressure from the 1,670 – 1,675-point resistance area. Liquidity increased compared to the previous session but was still lower than the 20-session average, indicating that supply is not yet putting significant pressure on the market, while cash flow is making an effort to uplift the market. The signal of a gradual increase after climbing above the MA(20) line is giving the market an opportunity for a short-term increase. It's expected that the marke...
- Thach Lam Do
GDA – Signs of gradual recovery are becoming evident.
• In Q2 2025, GDA recorded revenue of VND 4,257 billion (-29% YoY, +7% QoQ), with galvanized steel sales volume reaching 202,000 tons (-14% YoY, +2% QoQ), reflecting a decline compared to Q2 2024, which saw elevated output driven by strong export market performance. Amid trade defense risks from importing countries, the company continued to shift its order composition toward the domestic market, achieving a domestic sales volume of 142,000 tons (+44% YoY, +21% QoQ), securing the second-largest m...
- Phuong Nguyen
MAINTAINING GAINS
The market found support at the MA(20) area and continues its effort to recover. Liquidity decreased compared to the previous session, supply is still at a low level and is not yet putting significant pressure on the market, while cash flow is making an effort to uplift the market. The signal of climbing and maintaining above the MA(20) line is giving the market an opportunity to re-establish balance after its recent period of weakness. However, supply still has the potential to increase as th...
- My Tran
TRADE UPDATE SEP 2025: FDI AND ELECTRONICS DRIVE EXPORT GROWTH
Despite the new tariffs that came into effect in early August, Vietnam’s exports remained fairly strong, rising 14.8% YoY. Similar to the previous month, the FDI sector continued to serve as the backbone of exports (+27.3%), while domestic exports dropped sharply (-15.7%). A positive development in last month’s trade performance was the widening trade surplus, which increased from USD2.3 billion in the previous month to USD3.7 billion, driven by an expanding surplus in the FDI sector and a narr...
- 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...
- Hien Le
Fisheries industry –Fish industry Q2/2025 performance grows strongly u...
• Revenue and NPATMI in Q2/2025 of 6 fishery enterprises recorded strong growth of 9% and 153% YoY, respectively. In which, ANV business grew the strongest 14 times as the addition of tilapia and red tilapia besides pangasius. While VHC enterprises grew lower but still maintained a high level of 57% YoY. • Accumulated 6M2025, NPAT- MI increased by 126% YoY with gross profit increasing by 55% YoY. Gross margin improved, businesses improved as the growth in selling prices in all markets. The sel...
- 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...
- 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...
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