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FIDES (VIETNAM) Market Statistics 12/6 – 16/6/2023

FIDES (VIETNAM) Market Statistics 12/6 – 16/6/2023

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)
HSX0.69%895.53721.2172.49
VN300.75%257.71281.8422.41
HNX0.37%128.8686.743.99
Upcom0.51%80.6236.00(3.1)

Source: Fiinpro

Sector Performance (HOSE + HNX, %)

Source: Fiinpro

Foreign Top buy/sell (HOSE + HNX, mil.USD)

Source: Fiinpro

News

Economy- Society

Interest rate

  • SBV cut some policy rates by 50bps, effective from 19 Jun 2023.
    • Refinancing rate from 5% to 4.5%.
    • Discount rate from 3.5% to 3%
    • Overnight overdraft rate from 5.5% to 5%
    • Deposit rate cap for less than 6m from 5% to 4.75%.
    • The maximum short-term lending interest rate in the VND of credit institutions for borrowers to meet capital needs for several economic sectors and industries will be reduced from 4.5% p.a to 4% p.a 

FDI

  • Japan’s Meiko Electronics plans to build a $200 mn factory in Hoa Binh province (Vietnam’s northern). The plant will cover 9.2 hectares and manufacture printed circuit boards. The firm currently operates 3 plants in Vietnam with a total investment of $500 mn.
  • Tamagawa Seiki (Japan) is expected to launch construction of its $35 mn plant in Quang Ninh province in Oct 2023. The main product lines of Seiki are in the field of high-precision manufacturing industry, manufacturing high-tech sensors for automobiles, aircraft, space products…Its major clients include Mitsubishi Heavy Industries, Toshiba, Hitachi and Toyota.
  • Hai Phong city (Vietnam’s northern) approved 4 South Korean-invested projects with a total investment of $230 mn. Investment certificates were granted to Bumhan Vina Heavy Industries ($35 mn, industrial equipment), Haewon Vina ($43.5, mnmetal casting), Hala Electronics Vina ($35 mn, electronics) and EST Vina HaiPhong ($68 mn, electronics).

Company- Sectors

Banking sector

  • As of Mar 2023, deposits growth of 1.06% ytd, mostly contributed by the robust retail deposits (+7.08% ytd) despite the deterioration in economic entities’ deposit (-4.87% ytd).

Automobile sector

  • Vietnam vehicles sales in May 2023 reached 20,726 units (-8% mom, -53% yoy). Of which, domestically assembled cars accounted for 12,079 units (-9% mom) and imported cars made up 8,647 units (-5% mom). Sales of passenger cars, commercial vehicles and special-purpose vehicles decreased by 8% mom and 6% mom and 16% mom, respectively.
  • 5M/2023, total vehicles sales reached 113,527 units (-35.74% yoy), of which: 82,943 are passenger cars (-40.8% yoy), 29,507 are commercial vehicles (-12.38% yoy) and 1,077 are special-purpose vehicles (-62.8% yoy). Domestically assembled cars decreased by -43% yoy and imported cars made up decreased by -23% yoy. (Source: VAMA)

Corporate bond market in 5 months 2023

  • In May 2023, there were 4 private bond placements worth $110.64 mn. All of the 4 issuances belong to Nui Phao Company Limited, the bonds all have tenor of 5 years, issuing coupon of 9%/year.
  • The total corporate bond issuance value in 5 months 2023 was $1.46 bn (-70% yoy), of which corporate bonds issued via private placements decreased by 73% yoy ($1.22 bn) and public offerings decreased by 39% yoy ($235 mn).
  • Real estate led the market in terms of issuance value with $826.57 mn (accounting for 56.7% total), followed by consumer staples with $440.25 mn (accounting for 30.2%).
  • In May 2023, corporate bonds issuers have redeemed $970 mn outstanding value (+73% yoy). As of May 31, there were 16 companies that were late in paying interest, bond principal, or early redemption settlements. 19 companies announced that they had reached an agreement to change bond terms and conditions in May. (Source: VBMA- Vietnam Bond Market Association)

CTR (Viettel Construction Joint Stock Corporation)

  • 5M2023: revenue of $176.54 mn (+21% yoy, completed 40% target year) and PBT of $10.14 mn (+23% yoy, completed 39% target year)
  • Revenue growth was led by robust results of construction ($50.08 mn, +40% yoy, accounting for 29% revenue), Telecom infrastructure operation ($100.97 mn, +16.56% yoy, accounting for 57% revenue), telecom infrastructure leasing ($7.12 mn, +48.7% yoy, accounting for 4% revenue). Revenue from the integrated solutions segment increased by 1.77% (accounting for 8% revenue).
  • CTR owns 4,636 tower stations and the tenancy rate remains at 1.03 at the end of May 2023. (Source: CTR)

VHC (Vinh Hoan Corporation)

  • In May 2023, revenue of $40.6 mn (-36.8% yoy and +9.8% mom), of which: pangasius revenue (-42.9% yoy) by-product (-44% yoy) and Collagen & gelatin (-5.8% yoy). US, EU and China decreased by 54%, 27% and 30%yoy, respectively.
  • 5M2022: revenue of $173.4 mn (-36.7% yoy), of which: pangasius products ($102.6 mn, -44.5% yoy), by-products ($27.5 mn, -28.8% yoy), collagen & gelatin ($12.7 mn, -18.4% yoy). By market: US ($59.1 mn, -59% yoy), EU ($33.4 mn, +2.6% yoy) and China ($18.3 mn, -18.8% yoy). (Source: VHC)

CTG (Vietnam Joint Stock Commercial Bank for Industry and Trade)

  • At end May-2023, credit growth is 6% ytd (+1.47% qtd), deposit growth is 3.6% ytd (+1.61% qtd). NPL of 1.8% (+0.52% qtd). It is rumored that one of CTG branches has NPL of over 10%. 

ACB (Asia Commercial Joint Stock Bank)

  • ACB wants to buy back $425.5mn of private bonds from 22 Jun to 15 Jul 2023.
  • These are 4 non-convertible bonds with no warrants, no assets and no secondary liabilities of ACB. (Source: ACB)

VIB (Vietnam International Commercial Joint Stock Bank)

  • VIB signed a $100 mn loan agreement with IFC raising its total credit arrangement to $450 mn. It will deploy this capital into housing loans including affordable housing. (Source: VIB)

VIC (Vingroup Joint Stock Company)

  • VIC plans to invest $783 mn in an ecological urban complex on the Vu Yen Island (Haiphong). The project will supply 16,847 low-rise houses and 3,398 villas. It is expected to be built within 5 years, from Q4/2023 to the end of 2027. (Source: VIC)

PVS (PetroVietnam Technical Services Corporation)

  • PGE Group (Poland) and Orsted (Denmark) signed an agreement with Semco Maritime (Denmark) and PTSC Mechanical & Construction (PVS subsidiary) for the design, manufacturing and commissioning of 4 offshore substations for the Baltica 2 offshore wind farm in Poland. PVS will be in charge of manufacturing the 4 offshore substations from 2023 to 2026.

NVL (No Va Land Investment Group Corporation)

  • Nova Group (related to chairman) registered to sell 136,373,192 NVL shares from 16 Jun to 14 Jul 2023 via matching/put-through, decreasing his ownership from 27.675% to 20.68% (403,318,388 shares). Before, Nova Group sold 14.42 million NVL shares from 10 May to 8 Jun 2023, decreasing its ownership from 28.43% to 27.69%.
  • Diamond Properties JSC (related to chairman) sold more 4.54 million NVL shares from 9 May to 1 Jun 2023, decreasing its ownership from 10.336% to 10.103% (197,012,032 shares). (Source: HSX)

NLG (Nam Long Investment Corporation)

  • Mr. Nguyen Xuan Quang (Chairman) sold 2 million NLG shares from 9 May to 8 Jun 2023 via matching/put-through, decreasing his ownership from 12.09% to 11.57% (44,452,851 shares). (Source: HSX)

PC1 (PC1 Group Joint Stock Company)

  • Mr. Nguyen Minh De (Vice CEO) registered to sell 1.1 million PC1 shares from 16 Jun to 14 Jul 2023 via matching/put-through, decreasing his ownership from 1.3% to 0.92% (2,495,629 shares). (Source: HSX)

PPC (Pha Lai Thermal Power Joint Stock Company)

  • REE Energy Ltd. (a related party) registered to sell 2 million PPC shares via order matching / put through from 15 Jun to 13 Jul 2023, decreasing its ownership from 23.73% to 23.11% (74,095,260 shares)

GEG (Gia Lai Electricity JSC)

  • Ben Tre Import-Export JSC (a major shareholder) sold 4.3 million GEG shares on 7 Jun 2023, decreasing their ownership from 7.66% to 6.33% (20,367,415 shares). (Source: HSX)

SAV (Savimex Corporation)

  • SAV approved a resolution to receive the transfer of 2.5 mn shares of TCM (Thanh Cong Textile Garment Investment Trading), equivalent to 3% of TCM charter capital. Price: the average price of 60 trading days prior the approval of BoD plus a maximum 20% premium. (Source: SAV)

KDH (Khang Dien House Trading and Investment JSC)

  • Dragon Capital bought 1.05 million KDH shares on 13 Jun 2023, increasing their ownership from 10.956% to 11.029% (79,589,242 shares). (Source: HSX)