FIDES (VIETNAM) Market Statistics 02/01 – 05/01/2024 

FIDES (VIETNAM) Market Statisticsg 02/01 – 05/01/2024 

Market Summary
 ChangeTrading VolumeTrading ValueForeign net buy/sell
 (%)Average daily trading volume (Mil. shares)Average daily trading value (Mil.USD)Net trading value (Mil.USD)
HSX2.19%829.54747.14(40.63)
VN302.62%272.42297.32(13.89)
HNX0.74%74.2658.14(0.98)
Upcom1.02%45.8125.84(6.85)

Source: Fiinpro 

Sector Performance (HOSE + HNX, %)

Source: Fiinpro 

Top mua/bán ròng khối ngoại (HOSE & HNX, triệu USD) 

Source: Fiinpro 

News

Economy – Society

Macro

  • Vietnam PMI index: The S&P Global Vietnam Manufacturing Purchasing Managers’ Index™ (PMI) posted 48.9 in Dec-2023, signaling a fourth consecutive monthly decline in business conditions in the sector. The average PMI reading across the year was the lowest since the COVID-19 pandemic outbreak in 2020.
  • The latest PMI data showed that recovery may yet be far off for the world’s manufacturing hub. It also signals a bumpier road ahead for global trade that’s seen the El Nino dry spell bring about the return of food inflation, while attacks in the Red Sea choke supply chains for crucial commodities like oil. The continued weakness in the region will add further headwinds to global growth that’s expected to slow anew this year. (Source: S&P Global)

Corporate Bond

  • According to the MoF, premature redemption of corporate bonds reached USD9.5bn in 2023 (+6% yoy). Of which, banks accounted for almost 50%, property companies for 14%, and construction companies for 13%.
  • Total issued bonds in 2023 reached USD10.16bn (-27% yoy). Regarding the structure of investors buying corporate bonds, organizations accounted for 93.2%, of which commercial banks account for 54.5%. Individual investors accounted for the remaining of 6.8%. (Source: MoF)

Gold

  • Jan-2024, the SBV will submit the Draft amendments to Decree 24/2012/NĐ-CP on the management of gold. The movement is in accordance with PM’s direction to minimize the price gap between the domestic gold price and the world gold price. Currently, there is only one company, Saigon Jewelry Company Limited (SJC), that is allowed to produce gold bars with a quantity within the limit set by the State Bank of Vietnam. (Source: SBV)

Company – Sectors

Agriculture

  • Vietnam’s agro-forestry-aquatic product exports enjoyed a record trade surplus of $12.07bn in 2023 (+43.7% yoy and accounting for over 42.5% of the country’s total trade surplus) with the total value of agro-forestry-aquatic exports reached $53.01bn.
  • Notably, some items witnessed a high export turnover, including fruits and vegetables with $5.69bn (+69.2% yoy), and rice with $4.78bn (+38.4% yoy). (Source: GSO)

Banking

  • The SBV announced to have allocated 15% credit quota in 2024 to the banking sector.
  • At end 2023, credit growth reached 13.5% ytd. Mr. Dao Minh Tu, vice Governor of the SBV, shared that the deposit and lending rate has been reduced by 2% compared to the end of 2022. This is said to be the bottom of lending rate in the last 20 years and cannot fall further. (Source: SBV)

Forestry

  • Vietnam sold 10.3 million forest carbon credits to the World Bank for the first time in 2023, earning $51.5mn. It was equivalent to a reduction of 10.3 million tons of carbon emissions from forests.
  • The money received will be paid to forest owners, local authorities, and organizations responsible for managing natural forests. Part of the funds will also be used for forest development and protection and to support the development of local livelihoods. (Source: Ministry of Agriculture and Rural Development)

Brokerage

  • Deputy Prime Minister approved the 2030 stock market development strategy including several targets:
  • Upgrade Vietnam from Frontier to Emerging Market by 2025.
  • Stock market capital equal to 100% of GDP by 2025.
  • Number of trading account reach 9 million by 2025 and 11 million by 2030 vs. 7.2 million as of end 2023.

Tourism

  • Vietnam aims to welcome 17-18 million international tourists by 2024. Total tourism revenue in 2024 is expected to reach $34.6bn (1.25 times the total revenue in 2023 and 1.2 times the figure in 2019). (Source: VNAT)

Pangasius

  • Vietnam aims to produce 1.7mn tons of commercial pangasius and earn USD2bn from pangasius exports in 2024. (Source: Agriculture and Rural Development)

Aviation :

  • Air carriers ready for busy holiday season as the 2024 Lunar New Year (Tet) is approaching. Vietnam Airlines Group, comprising Vietnam Airlines, Pacific Airlines, and Vietnam Air Services Company (VASCO), plans to fly up to 2.1 million passengers between 25/01/2024 and 24/02/2024, with nearly 550 flights added during the period. 
  • Bamboo Airways has leased two more Airbus A320/A321 aircraft, raising its capacity by over 20% from 01/01/2024.

Insurance sector

  • On 29 Dec 2023, the MoF approved the DB Insurance Co., Ltd’s acquisition of stake in Vietnam National Aviation Insurance JSC (UPCOM: AIC) and Sai Gon – Ha Noi Insurance Corporation (UPCOM: BHI). The transaction should be conducted within 14 days since approval. AIC approved the transfer of 75% OS to DB Insurance in Feb-2023 and BSH (parent bank of BHI) signed an agreement to transfer 75% OS to DB Insurance in June 2023. Currently, DB Insurance is a blockholder of PTI with 37.5% OS. (Source: AIC, BHI)

VJC (Viet Nam Aviation Joint Stock Company)

  • Approved the private placement of 18.5mn shares (3.42% OS) at VND100.000/share.
  • Expected implementation: 1Q24 – 2Q24. Locked-up: 1 year for professional investors. List of professional investors includes: Leadvisors Fund Managment and FPT Fund Management. Post-issuance, VJC will increase their charter capital from $223.8mn to $231.4mn. (Source: VJC)
  • HDBank completed the divestment of 3.2 million shares via matching method from 11/12/2023 to 29/12/2023, according to the roadmap to divest capital from non-industry investments. (Source: VJC)

TLG (Thien Long Group Corporation)

  • 11M23, revenues of $133.9mn (-1.45% yoy) and NPAT of $14.4mn (-20.7% yoy), implying Nov-2023 revenues of $9.5mn (-23.4% yoy and -11.5% mom) and NPAT of $0.2mn (-83.3% yoy and -80.3% mom). Due to changes in product mix, the 11M23 gross margin of TLG decreased to 43% from 44% in 10M23. TLG explained that the increase in the SGA expense was attributed to the expansion of the Clever Box store chain and the finalization of the marketing expense in 2023. (Source: TLG)

NT2 (PetroVietnam Power Nhon Trach 2 JSC)

  • Commercial electricity output in 2023 is estimated to reach 2.99 bn kWh, completed 73% of the year plan, NPAT is estimated at USD19.4mn, completed 100% of the year plan. (Source: NT2)

VTR (Vietnam Travel and Marketing Transports JSC)

  • Preliminary FY2023 revenue reached $247.25mn (+56% yoy). For 4Q23 alone, revenue was estimated at $59.13mn, reaching a record that surpassed even before the pandemic. (Source: VTR)

C4G (CIENCO4 Group JSC)

  • The Joint Stock Company for Investment – Consultancy – Construction (Inviting party) has just announced the results of the contractor selection for Package XL10, the construction of Section 3 of Ring Road 3 through Binh Chanh District (from Km78+100 to Km85+200) of Component 1 of the Ring Road 3 Construction Project through Ho Chi Minh City (including the Thay Thuoc Canal Bridge).
  • The winning contractor is the consortium of 479 Hoa Binh JSC – Cienco4 Group JSC – 69 Service and Trading JSC – T&T Construction and Transportation Services Trading Limited Company – 515 Investment and Construction JSC. The winning bid amount is $67.6mn, and the contract implementation period is 1,080 days. (Source: Media)

TNG (TNG Investment and Trading JSC)

  • Announced the 2023 revenues of $291.26mn (+4.6% yoy and completed 104% target). This result is considered favorable when compared to the entire industry, as Vietnam’s textile and garment export turnover decreased by 11.6% yoy. The main driver of revenue growth in 2023 came from the US market (increasing from 43% to 57% in the total revenue structure) thanks to expanding customer base such as Walmart.
  • Mr. Nguyen Manh Linh, chairman’s son and member of BoD, sold 1.6mn shares from 29/11/2023 to 28/12/2023, cutting his ownership to 1.8033% (equivalent to 2,047,129 shares). (Source: TNG, HNX)

HVN (Vietnam Airline JSC)

  • Preliminary FY2023 consolidated revenue is estimated to reach $3.78bn (+30% yoy and exceeding 1.4% full year target). In 4Q23 alone, HVN announced revenue of $982.5mn (+22% yoy) and paid $131.5mn to the State budget.
  • SSC announced a draft amendments to the Securities Law which paves a way for Vietnam Airlines to continue to be listed on HoSE. Specifically in the draft, special cases required to maintain listing on the stock market shall be considered and decided by the Government.
  • For HVN, 2.2 billion shares of Vietnam Airlines are at risk of being delisted as the company violated 3 conditions including: 3 years of posting losses, accumulated losses higher than contributed charter capital and negative equity in audited FS. Despite HVN maintaining listing on HoSE, it is likely that trading restriction remains (trade in the afternoon session only).

DBC (Dabaco Group)

  • Announced FY24 targets: revenue $1.043bn (+3% vs FY23 target) and NPAT $30mn (+28% vs FY23 target). (Source: DBC)

HAG (Hoang Anh Gia Lai JSC)

  • Will transfer all 2.75mn shares of Bapi Hoang Anh Gia Lai JSC (Bapi HAGL), at a price of VND10,000/share. Post-transaction,  BAPIHAGL will no longer be an affiliated company of HAG. (Source: HAG)

KSB (Binh Duong Mineral and Construction JSC)

  • Announced the approval of the investment in construction of open-pitmining works at Tam Lap 3 Construction Stone Quarry.
  • Previously, KSB’s sale volumes decreased significantly since 2020 due to the expiration of Tan Dong Hiep Stone Quarry. The approval of new stone quarry may be a good sentiment for business recovery. (Source: KSB)

VSC (Vietnam Container Shipping JSC)

  • Approved the issuance of 133.3 million shares via right issuance at the ratio of 1:1, offering price VND 10,000/share.
  • According to the offering plan, the total amount raised is $54.71mn. Of which: $54.18mn to receive a maximum transfer of up to 44% of charter capital at Nam Hai Dinh Vu Port Company Limited from existing capital-contributing members; The remaining $0.53mn will supplement charter capital. (Source: VSC)

HDG (Ha Do Group)

  • The termination of operations at the Southern Branch at Ho Chi Minh City has been approved. The decision stems from a change in the business plan and the necessity for organizational restructuring, prompting the BoDs to conclude the cessation of operations. (Source: HDG)

NVL (Novaland Investment Group Corporation)

  • Diamond Properties successfully sold 4.78 million NVL shares from 21/12/2023 to 29/12/2023, decreasing its ownership from 9.23% to 8.99%.
  • Previously, Diamond Properties registered to sell shares to balance its investment portfolio and debt structure. It is estimated that Diamond Properties can earn more than $3.3mn after this transaction. (Source: HSX)

VHM (Vinhomes JSC)

  • Hai Phong People’s Committee has just approved the groundbreaking ceremony of the Social Housing Construction Project (phase 1) of Vinhomes.
  • The project will start construction on 06/01/2024, total area of 28.14 hectares, total investment of more than USD238.7mn. (Source: VHM)

VGT (Vietnam National Textile & Garment Group)

  • Prelim FY23 revenues of $707mn (-12% yoy and completed 104% target) and NPAT of $15.5mn (-69% yoy and completed 102% plan). VGT shared that they sacrificed $61.6mn profit by receiving low margin orders in order to maintain income for labor. Nov 2023, VGT had revised down the revenue and target by 5.7% and 39.3%, respectively. 2024 Outlook: headwinds are still ahead so VGT set conservative target revenues and NPAT of $718.4mn (+2% yoy) and NPAT of $16.01mn (+4% yoy).

VNM (Vietnam Dairy Products JSC)

  • F&N Dairy Investments Pte. Ltd (related to BoD members) registers to buy 20.9 million shares via order matching and put through from  09/01/2024 to 07/02/2024.
  • Post transactions, the company will own 390.7 million shares (18.69% OS). (Source: HSX)

DGC (Duc Giang Chemicals Group JSC)

  • Dragon Capital bought an additional 150,000 shares, increased the ownership from 5.9% to 6%. (Source: HSX)

DCM (Petro Viet Nam Ca Mau Fertilizer JSC)

  • Estimated FY23 revenue to reach $146 mn (-17% yoy), pre-tax profit is estimated to reach $42mn (-78% yoy). (Source: DCM)